Diamond Offshore Drilling (DO) Price Target Cut to $14.00 by Analysts at Bank of America

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

A number of other research analysts also recently commented on the stock. Royal Bank of Canada set a $19.00 price objective on shares of Diamond Offshore Drilling and gave the company a hold rating in a research report on Thursday, December 21st. ValuEngine raised shares of Diamond Offshore Drilling from a buy rating to a strong-buy rating in a research report on Sunday, December 31st. Jefferies Group downgraded shares of Diamond Offshore Drilling from a hold rating to an underperform rating and set a $15.00 price objective on the stock. in a research report on Thursday, January 4th. Piper Jaffray reaffirmed an underweight rating on shares of Diamond Offshore Drilling in a research report on Thursday, January 11th. Finally, Cowen set a $18.00 price objective on shares of Diamond Offshore Drilling and gave the company a hold rating in a research report on Thursday, January 11th. 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 company currently has an average rating of Hold and an average price target of $14.16.

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Shares of DO opened at $19.54 on Wednesday. The company has a market capitalization of $2,552.44, a PE ratio of 22.68 and a beta of 1.20. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.97 and a current ratio of 3.97. Diamond Offshore Drilling has a 12-month low of $10.06 and a 12-month high of $20.41.

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

Institutional investors have recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. lifted its stake in shares of Diamond Offshore Drilling by 331.9% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,641 shares of the offshore drilling services provider’s stock worth $142,000 after buying an additional 5,872 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new stake in shares of Diamond Offshore Drilling in the fourth quarter worth $171,000. Wright Investors Service Inc. acquired a new stake in shares of Diamond Offshore Drilling in the fourth quarter worth $204,000. Investors Research Corp acquired a new stake in shares of Diamond Offshore Drilling in the fourth quarter worth $209,000. Finally, US Bancorp DE lifted its stake in shares of Diamond Offshore Drilling by 77.5% in the fourth quarter. US Bancorp DE now owns 11,957 shares of the offshore drilling services provider’s stock worth $222,000 after buying an additional 5,219 shares during the last quarter.

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About Diamond Offshore Drilling

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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