Diamond Offshore Drilling, Inc. (NYSE:DO) was downgraded by research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a note issued to investors on Friday.

Several other analysts also recently weighed in on the company. Piper Jaffray Companies restated a “hold” rating and issued a $12.50 price objective on shares of Diamond Offshore Drilling in a report on Thursday, August 3rd. Seaport Global Securities restated a “sell” rating on shares of Diamond Offshore Drilling in a report on Monday, July 31st. Zephirin Group restated a “sell” rating on shares of Diamond Offshore Drilling in a report on Wednesday, August 2nd. Jefferies Group LLC restated a “hold” rating and issued a $12.00 price objective (down from $14.00) on shares of Diamond Offshore Drilling in a report on Tuesday, July 18th. Finally, Bank of America Corporation downgraded Diamond Offshore Drilling from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $22.00 to $12.00 in a report on Friday, June 30th. Eleven research analysts have rated the stock with a sell rating, twelve have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $15.91.

Shares of Diamond Offshore Drilling (NYSE:DO) traded up 2.06% on Friday, hitting $11.38. 3,068,463 shares of the company traded hands. The firm has a market capitalization of $1.56 billion, a P/E ratio of 9.25 and a beta of 1.12. The firm’s 50-day moving average is $11.42 and its 200 day moving average is $14.04. Diamond Offshore Drilling has a 1-year low of $10.06 and a 1-year high of $22.65.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings data on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.21. The firm had revenue of $399.30 million during the quarter, compared to the consensus estimate of $381.50 million. Diamond Offshore Drilling had a return on equity of 5.77% and a net margin of 11.19%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 earnings per share. On average, analysts anticipate that Diamond Offshore Drilling will post $0.94 earnings per share for the current fiscal year.

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In other news, Director Paul G. Gaffney bought 4,000 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were purchased at an average price of $13.67 per share, for a total transaction of $54,680.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.03% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Diamond Offshore Drilling by 22.0% in the second quarter. BlackRock Inc. now owns 9,209,573 shares of the offshore drilling services provider’s stock worth $99,741,000 after buying an additional 1,658,687 shares in the last quarter. Contrarius Investment Management Ltd raised its stake in shares of Diamond Offshore Drilling by 99.0% in the second quarter. Contrarius Investment Management Ltd now owns 6,606,440 shares of the offshore drilling services provider’s stock worth $71,548,000 after buying an additional 3,286,580 shares in the last quarter. Equity Investment Corp Acquisition Inc raised its stake in shares of Diamond Offshore Drilling by 76.1% in the second quarter. Equity Investment Corp Acquisition Inc now owns 4,566,588 shares of the offshore drilling services provider’s stock worth $49,456,000 after buying an additional 1,973,653 shares in the last quarter. State Street Corp raised its stake in shares of Diamond Offshore Drilling by 5.7% in the first quarter. State Street Corp now owns 2,373,391 shares of the offshore drilling services provider’s stock worth $39,657,000 after buying an additional 128,770 shares in the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of Diamond Offshore Drilling by 194.3% in the first quarter. Prudential Financial Inc. now owns 2,117,443 shares of the offshore drilling services provider’s stock worth $35,383,000 after buying an additional 1,398,057 shares in the last quarter.

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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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