Diamond Offshore Drilling (DO) PT Lowered to $14.00 at Bank of America

Diamond Offshore Drilling (NYSE:DO) had its price objective reduced by Bank of America from $15.00 to $14.00 in a research report sent to investors on Wednesday morning. Bank of America currently has an underperform rating on the offshore drilling services provider’s stock.

Several other research firms also recently weighed in on DO. Susquehanna Bancshares set a $16.00 price target on shares of Diamond Offshore Drilling and gave the stock a hold rating in a research note on Friday, April 13th. Cowen set a $16.00 price target on shares of Diamond Offshore Drilling and gave the stock a hold rating in a research note on Friday, April 13th. Credit Suisse Group reissued an underperform rating on shares of Diamond Offshore Drilling in a research note on Friday, April 13th. ValuEngine raised shares of Diamond Offshore Drilling from a hold rating to a buy rating in a research note on Thursday, March 1st. Finally, Jefferies Group reissued a sell rating and issued a $12.00 price target on shares of Diamond Offshore Drilling in a research note on Thursday, February 15th. Twelve research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $13.93.

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Shares of NYSE DO opened at $18.97 on Wednesday. Diamond Offshore Drilling has a 52-week low of $10.06 and a 52-week high of $20.41. The stock has a market capitalization of $2,675.94, a PE ratio of 23.78 and a beta of 1.20. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.52.



Diamond Offshore Drilling (NYSE:DO) last announced its earnings results on Monday, February 12th. The offshore drilling services provider reported ($0.05) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.01. Diamond Offshore Drilling had a net margin of 1.23% and a return on equity of 2.96%. The business had revenue of $346.20 million for the quarter, compared to analyst estimates of $331.98 million. During the same quarter last year, the business earned $0.27 earnings per share. The company’s revenue for the quarter was down 11.7% compared to the same quarter last year. research analysts predict that Diamond Offshore Drilling will post -0.28 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of DO. Russell Investments Group Ltd. raised its stake in Diamond Offshore Drilling by 525.4% during the third quarter. Russell Investments Group Ltd. now owns 50,884 shares of the offshore drilling services provider’s stock worth $737,000 after purchasing an additional 42,748 shares during the period. Ameriprise Financial Inc. raised its stake in Diamond Offshore Drilling by 23.4% during the third quarter. Ameriprise Financial Inc. now owns 281,669 shares of the offshore drilling services provider’s stock worth $4,084,000 after purchasing an additional 53,477 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Diamond Offshore Drilling by 6.4% during the third quarter. Schwab Charles Investment Management Inc. now owns 477,487 shares of the offshore drilling services provider’s stock worth $6,924,000 after purchasing an additional 28,751 shares during the period. Envestnet Asset Management Inc. raised its stake in Diamond Offshore Drilling by 9.7% during the third quarter. Envestnet Asset Management Inc. now owns 40,856 shares of the offshore drilling services provider’s stock worth $592,000 after purchasing an additional 3,612 shares during the period. Finally, Highbridge Capital Management LLC purchased a new position in Diamond Offshore Drilling during the third quarter worth about $262,000.

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Diamond Offshore Drilling Company Profile

Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. It provides services in floater market, including ultra-deepwater, deepwater, and mid-water. The company operates a fleet of 17 offshore drilling rigs, which comprises 4 drillships, 7 ultra-deepwater, 4 deepwater, and 2 mid-water semisubmersibles.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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