Shares of Diamond Offshore Drilling, Inc. (NYSE:DO) have earned an average rating of “Hold” from the twenty-six research firms that are currently covering the firm, MarketBeat.com reports. Nine analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $15.59.

A number of research analysts recently issued reports on DO shares. Barclays PLC reaffirmed an “equal weight” rating and issued a $15.00 price target (down from $19.00) on shares of Diamond Offshore Drilling in a report on Monday, May 1st. Bank of America Corporation cut Diamond Offshore Drilling from a “buy” rating to a “neutral” rating and cut their price target for the company from $22.00 to $12.00 in a report on Friday, June 30th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $12.00 price target (down from $14.00) on shares of Diamond Offshore Drilling in a report on Tuesday, July 18th. BidaskClub raised Diamond Offshore Drilling from a “strong sell” rating to a “sell” rating in a report on Friday, June 30th. Finally, Seaport Global Securities cut Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $12.00 to $9.00 in a report on Wednesday, June 21st.

Diamond Offshore Drilling (NYSE:DO) traded up 1.49% on Friday, reaching $11.58. 2,475,135 shares of the company’s stock were exchanged. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 9.41 and a beta of 1.12. Diamond Offshore Drilling has a 1-year low of $10.06 and a 1-year high of $22.65. The stock’s 50 day moving average price is $11.41 and its 200 day moving average price is $13.60.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.21. Diamond Offshore Drilling had a return on equity of 5.77% and a net margin of 11.19%. The business had revenue of $399.30 million during the quarter, compared to analysts’ expectations of $381.50 million. During the same period in the previous year, the business posted $0.16 earnings per share. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, analysts expect that Diamond Offshore Drilling will post $0.93 earnings per share for the current year.

Several institutional investors have recently modified their holdings of DO. BlackRock Inc. increased its position in 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 during the period. Contrarius Investment Management Ltd increased its position in 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 during the period. Equity Investment Corp Acquisition Inc increased its position in 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 during the period. State Street Corp increased its position in Diamond Offshore Drilling by 27.3% in the second quarter. State Street Corp now owns 3,021,468 shares of the offshore drilling services provider’s stock worth $32,721,000 after buying an additional 648,077 shares during the period. Finally, Prudential Financial Inc. increased its position in 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 during the period.

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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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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