Bank of New York Mellon Corp grew its position in Diamond Offshore Drilling Inc (NYSE:DO) by 2.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,606,269 shares of the offshore drilling services provider’s stock after buying an additional 33,514 shares during the quarter. Bank of New York Mellon Corp owned 1.17% of Diamond Offshore Drilling worth $29,860,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in DO. Victory Capital Management Inc. purchased a new position in shares of Diamond Offshore Drilling in the third quarter valued at $126,000. Wright Investors Service Inc. purchased a new stake in Diamond Offshore Drilling during the 4th quarter worth about $204,000. US Bancorp DE increased its position in Diamond Offshore Drilling by 77.5% during the 4th quarter. US Bancorp DE now owns 11,957 shares of the offshore drilling services provider’s stock worth $222,000 after purchasing an additional 5,219 shares in the last quarter. Highbridge Capital Management LLC purchased a new stake in Diamond Offshore Drilling during the 3rd quarter worth about $262,000. Finally, New Mexico Educational Retirement Board purchased a new stake in Diamond Offshore Drilling during the 4th quarter worth about $297,000.
A number of analysts recently commented on DO shares. Clarkson Capital cut Diamond Offshore Drilling from a “buy” rating to a “neutral” rating in a research report on Thursday, January 18th. ValuEngine upgraded Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 31st. Cowen set a $18.00 price objective on Diamond Offshore Drilling and gave the stock a “hold” rating in a research report on Thursday, January 11th. Piper Jaffray Companies reiterated an “underweight” rating on shares of Diamond Offshore Drilling in a research report on Thursday, January 11th. Finally, Barclays cut Diamond Offshore Drilling from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $19.92 to $13.00 in a research report on Tuesday, January 23rd. Twelve investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $14.23.
In other Diamond Offshore Drilling news, Director Charles Fabrikant sold 1,500 shares of Diamond Offshore Drilling stock in a transaction dated Thursday, December 28th. The stock was sold at an average price of $18.55, for a total value of $27,825.00. Following the completion of the sale, the director now owns 1,000 shares in the company, valued at approximately $18,550. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.03% of the stock is owned by insiders.
Shares of Diamond Offshore Drilling Inc (NYSE DO) opened at $15.45 on Friday. The company has a quick ratio of 3.97, a current ratio of 3.97 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $2,083.12, a PE ratio of 110.37 and a beta of 1.25. Diamond Offshore Drilling Inc has a fifty-two week low of $10.06 and a fifty-two week high of $20.41.
Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings results on Monday, February 12th. The offshore drilling services provider reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. The company had revenue of $346.20 million during the quarter, compared to analysts’ expectations of $331.98 million. Diamond Offshore Drilling had a return on equity of 2.96% and a net margin of 1.23%. The firm’s revenue was down 11.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.27 EPS. equities research analysts forecast that Diamond Offshore Drilling Inc will post -0.29 earnings per share for the current fiscal year.
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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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