Diamond Offshore Drilling (DO) Price Target Cut to $14.00

Diamond Offshore Drilling (NYSE:DO) had its target price reduced by stock analysts at Bank of America from $15.00 to $14.00 in a note issued to investors on Wednesday. The brokerage currently has an “underperform” rating on the offshore drilling services provider’s stock. Bank of America’s price target indicates a potential downside of 28.21% from the company’s current price.

DO has been the subject of a number of other reports. Clarkson Capital lowered Diamond Offshore Drilling from a “buy” rating to a “neutral” rating in a research report on Thursday, January 18th. ValuEngine raised 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 target price on Diamond Offshore Drilling and gave the company a “hold” rating in a research report on Thursday, January 11th. Piper Jaffray reaffirmed an “underweight” rating on shares of Diamond Offshore Drilling in a research report on Thursday, January 11th. Finally, Barclays lowered Diamond Offshore Drilling from an “equal weight” rating to an “underweight” rating and decreased their target price for the company 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, nine have issued a hold rating and two have issued a buy rating to the stock. Diamond Offshore Drilling presently has an average rating of “Hold” and a consensus target price of $14.16.

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Shares of NYSE DO opened at $19.50 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.97 and a quick ratio of 3.97. The firm has a market cap of $2,680.06, a price-to-earnings ratio of 23.78 and a beta of 1.20. Diamond Offshore Drilling has a twelve month low of $10.06 and a twelve month high of $20.41.

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

Several large investors have recently made changes to their positions in the company. Envestnet Asset Management Inc. grew its stake in Diamond Offshore Drilling by 9.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 40,856 shares of the offshore drilling services provider’s stock worth $592,000 after buying an additional 3,612 shares during the last quarter. CIBC World Markets Inc. grew its stake in Diamond Offshore Drilling by 11.4% during the 4th quarter. CIBC World Markets Inc. now owns 36,173 shares of the offshore drilling services provider’s stock worth $672,000 after buying an additional 3,700 shares during the last quarter. US Bancorp DE grew its stake 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 buying an additional 5,219 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. grew its stake in Diamond Offshore Drilling by 331.9% during the 4th 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. Finally, Allianz Asset Management GmbH grew its stake in Diamond Offshore Drilling by 3.3% during the 4th quarter. Allianz Asset Management GmbH now owns 187,903 shares of the offshore drilling services provider’s stock worth $3,493,000 after buying an additional 5,990 shares during the last quarter.

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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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