FY2018 Earnings Estimate for Diamond Offshore Drilling Inc (DO) Issued By Jefferies Financial Group

Diamond Offshore Drilling Inc (NYSE:DO) – Analysts at Jefferies Financial Group dropped their FY2018 earnings estimates for Diamond Offshore Drilling in a report released on Monday, November 5th. Jefferies Financial Group analyst E. Royes now anticipates that the offshore drilling services provider will post earnings of ($1.23) per share for the year, down from their previous forecast of ($1.20). Jefferies Financial Group currently has a “Sell” rating and a $16.00 price target on the stock. Jefferies Financial Group also issued estimates for Diamond Offshore Drilling’s Q4 2018 earnings at ($0.48) EPS, FY2019 earnings at ($1.80) EPS, FY2020 earnings at ($0.90) EPS and FY2021 earnings at ($0.60) EPS.

Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, November 5th. The offshore drilling services provider reported ($0.26) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.36) by $0.10. The company had revenue of $286.30 million during the quarter, compared to analysts’ expectations of $281.74 million. Diamond Offshore Drilling had a negative net margin of 11.11% and a negative return on equity of 2.92%. Diamond Offshore Drilling’s quarterly revenue was down 21.8% on a year-over-year basis. During the same period last year, the company posted $0.25 earnings per share.

Several other equities analysts have also commented on the stock. Morgan Stanley started coverage on shares of Diamond Offshore Drilling in a research report on Tuesday, September 18th. They set an “underweight” rating and a $15.00 price objective for the company. Royal Bank of Canada upgraded shares of Diamond Offshore Drilling from a “sector perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a research report on Thursday, September 20th. Johnson Rice lowered shares of Diamond Offshore Drilling from a “hold” rating to a “sell” rating and set a $15.00 price objective for the company. in a research report on Wednesday, October 17th. UBS Group upgraded shares of Diamond Offshore Drilling from a “reduce” rating to an “accumulate” rating in a research report on Thursday, October 18th. Finally, Barclays increased their price objective on shares of Diamond Offshore Drilling from $13.00 to $14.00 and gave the company an “underweight” rating in a research report on Thursday, August 9th. Eleven analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $16.66.

DO stock opened at $14.31 on Thursday. Diamond Offshore Drilling has a 52 week low of $13.56 and a 52 week high of $21.92. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.91 and a quick ratio of 4.23. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 17.45 and a beta of 1.44.

Institutional investors have recently added to or reduced their stakes in the company. ING Groep NV bought a new stake in shares of Diamond Offshore Drilling in the 2nd quarter worth about $206,000. Quantitative Systematic Strategies LLC bought a new stake in shares of Diamond Offshore Drilling in the 2nd quarter worth about $275,000. Public Employees Retirement System of Ohio bought a new stake in shares of Diamond Offshore Drilling in the 2nd quarter worth about $392,000. Renaissance Technologies LLC bought a new stake in shares of Diamond Offshore Drilling in the 2nd quarter worth about $1,879,000. Finally, Bank of America Corp DE lifted its holdings in shares of Diamond Offshore Drilling by 15.2% in the 2nd quarter. Bank of America Corp DE now owns 1,134,524 shares of the offshore drilling services provider’s stock worth $23,666,000 after acquiring an additional 149,392 shares during the last quarter.

About Diamond Offshore Drilling

Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. It provides services in floater market, including ultra-deepwater, deepwater, and mid-water. The company operates a fleet of 17 offshore drilling rigs, which comprises 4 drillships, 7 ultra-deepwater, 4 deepwater, and 2 mid-water semisubmersibles.

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

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