An issue of Diamond Offshore Drilling, Inc. (NYSE:DO) debt rose 2.5% as a percentage of its face value during trading on Wednesday. The high-yield issue of debt has a 7.875% coupon and is set to mature on August 15, 2025. The bonds in the issue are now trading at $101.50 and were trading at $99.50 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.

DO has been the subject of several research reports. Pareto Securities raised Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Friday, August 18th. Piper Jaffray Companies reissued a “hold” rating and issued a $12.50 target price on shares of Diamond Offshore Drilling in a research note on Thursday, August 3rd. Jefferies Group LLC set a $14.00 target price on Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Wednesday, May 24th. Bank of America Corporation cut Diamond Offshore Drilling from a “buy” rating to a “neutral” rating and lowered their target price for the company from $22.00 to $12.00 in a research note on Friday, June 30th. Finally, Royal Bank Of Canada raised Diamond Offshore Drilling from an “underperform” rating to a “sector perform” rating and set a $15.00 target price for the company in a research note on Friday, August 25th. Nine equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $15.58.

Diamond Offshore Drilling, Inc. (NYSE:DO) traded down 1.30% on Wednesday, reaching $11.43. The company’s stock had a trading volume of 1,534,301 shares. The company has a market cap of $1.57 billion, a P/E ratio of 9.29 and a beta of 1.12. Diamond Offshore Drilling, Inc. has a 12 month low of $10.06 and a 12 month 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 announced 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 consensus estimate of $0.24 by $0.21. Diamond Offshore Drilling had a net margin of 11.19% and a return on equity of 5.77%. The company had revenue of $399.30 million for the quarter, compared to analysts’ expectations of $381.50 million. During the same quarter in the previous year, the company earned $0.16 earnings per share. Diamond Offshore Drilling’s quarterly revenue was up 2.7% on a year-over-year basis. Equities research analysts forecast that Diamond Offshore Drilling, Inc. will post $0.93 earnings per share for the current year.

A number of large investors have recently bought and sold shares of DO. State Treasurer State of Michigan raised its stake in Diamond Offshore Drilling by 0.8% in the first quarter. State Treasurer State of Michigan now owns 26,200 shares of the offshore drilling services provider’s stock valued at $438,000 after buying an additional 200 shares during the last quarter. Advantus Capital Management Inc raised its stake in Diamond Offshore Drilling by 3.0% in the first quarter. Advantus Capital Management Inc now owns 8,254 shares of the offshore drilling services provider’s stock valued at $138,000 after buying an additional 242 shares during the last quarter. Stephens Inc. AR raised its stake in Diamond Offshore Drilling by 0.5% in the first quarter. Stephens Inc. AR now owns 55,534 shares of the offshore drilling services provider’s stock valued at $928,000 after buying an additional 264 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in Diamond Offshore Drilling by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 22,573 shares of the offshore drilling services provider’s stock valued at $377,000 after buying an additional 300 shares during the last quarter. Finally, Mason Street Advisors LLC raised its stake in Diamond Offshore Drilling by 1.2% in the first quarter. Mason Street Advisors LLC now owns 30,457 shares of the offshore drilling services provider’s stock valued at $509,000 after buying an additional 368 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. 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.

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