Brokerages Anticipate Diamond Offshore Drilling Inc (NYSE:DO) Will Post Earnings of -$0.61 Per Share

Brokerages expect Diamond Offshore Drilling Inc (NYSE:DO) to post ($0.61) earnings per share for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Diamond Offshore Drilling’s earnings, with the lowest EPS estimate coming in at ($0.72) and the highest estimate coming in at ($0.41). Diamond Offshore Drilling reported earnings per share of ($0.26) in the same quarter last year, which would suggest a negative year-over-year growth rate of 134.6%. The firm is scheduled to announce its next quarterly earnings results on Monday, November 4th.

According to Zacks, analysts expect that Diamond Offshore Drilling will report full year earnings of ($2.69) per share for the current year, with EPS estimates ranging from ($2.90) to ($2.43). For the next year, analysts anticipate that the business will post earnings of ($1.81) per share, with EPS estimates ranging from ($2.00) to ($1.61). Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for Diamond Offshore Drilling.

Diamond Offshore Drilling (NYSE:DO) last announced its earnings results on Monday, August 5th. The offshore drilling services provider reported ($0.99) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.89) by ($0.10). The company had revenue of $216.70 million during the quarter, compared to analyst estimates of $228.46 million. Diamond Offshore Drilling had a negative return on equity of 8.55% and a negative net margin of 32.78%. Diamond Offshore Drilling’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.33) earnings per share.

DO has been the subject of a number of research analyst reports. Susquehanna Bancshares set a $9.00 target price on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research note on Friday, July 19th. HSBC set a $11.00 price objective on shares of Diamond Offshore Drilling and gave the stock a “buy” rating in a research note on Monday, July 15th. ValuEngine upgraded shares of Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 1st. SEB Equities upgraded shares of Diamond Offshore Drilling from a “sell” rating to a “hold” rating and reduced their price objective for the stock from $10.00 to $7.70 in a research note on Tuesday, June 18th. Finally, Tudor Pickering upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research note on Thursday, June 13th. Six investment analysts have rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $12.06.

NYSE DO traded down $0.27 on Thursday, reaching $5.36. The company had a trading volume of 4,029,034 shares, compared to its average volume of 2,848,203. The firm has a market capitalization of $775.20 million, a price-to-earnings ratio of -4.58 and a beta of 1.69. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.19 and a current ratio of 2.19. Diamond Offshore Drilling has a 1-year low of $5.25 and a 1-year high of $20.85. The company’s fifty day moving average is $7.88 and its 200-day moving average is $9.36.

Several hedge funds have recently modified their holdings of DO. Allianz Asset Management GmbH raised its holdings in shares of Diamond Offshore Drilling by 1,527.2% in the 2nd quarter. Allianz Asset Management GmbH now owns 2,663,777 shares of the offshore drilling services provider’s stock valued at $23,628,000 after purchasing an additional 2,500,074 shares during the period. Norges Bank bought a new stake in shares of Diamond Offshore Drilling in the 4th quarter valued at about $18,892,000. Dimensional Fund Advisors LP raised its holdings in shares of Diamond Offshore Drilling by 32.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,004,510 shares of the offshore drilling services provider’s stock valued at $37,804,000 after purchasing an additional 992,277 shares during the period. Majedie Asset Management Ltd raised its holdings in shares of Diamond Offshore Drilling by 39.3% in the 1st quarter. Majedie Asset Management Ltd now owns 3,121,384 shares of the offshore drilling services provider’s stock valued at $32,770,000 after purchasing an additional 880,081 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Diamond Offshore Drilling by 69.6% in the 1st quarter. JPMorgan Chase & Co. now owns 1,978,597 shares of the offshore drilling services provider’s stock valued at $20,756,000 after purchasing an additional 812,237 shares during the period.

About Diamond Offshore Drilling

Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. The company operates a fleet of 17 offshore drilling rigs, including 4 drillships and 13 semisubmersible rigs. It serves independent oil and gas companies, and government-owned oil companies. The company was founded in 1953 and is headquartered in Houston, Texas.

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