Royal Bank Of Canada upgraded shares of Diamond Offshore Drilling, Inc. (NYSE:DO) from an underperform rating to a sector perform rating in a report published on Friday morning, Marketbeat.com reports. The brokerage currently has $15.00 price objective on the offshore drilling services provider’s stock.

A number of other brokerages have also commented on DO. Jefferies Group LLC set a $14.00 price objective on Diamond Offshore Drilling and gave the company a hold rating in a report on Wednesday, May 24th. Seaport Global Securities reissued a sell rating on shares of Diamond Offshore Drilling in a report on Monday, July 31st. Pareto Securities raised Diamond Offshore Drilling from a hold rating to a buy rating and set a $12.00 price objective on the stock in a report on Friday, August 18th. Bank of America Corporation lowered Diamond Offshore Drilling from a buy rating to a neutral rating and lowered their price objective for the company from $22.00 to $12.00 in a report on Friday, June 30th. Finally, Barclays PLC reissued an equal weight rating and set a $15.00 price objective (down previously from $19.00) on shares of Diamond Offshore Drilling in a report on Monday, May 1st. Nine investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $15.58.

Shares of Diamond Offshore Drilling (NYSE DO) opened at 11.41 on Friday. The stock’s 50 day moving average is $11.41 and its 200 day moving average is $13.60. The firm has a market cap of $1.57 billion, a PE ratio of 9.28 and a beta of 1.12. Diamond Offshore Drilling has a 12 month low of $10.06 and a 12 month high of $22.65.

Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings data on Monday, July 31st. The offshore drilling services provider reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.21. The business had revenue of $399.30 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.16 EPS. On average, analysts anticipate that Diamond Offshore Drilling will post $0.93 earnings per share for the current fiscal year.

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Several hedge funds have recently made changes to their positions in the company. Karp Capital Management Corp purchased a new stake in shares of Diamond Offshore Drilling during the first quarter valued at $680,000. BlackRock Inc. raised its stake in shares of Diamond Offshore Drilling by 7,375.1% in the first quarter. BlackRock Inc. now owns 7,550,886 shares of the offshore drilling services provider’s stock valued at $126,177,000 after buying an additional 7,449,872 shares during the last quarter. LMR Partners LLP purchased a new stake in shares of Diamond Offshore Drilling during the first quarter valued at $785,000. Wayne Hummer Investments L.L.C. purchased a new stake in shares of Diamond Offshore Drilling during the second quarter valued at $145,000. Finally, Bank of Montreal Can raised its stake in shares of Diamond Offshore Drilling by 38.1% in the first quarter. Bank of Montreal Can now owns 39,299 shares of the offshore drilling services provider’s stock valued at $657,000 after buying an additional 10,841 shares during 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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