Diamond Offshore Drilling, Inc. (DO) Given a $12.00 Price Target by Jefferies Group LLC Analysts

Jefferies Group LLC set a $12.00 price objective on Diamond Offshore Drilling, Inc. (NYSE:DO) in a report issued on Friday morning. The firm currently has a hold rating on the offshore drilling services provider’s stock.

Several other analysts also recently commented on the company. Barclays PLC reaffirmed an equal weight rating and set a $15.00 price objective (down from $19.00) on shares of Diamond Offshore Drilling in a research note on Monday, May 1st. Bank of America Corporation downgraded Diamond Offshore Drilling from a buy rating to a neutral rating and reduced their price objective for the company from $22.00 to $12.00 in a research note on Friday, June 30th. BidaskClub raised Diamond Offshore Drilling from a strong sell rating to a sell rating 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 company from $12.00 to $9.00 in a research note on Wednesday, June 21st. Finally, Pareto Securities raised Diamond Offshore Drilling from a hold rating to a buy rating and set a $12.00 price objective for the company in a research note on Friday, August 18th. Nine equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $15.58.

Diamond Offshore Drilling (DO) traded up 2.25% during midday trading on Friday, hitting $11.38. The company’s stock had a trading volume of 2,478,605 shares. The company has a market cap of $1.56 billion, a price-to-earnings ratio of 9.25 and a beta of 1.12. Diamond Offshore Drilling has a one year low of $10.06 and a one year high of $22.65. The company’s 50-day moving average is $11.41 and its 200 day moving average is $13.60.

Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.21. Diamond Offshore Drilling had a return on equity of 5.77% and a net margin of 11.19%. The business had revenue of $399.30 million during the quarter, compared to the consensus estimate of $381.50 million. During the same period in the previous year, the business earned $0.16 EPS. The business’s quarterly revenue was up 2.7% on a year-over-year basis. On average, analysts predict that Diamond Offshore Drilling will post $0.93 EPS for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of DO. BlackRock Inc. raised its position in shares of Diamond Offshore Drilling by 7,375.1% in the first quarter. BlackRock Inc. now owns 7,550,886 shares of the offshore drilling services provider’s stock valued at $126,177,000 after buying an additional 7,449,872 shares during the period. Contrarius Investment Management Ltd raised its position in shares of Diamond Offshore Drilling by 99.0% in the second quarter. Contrarius Investment Management Ltd now owns 6,606,440 shares of the offshore drilling services provider’s stock valued at $71,548,000 after buying an additional 3,286,580 shares during the period. Equity Investment Corp Acquisition Inc raised its position in shares of Diamond Offshore Drilling by 76.1% in the second quarter. Equity Investment Corp Acquisition Inc now owns 4,566,588 shares of the offshore drilling services provider’s stock valued at $49,456,000 after buying an additional 1,973,653 shares during the period. Prudential Financial Inc. raised its position in shares of Diamond Offshore Drilling by 194.3% in the first quarter. Prudential Financial Inc. now owns 2,117,443 shares of the offshore drilling services provider’s stock valued at $35,383,000 after buying an additional 1,398,057 shares during the period. Finally, MARSHALL WACE ASIA Ltd purchased a new position in shares of Diamond Offshore Drilling during the first quarter valued at $21,432,000.

About Diamond Offshore Drilling

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.