Wall Street brokerages forecast that Diamond Offshore Drilling, Inc. (NYSE:DO) will announce $0.24 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Diamond Offshore Drilling’s earnings, with the highest EPS estimate coming in at $0.33 and the lowest estimate coming in at $0.17. Diamond Offshore Drilling reported earnings of $0.16 per share during the same quarter last year, which suggests a positive year over year growth rate of 50%. The firm is expected to report its next quarterly earnings results before the market opens on Monday, July 31st.
According to Zacks, analysts expect that Diamond Offshore Drilling will report full-year earnings of $0.81 per share for the current fiscal year, with EPS estimates ranging from $0.49 to $1.00. For the next financial year, analysts forecast that the business will post earnings of $0.03 per share, with EPS estimates ranging from ($0.53) to $0.38. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research firms that follow Diamond Offshore Drilling.
Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings data on Monday, May 1st. The offshore drilling services provider reported $0.17 EPS for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.05. Diamond Offshore Drilling had a negative net margin of 29.01% and a positive return on equity of 4.76%. The company had revenue of $374.22 million during the quarter, compared to the consensus estimate of $366.03 million. During the same quarter in the prior year, the company posted $0.64 EPS. The company’s quarterly revenue was down 20.5% compared to the same quarter last year.
A number of equities analysts recently weighed in on the company. Jefferies Group LLC reiterated a “hold” rating and issued a $12.00 price target (down previously from $14.00) on shares of Diamond Offshore Drilling in a research report on Tuesday. BidaskClub upgraded Diamond Offshore Drilling from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 13th. Bank of America Corporation downgraded Diamond Offshore Drilling from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $22.00 to $12.00 in a research note on Friday, June 30th. Seaport Global Securities downgraded Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $12.00 to $9.00 in a research note on Wednesday, June 21st. Finally, BMO Capital Markets reissued a “sell” rating and issued a $14.50 price objective on shares of Diamond Offshore Drilling in a research note on Tuesday, April 18th. Ten analysts have rated the stock with a sell rating, twelve have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Diamond Offshore Drilling has an average rating of “Hold” and a consensus price target of $16.49.
Diamond Offshore Drilling (NYSE:DO) traded down 2.45% on Monday, hitting $11.55. 2,852,160 shares of the stock were exchanged. Diamond Offshore Drilling has a 52 week low of $10.06 and a 52 week high of $24.02. The company’s market cap is $1.58 billion. The company’s 50-day moving average is $11.17 and its 200-day moving average is $14.75.
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In other news, Director Paul G. Gaffney acquired 4,000 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were bought at an average price of $13.67 per share, with a total value of $54,680.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 0.03% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the company. Pastel & Associes SA raised its stake in shares of Diamond Offshore Drilling by 20.0% in the first quarter. Pastel & Associes SA now owns 449,120 shares of the offshore drilling services provider’s stock valued at $7,505,000 after buying an additional 75,000 shares during the last quarter. Hartford Investment Management Co. raised its stake in shares of Diamond Offshore Drilling by 30.8% in the first quarter. Hartford Investment Management Co. now owns 13,771 shares of the offshore drilling services provider’s stock valued at $230,000 after buying an additional 3,240 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Diamond Offshore Drilling by 2.5% in the first quarter. Louisiana State Employees Retirement System now owns 16,300 shares of the offshore drilling services provider’s stock valued at $272,000 after buying an additional 400 shares during the last quarter. Verde Servicos Internacionais S.A. purchased a new stake in shares of Diamond Offshore Drilling during the first quarter valued at $302,000. Finally, Bank of Montreal Can raised its stake in shares of Diamond Offshore Drilling by 38.1% in the first quarter. Bank of Montreal Can now owns 39,299 shares of the offshore drilling services provider’s stock valued at $657,000 after buying an additional 10,841 shares during the last quarter.
Diamond Offshore Drilling Company Profile
Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry. As of December 31, 2016, the Company had a fleet of 24 offshore drilling rigs. As of December 31, 2016, its fleet consisted of four drillships, 19 semisubmersible rigs and one jack-up rig. Its fleet enables it to offer a range of services, primarily in the floater market, including ultra-deepwater, deepwater and mid-water.
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