Diamond Offshore Drilling (DO) Sees Unusually-High Trading Volume

Shares of Diamond Offshore Drilling Inc (NYSE:DO) saw unusually-high trading volume on Friday . Approximately 14,553,470 shares changed hands during mid-day trading, an increase of 406% from the previous session’s volume of 2,874,076 shares.The stock last traded at $10.88 and had previously closed at $10.75.

DO has been the topic of a number of analyst reports. ValuEngine cut shares of Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 2nd. UBS Group set a $14.00 price target on shares of Diamond Offshore Drilling and gave the stock a “buy” rating in a research note on Thursday, December 20th. Fearnley Fonds upgraded shares of Diamond Offshore Drilling from an “accumulate” rating to a “buy” rating in a research note on Monday, February 4th. Pareto Securities upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research note on Monday, January 28th. Finally, Zacks Investment Research cut shares of Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a research note on Friday, January 25th. Eight equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. Diamond Offshore Drilling presently has an average rating of “Hold” and a consensus price target of $15.56.

The company has a current ratio of 3.32, a quick ratio of 3.32 and a debt-to-equity ratio of 0.55. The company has a market cap of $1.48 billion, a PE ratio of -9.30 and a beta of 1.60.

Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, February 11th. The offshore drilling services provider reported ($0.42) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.40) by ($0.02). The company had revenue of $232.50 million for the quarter, compared to the consensus estimate of $249.89 million. Diamond Offshore Drilling had a negative net margin of 16.64% and a negative return on equity of 4.32%. Diamond Offshore Drilling’s revenue was down 32.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.05) EPS. Equities analysts forecast that Diamond Offshore Drilling Inc will post -2.02 earnings per share for the current year.

In related news, Director Paul G. Gaffney bought 4,000 shares of the stock in a transaction on Monday, February 25th. The shares were acquired at an average price of $9.91 per share, for a total transaction of $39,640.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.03% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Texas Permanent School Fund increased its position in shares of Diamond Offshore Drilling by 4.0% during the 4th quarter. Texas Permanent School Fund now owns 42,270 shares of the offshore drilling services provider’s stock valued at $399,000 after purchasing an additional 1,627 shares during the last quarter. Advisor Group Inc. increased its position in shares of Diamond Offshore Drilling by 108.3% during the 4th quarter. Advisor Group Inc. now owns 3,577 shares of the offshore drilling services provider’s stock valued at $35,000 after purchasing an additional 1,860 shares during the last quarter. Bank of Montreal Can increased its position in shares of Diamond Offshore Drilling by 5.5% during the 4th quarter. Bank of Montreal Can now owns 37,022 shares of the offshore drilling services provider’s stock valued at $349,000 after purchasing an additional 1,925 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Diamond Offshore Drilling by 111.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,681 shares of the offshore drilling services provider’s stock valued at $44,000 after purchasing an additional 2,468 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of Diamond Offshore Drilling by 2.1% during the 3rd quarter. Legal & General Group Plc now owns 169,543 shares of the offshore drilling services provider’s stock valued at $3,391,000 after purchasing an additional 3,510 shares during the last quarter.

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Diamond Offshore Drilling Company Profile (NYSE:DO)

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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