Contrarius Investment Management Ltd Purchases 905,595 Shares of Diamond Offshore Drilling, Inc. (DO)

Contrarius Investment Management Ltd lifted its position in shares of Diamond Offshore Drilling, Inc. (NYSE:DO) by 13.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,512,035 shares of the offshore drilling services provider’s stock after purchasing an additional 905,595 shares during the period. Diamond Offshore Drilling comprises about 6.4% of Contrarius Investment Management Ltd’s holdings, making the stock its 3rd largest position. Contrarius Investment Management Ltd owned 5.47% of Diamond Offshore Drilling worth $108,925,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. State Treasurer State of Michigan increased its position in Diamond Offshore Drilling by 1.5% in the 2nd quarter. State Treasurer State of Michigan now owns 26,600 shares of the offshore drilling services provider’s stock valued at $288,000 after acquiring an additional 400 shares during the period. Arizona State Retirement System increased its position in Diamond Offshore Drilling by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 27,200 shares of the offshore drilling services provider’s stock valued at $295,000 after acquiring an additional 400 shares during the period. Texas Permanent School Fund increased its position in Diamond Offshore Drilling by 0.9% in the 2nd quarter. Texas Permanent School Fund now owns 47,088 shares of the offshore drilling services provider’s stock valued at $510,000 after acquiring an additional 410 shares during the period. Comerica Bank increased its position in Diamond Offshore Drilling by 0.8% in the 2nd quarter. Comerica Bank now owns 55,321 shares of the offshore drilling services provider’s stock valued at $647,000 after acquiring an additional 437 shares during the period. Finally, Louisiana State Employees Retirement System increased its position in Diamond Offshore Drilling by 3.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the offshore drilling services provider’s stock valued at $182,000 after acquiring an additional 500 shares during the period.

Several equities analysts recently issued reports on DO shares. UBS AG upgraded Diamond Offshore Drilling from a “neutral” rating to a “buy” rating and boosted their price target for the company from $12.00 to $15.00 in a research report on Monday, September 25th. Clarkson Capital upgraded Diamond Offshore Drilling from a “neutral” rating to a “buy” rating in a research report on Friday, September 1st. Jefferies Group LLC set a $12.00 price target on Diamond Offshore Drilling and gave the company a “hold” rating in a research report on Friday, August 25th. Cowen and Company restated a “hold” rating and issued a $11.00 price target on shares of Diamond Offshore Drilling in a research report on Tuesday, September 5th. Finally, Seaport Global Securities reiterated a “sell” rating on shares of Diamond Offshore Drilling in a research report on Monday, July 31st. Eight research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $14.71.

Diamond Offshore Drilling, Inc. (NYSE:DO) traded down $0.06 during mid-day trading on Friday, reaching $15.76. The company had a trading volume of 1,172,400 shares, compared to its average volume of 2,996,080. Diamond Offshore Drilling, Inc. has a 12-month low of $10.06 and a 12-month high of $22.65. The company has a current ratio of 3.58, a quick ratio of 3.58 and a debt-to-equity ratio of 0.52. The stock has a market cap of $2,210.00, a price-to-earnings ratio of 9.20 and a beta of 1.31.

Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.05. Diamond Offshore Drilling had a return on equity of 6.23% and a net margin of 10.86%. The firm had revenue of $366.02 million for the quarter, compared to analyst estimates of $365.38 million. During the same quarter in the prior year, the company earned $0.10 EPS. Diamond Offshore Drilling’s revenue was up 4.8% on a year-over-year basis. analysts anticipate that Diamond Offshore Drilling, Inc. will post 0.9 EPS for the current year.

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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.

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Institutional Ownership by Quarter for Diamond Offshore Drilling (NYSE:DO)

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