Diamond Offshore Drilling (DO) Rating Increased to Buy at Clarkson Capital

Diamond Offshore Drilling (NYSE:DO) was upgraded by investment analysts at Clarkson Capital from a “neutral” rating to a “buy” rating in a report released on Thursday, Marketbeat Ratings reports. The firm presently has a $16.00 target price on the offshore drilling services provider’s stock. Clarkson Capital’s price objective would suggest a potential upside of 8.99% from the stock’s current price.

A number of other equities research analysts have also recently commented on DO. Jefferies Financial Group restated a “sell” rating and set a $16.00 target price on shares of Diamond Offshore Drilling in a research note on Monday, July 30th. UBS Group set a $26.00 target price on shares of Diamond Offshore Drilling and gave the stock a “buy” rating in a research note on Tuesday, July 31st. Credit Suisse Group raised their target price on shares of Diamond Offshore Drilling from $14.00 to $15.00 and gave the stock an “underperform” rating in a research note on Tuesday, July 31st. B. Riley set a $17.00 target price on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research note on Tuesday, July 31st. Finally, Royal Bank of Canada restated a “hold” rating and set a $23.00 target price on shares of Diamond Offshore Drilling in a research note on Tuesday, July 31st. Eleven equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $16.66.

NYSE DO opened at $14.68 on Thursday. Diamond Offshore Drilling has a 12 month low of $13.56 and a 12 month high of $21.92. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 17.90 and a beta of 1.44. The company has a current ratio of 3.91, a quick ratio of 4.23 and a debt-to-equity ratio of 0.54.

Diamond Offshore Drilling (NYSE:DO) last released its earnings results on Monday, November 5th. The offshore drilling services provider reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.10. Diamond Offshore Drilling had a negative net margin of 11.11% and a negative return on equity of 2.92%. The company had revenue of $286.30 million for the quarter, compared to analysts’ expectations of $281.74 million. During the same quarter last year, the business earned $0.25 EPS. The firm’s revenue was down 21.8% compared to the same quarter last year. As a group, analysts expect that Diamond Offshore Drilling will post -1.14 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Mutual of America Capital Management LLC grew its holdings in Diamond Offshore Drilling by 5.6% during the 2nd quarter. Mutual of America Capital Management LLC now owns 55,655 shares of the offshore drilling services provider’s stock valued at $1,161,000 after buying an additional 2,975 shares in the last quarter. United Services Automobile Association grew its holdings in Diamond Offshore Drilling by 25.5% during the 2nd quarter. United Services Automobile Association now owns 16,724 shares of the offshore drilling services provider’s stock valued at $349,000 after buying an additional 3,398 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in Diamond Offshore Drilling during the 2nd quarter valued at approximately $108,000. Contravisory Investment Management Inc. purchased a new stake in Diamond Offshore Drilling during the 3rd quarter valued at approximately $144,000. Finally, SG Americas Securities LLC grew its holdings in Diamond Offshore Drilling by 28.3% during the 3rd quarter. SG Americas Securities LLC now owns 34,333 shares of the offshore drilling services provider’s stock valued at $687,000 after buying an additional 7,572 shares in the last quarter.

Diamond Offshore Drilling Company Profile

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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Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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