Zacks: Brokerages Anticipate Diamond Offshore Drilling Inc (NYSE:DO) Will Announce Quarterly Sales of $234.90 Million

Equities analysts expect that Diamond Offshore Drilling Inc (NYSE:DO) will post $234.90 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Diamond Offshore Drilling’s earnings. The highest sales estimate is $253.80 million and the lowest is $216.00 million. Diamond Offshore Drilling reported sales of $233.54 million during the same quarter last year, which indicates a positive year-over-year growth rate of 0.6%. The firm is expected to issue its next earnings report on Monday, May 4th.

According to Zacks, analysts expect that Diamond Offshore Drilling will report full year sales of $944.88 million for the current year, with estimates ranging from $854.00 million to $1.00 billion. For the next fiscal year, analysts expect that the company will post sales of $974.98 million, with estimates ranging from $893.00 million to $1.04 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Diamond Offshore Drilling.

Diamond Offshore Drilling (NYSE:DO) last released its earnings results on Monday, February 10th. The offshore drilling services provider reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.66) by $0.21. Diamond Offshore Drilling had a negative net margin of 36.43% and a negative return on equity of 10.86%. The business had revenue of $276.40 million during the quarter, compared to analyst estimates of $249.25 million. During the same period in the prior year, the business earned ($0.42) earnings per share. The business’s quarterly revenue was up 18.9% on a year-over-year basis.

Several analysts recently commented on DO shares. Fearnley Fonds lowered shares of Diamond Offshore Drilling from a “buy” rating to a “hold” rating and set a $6.00 target price for the company. in a research note on Monday, October 21st. ValuEngine lowered shares of Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, January 21st. Barclays reissued a “buy” rating and set a $6.00 target price on shares of Diamond Offshore Drilling in a research note on Tuesday, February 11th. Nordea Equity Research raised shares of Diamond Offshore Drilling from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Cfra reduced their price target on shares of Diamond Offshore Drilling from $5.00 to $3.50 and set a “sell” rating for the company in a research report on Monday, February 10th. Six research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $6.92.

Several large investors have recently modified their holdings of DO. California State Teachers Retirement System grew its stake in Diamond Offshore Drilling by 1.9% in the 3rd quarter. California State Teachers Retirement System now owns 101,140 shares of the offshore drilling services provider’s stock valued at $562,000 after buying an additional 1,895 shares during the last quarter. State of Tennessee Treasury Department grew its stake in Diamond Offshore Drilling by 8.5% in the 3rd quarter. State of Tennessee Treasury Department now owns 28,759 shares of the offshore drilling services provider’s stock valued at $160,000 after buying an additional 2,261 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in Diamond Offshore Drilling by 16.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 20,064 shares of the offshore drilling services provider’s stock valued at $112,000 after buying an additional 2,849 shares during the last quarter. Advisory Services Network LLC grew its stake in Diamond Offshore Drilling by 40.6% in the 4th quarter. Advisory Services Network LLC now owns 10,903 shares of the offshore drilling services provider’s stock valued at $79,000 after buying an additional 3,151 shares during the last quarter. Finally, CWM Advisors LLC grew its stake in Diamond Offshore Drilling by 12.8% in the 4th quarter. CWM Advisors LLC now owns 28,831 shares of the offshore drilling services provider’s stock valued at $207,000 after buying an additional 3,280 shares during the last quarter.

DO stock traded up $0.11 on Friday, hitting $3.86. 4,422,522 shares of the company’s stock traded hands, compared to its average volume of 3,321,841. Diamond Offshore Drilling has a 1-year low of $3.64 and a 1-year high of $12.64. The stock has a market cap of $508.62 million, a price-to-earnings ratio of -1.49 and a beta of 1.92. The stock has a fifty day moving average of $5.63 and a 200-day moving average of $6.02. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.61.

About Diamond Offshore Drilling

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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