Equities analysts forecast that Diamond Offshore Drilling Inc (NYSE:DO) will announce $229.93 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Diamond Offshore Drilling’s earnings. The lowest sales estimate is $218.30 million and the highest is $239.00 million. Diamond Offshore Drilling reported sales of $268.86 million in the same quarter last year, which suggests a negative year over year growth rate of 14.5%. The firm is scheduled to announce its next quarterly earnings results on Monday, July 29th.

According to Zacks, analysts expect that Diamond Offshore Drilling will report full year sales of $954.64 million for the current fiscal year, with estimates ranging from $920.20 million to $968.40 million. For the next fiscal year, analysts forecast that the firm will report sales of $1.03 billion, with estimates ranging from $997.40 million to $1.11 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that cover Diamond Offshore Drilling.

Diamond Offshore Drilling (NYSE:DO) last issued its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.06. Diamond Offshore Drilling had a negative return on equity of 5.84% and a negative net margin of 26.72%. The company had revenue of $223.50 million for the quarter, compared to analyst estimates of $231.90 million. During the same period in the prior year, the firm posted ($0.16) EPS. The business’s revenue was down 24.4% compared to the same quarter last year.

Several research analysts have weighed in on DO shares. Citigroup set a $8.00 target price on Diamond Offshore Drilling and gave the stock a “sell” rating in a research report on Friday, May 17th. Goldman Sachs Group started coverage on Diamond Offshore Drilling in a research report on Sunday, March 10th. They issued a “sell” rating and a $8.00 target price on the stock. Barclays raised Diamond Offshore Drilling from an “underweight” rating to an “overweight” rating and set a $10.29 target price on the stock in a research report on Wednesday, February 20th. ValuEngine raised Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a report on Tuesday, March 5th. Finally, Piper Jaffray Companies raised Diamond Offshore Drilling from an “underweight” rating to a “neutral” rating and lowered their price objective for the company from $9.40 to $8.75 in a report on Wednesday, May 22nd. Eight analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $14.38.

A number of large investors have recently made changes to their positions in DO. BlackRock Inc. boosted its stake in Diamond Offshore Drilling by 24.5% during the 1st quarter. BlackRock Inc. now owns 10,745,365 shares of the offshore drilling services provider’s stock valued at $112,720,000 after purchasing an additional 2,115,360 shares during the period. Norges Bank bought a new stake in Diamond Offshore Drilling during the 4th quarter valued at approximately $18,892,000. Dimensional Fund Advisors LP boosted its stake in Diamond Offshore Drilling by 32.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,004,510 shares of the offshore drilling services provider’s stock valued at $37,804,000 after purchasing an additional 992,277 shares during the period. Majedie Asset Management Ltd boosted its stake in Diamond Offshore Drilling by 39.3% during the 1st quarter. Majedie Asset Management Ltd now owns 3,121,384 shares of the offshore drilling services provider’s stock valued at $32,770,000 after purchasing an additional 880,081 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Diamond Offshore Drilling by 69.6% during the 1st quarter. JPMorgan Chase & Co. now owns 1,978,597 shares of the offshore drilling services provider’s stock valued at $20,756,000 after purchasing an additional 812,237 shares during the period.

DO stock traded down $0.77 during mid-day trading on Monday, hitting $7.39. The stock had a trading volume of 4,656,933 shares, compared to its average volume of 2,865,993. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.68 and a quick ratio of 2.68. Diamond Offshore Drilling has a 1-year low of $7.33 and a 1-year high of $21.92. The firm has a market cap of $1.02 billion, a P/E ratio of -6.32 and a beta of 1.64.

Diamond Offshore Drilling Company Profile

Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. The company operates a fleet of 17 offshore drilling rigs, including 4 drillships and 13 semisubmersible rigs. It serves independent oil and gas companies, and government-owned oil companies. The company was founded in 1953 and is headquartered in Houston, Texas.

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Earnings History and Estimates for Diamond Offshore Drilling (NYSE:DO)

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