Diamond Offshore Drilling, Inc. (DO) Downgraded by Bank of America Corporation to Underperform

Bank of America Corporation downgraded shares of Diamond Offshore Drilling, Inc. (NYSE:DO) from a neutral rating to an underperform rating in a research report report published on Monday morning. The firm currently has $14.00 target price on the offshore drilling services provider’s stock, up from their previous target price of $13.00.

A number of other equities analysts have also issued reports on DO. BidaskClub lowered Diamond Offshore Drilling from a sell rating to a strong sell rating in a report on Friday, August 11th. Zephirin Group reissued a sell rating on shares of Diamond Offshore Drilling in a report on Wednesday, August 2nd. Seaport Global Securities reissued a sell rating on shares of Diamond Offshore Drilling in a report on Monday, July 31st. Piper Jaffray Companies reissued a hold rating and set a $12.50 price target on shares of Diamond Offshore Drilling in a report on Thursday, August 3rd. Finally, ValuEngine raised Diamond Offshore Drilling from a hold rating to a buy rating in a report on Wednesday, September 6th. Nine investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $14.74.

Shares of Diamond Offshore Drilling (DO) opened at 14.86 on Monday. The stock has a market cap of $2.04 billion, a P/E ratio of 12.08 and a beta of 1.18. The stock has a 50 day moving average price of $13.05 and a 200-day moving average price of $12.90. Diamond Offshore Drilling has a 52 week low of $10.06 and a 52 week high of $22.65.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $399.30 million for the quarter, compared to analyst estimates of $381.50 million. During the same quarter last year, the company posted $0.16 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. Equities analysts predict that Diamond Offshore Drilling will post $0.92 EPS for the current fiscal year.

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Hedge funds have recently added to or reduced their stakes in the business. Lazard Asset Management LLC lifted its position in Diamond Offshore Drilling by 10.2% in the 1st quarter. Lazard Asset Management LLC now owns 6,685 shares of the offshore drilling services provider’s stock worth $111,000 after buying an additional 620 shares in the last quarter. Advantus Capital Management Inc lifted its position in Diamond Offshore Drilling by 3.0% in the 1st quarter. Advantus Capital Management Inc now owns 8,254 shares of the offshore drilling services provider’s stock worth $138,000 after buying an additional 242 shares in the last quarter. Amalgamated Bank purchased a new stake in Diamond Offshore Drilling in the 1st quarter worth approximately $170,000. Raymond James Trust N.A. purchased a new stake in Diamond Offshore Drilling in the 2nd quarter worth approximately $118,000. Finally, BlueMountain Capital Management LLC purchased a new stake

A number of other equities analysts have also issued reports on DO. BidaskClub lowered Diamond Offshore Drilling from a sell rating to a strong sell rating in a report on Friday, August 11th. Zephirin Group reissued a sell rating on shares of Diamond Offshore Drilling in a report on Wednesday, August 2nd. Seaport Global Securities reissued a sell rating on shares of Diamond Offshore Drilling in a report on Monday, July 31st. Piper Jaffray Companies reissued a hold rating and set a $12.50 price target on shares of Diamond Offshore Drilling in a report on Thursday, August 3rd. Finally, ValuEngine raised Diamond Offshore Drilling from a hold rating to a buy rating in a report on Wednesday, September 6th. Nine investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $14.74.

Shares of Diamond Offshore Drilling (DO) opened at 14.86 on Monday. The stock has a market cap of $2.04 billion, a P/E ratio of 12.08 and a beta of 1.18. The stock has a 50 day moving average price of $13.05 and a 200-day moving average price of $12.90. Diamond Offshore Drilling has a 52 week low of $10.06 and a 52 week high of $22.65.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $399.30 million for the quarter, compared to analyst estimates of $381.50 million. During the same quarter last year, the company posted $0.16 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. Equities analysts predict that Diamond Offshore Drilling will post $0.92 EPS for the current fiscal year.

ILLEGAL ACTIVITY WARNING: This piece of content was published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this piece of content on another website, it was illegally copied and republished in violation of US and international copyright & trademark laws. The legal version of this piece of content can be viewed at https://ledgergazette.com/2017/10/10/diamond-offshore-drilling-inc-do-downgraded-by-bank-of-america-corporation-to-underperform.html.

Hedge funds have recently added to or reduced their stakes in the business. Lazard Asset Management LLC lifted its position in Diamond Offshore Drilling by 10.2% in the 1st quarter. Lazard Asset Management LLC now owns 6,685 shares of the offshore drilling services provider’s stock worth $111,000 after buying an additional 620 shares in the last quarter. Advantus Capital Management Inc lifted its position in Diamond Offshore Drilling by 3.0% in the 1st quarter. Advantus Capital Management Inc now owns 8,254 shares of the offshore drilling services provider’s stock worth $138,000 after buying an additional 242 shares in the last quarter. Amalgamated Bank purchased a new stake in Diamond Offshore Drilling in the 1st quarter worth approximately $170,000. Raymond James Trust N.A. purchased a new stake in Diamond Offshore Drilling in the 2nd quarter worth approximately $118,000. Finally, BlueMountain Capital Management LLC purchased a new stake in Diamond Offshore Drilling in the 2nd quarter worth approximately $119,000.

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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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