Diamond Offshore Drilling Inc to Post FY2023 Earnings of $0.40 Per Share, Jefferies Financial Group Forecasts (DO)

Diamond Offshore Drilling Inc (NYSE:DO) – Equities research analysts at Jefferies Financial Group issued their FY2023 earnings estimates for Diamond Offshore Drilling in a research note issued on Wednesday, April 17th. Jefferies Financial Group analyst E. Royes expects that the offshore drilling services provider will earn $0.40 per share for the year.

Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, February 11th. The offshore drilling services provider reported ($0.42) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.40) by ($0.02). The business had revenue of $232.50 million during the quarter, compared to the consensus estimate of $249.89 million. Diamond Offshore Drilling had a negative return on equity of 4.32% and a negative net margin of 16.64%. The firm’s revenue for the quarter was down 32.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.05) EPS.

A number of other research firms have also commented on DO. Clarkson Capital lowered Diamond Offshore Drilling from a “buy” rating to a “neutral” rating in a report on Friday, April 12th. Barclays raised Diamond Offshore Drilling from an “underweight” rating to an “overweight” rating and set a $10.29 price objective for the company in a report on Wednesday, February 20th. ValuEngine lowered Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a report on Monday, February 4th. UBS Group set a $14.00 price objective on Diamond Offshore Drilling and gave the stock a “buy” rating in a report on Thursday, December 20th. Finally, Zacks Investment Research lowered Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a report on Friday, January 25th. Eight research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $15.53.

Diamond Offshore Drilling stock opened at $11.52 on Thursday. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of -9.85 and a beta of 1.62. Diamond Offshore Drilling has a 12 month low of $8.78 and a 12 month high of $21.92. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.32 and a quick ratio of 3.32.

In related news, Director Paul G. Gaffney bought 4,000 shares of the stock in a transaction that occurred on Monday, February 25th. The shares were bought at an average cost of $9.91 per share, for a total transaction of $39,640.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.03% of the stock is currently owned by insiders.

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

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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