An issue of Diamond Offshore Drilling Inc (NYSE:DO) bonds fell 2% against their face value during trading on Tuesday. The high-yield issue of debt has a 4.875% coupon and will mature on November 1, 2043. The debt is now trading at $73.00. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its stock price.

Several brokerages have recently weighed in on DO. Jefferies Group restated a “neutral” rating on shares of Diamond Offshore Drilling in a research report on Tuesday, October 31st. BidaskClub downgraded shares of Diamond Offshore Drilling from a “sell” rating to a “strong sell” rating in a research report on Friday, August 11th. Royal Bank Of Canada upgraded shares of Diamond Offshore Drilling from an “underperform” rating to a “sector perform” rating and set a $15.00 price objective for the company in a research report on Friday, August 25th. Piper Jaffray Companies restated a “hold” rating and set a $9.33 price objective on shares of Diamond Offshore Drilling in a research report on Tuesday, September 19th. Finally, ValuEngine upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th. Eight investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $14.71.

Shares of Diamond Offshore Drilling Inc (NYSE DO) opened at $16.70 on Wednesday. Diamond Offshore Drilling Inc has a 12-month low of $10.06 and a 12-month high of $22.65. The company has a market cap of $2,283.47, a price-to-earnings ratio of 9.67 and a beta of 1.29. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.58 and a quick ratio of 3.58.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 EPS for the quarter, beating the consensus estimate of $0.20 by $0.05. Diamond Offshore Drilling had a net margin of 10.86% and a return on equity of 6.23%. The firm had revenue of $366.02 million during the quarter, compared to the consensus estimate of $365.38 million. During the same quarter in the prior year, the firm earned $0.10 EPS. Diamond Offshore Drilling’s revenue for the quarter was up 4.8% on a year-over-year basis. equities analysts forecast that Diamond Offshore Drilling Inc will post 0.9 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System raised its position in Diamond Offshore Drilling by 1.5% during the 2nd quarter. Arizona State Retirement System now owns 27,200 shares of the offshore drilling services provider’s stock worth $295,000 after buying an additional 400 shares during the last quarter. State Treasurer State of Michigan raised its position in Diamond Offshore Drilling by 1.5% during the 2nd quarter. State Treasurer State of Michigan now owns 26,600 shares of the offshore drilling services provider’s stock worth $288,000 after buying an additional 400 shares during the last quarter. Texas Permanent School Fund raised its position in Diamond Offshore Drilling by 0.9% during the 2nd quarter. Texas Permanent School Fund now owns 47,088 shares of the offshore drilling services provider’s stock worth $510,000 after buying an additional 410 shares during the last quarter. Comerica Bank raised its position in Diamond Offshore Drilling by 0.8% during the 2nd quarter. Comerica Bank now owns 55,321 shares of the offshore drilling services provider’s stock worth $647,000 after buying an additional 437 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its position in Diamond Offshore Drilling by 3.1% during the 2nd quarter. Louisiana State Employees Retirement System now owns 16,800 shares of the offshore drilling services provider’s stock worth $182,000 after buying an additional 500 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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