Diamond Offshore Drilling, Inc. (NYSE:DO)‘s stock had its “hold” rating reiterated by equities research analysts at Piper Jaffray Companies in a report issued on Tuesday. They currently have a $9.33 target price on the offshore drilling services provider’s stock. Piper Jaffray Companies’ target price points to a potential downside of 30.01% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Pareto Securities raised Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Friday, August 18th. BidaskClub cut Diamond Offshore Drilling from a “sell” rating to a “strong sell” rating in a report on Saturday, June 24th. Seaport Global Securities cut Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $12.00 to $9.00 in a report on Wednesday, June 21st. Jefferies Group LLC set a $14.00 price objective on Diamond Offshore Drilling and gave the company a “hold” rating in a report on Saturday, July 1st. Finally, Royal Bank Of Canada raised Diamond Offshore Drilling from an “underperform” rating to a “sector perform” rating and set a $15.00 price objective for the company in a report on Friday, August 25th. Nine research analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $15.00.

Diamond Offshore Drilling (NYSE:DO) opened at 13.33 on Tuesday. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 10.84 and a beta of 1.13. The firm’s 50-day moving average price is $11.89 and its 200 day moving average price is $13.04. 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 announced its quarterly earnings data on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.21. The firm had revenue of $399.30 million during the quarter, compared to analysts’ expectations of $381.50 million. Diamond Offshore Drilling had a return on equity of 5.77% and a net margin of 11.19%. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.16 EPS. On average, analysts predict that Diamond Offshore Drilling will post $0.93 EPS for the current year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Lazard Asset Management LLC grew its position in shares of Diamond Offshore Drilling by 10.2% in the 1st quarter. Lazard Asset Management LLC now owns 6,685 shares of the offshore drilling services provider’s stock valued at $111,000 after buying an additional 620 shares during the last quarter. Raymond James Trust N.A. bought a new stake in shares of Diamond Offshore Drilling in the 2nd quarter valued at about $118,000. BlueMountain Capital Management LLC bought a new stake in shares of Diamond Offshore Drilling in the 2nd quarter valued at about $119,000. Zacks Investment Management bought a new stake in shares of Diamond Offshore Drilling in the 2nd quarter valued at about $124,000. Finally, Advantus Capital Management Inc grew its position in shares of Diamond Offshore Drilling by 3.0% in the 1st 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.

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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