Diamond Offshore Drilling (NYSE:DO) was downgraded by equities research analysts at Jefferies Group from a “hold” rating to an “underperform” rating in a note issued to investors on Thursday, January 4th, Marketbeat.com reports. They currently have a $15.00 price objective on the offshore drilling services provider’s stock. Jefferies Group’s target price would suggest a potential downside of 16.81% from the stock’s previous close. Jefferies Group also issued estimates for Diamond Offshore Drilling’s FY2017 earnings at $0.92 EPS.

Other equities research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research note on Monday, October 16th. UBS Group upgraded shares of Diamond Offshore Drilling from a “neutral” rating to a “buy” rating and upped their target price for the company from $12.00 to $15.00 in a report on Monday, September 25th. ValuEngine upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a report on Wednesday, September 6th. Royal Bank of Canada set a $15.00 target price on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a report on Saturday, October 7th. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $9.33 target price on shares of Diamond Offshore Drilling in a report on Tuesday, September 19th. Eleven investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Diamond Offshore Drilling currently has a consensus rating of “Hold” and a consensus target price of $14.91.

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Shares of Diamond Offshore Drilling (DO) opened at $18.03 on Thursday. The company has a market cap of $2,615.56, a price-to-earnings ratio of 14.93 and a beta of 1.29. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.58 and a quick ratio of 3.58. Diamond Offshore Drilling has a 12-month low of $10.06 and a 12-month high of $20.41.

Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings results on Monday, October 30th. The offshore drilling services provider reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.05. Diamond Offshore Drilling had a net margin of 10.86% and a return on equity of 6.23%. The business had revenue of $366.02 million for the quarter, compared to analysts’ expectations of $365.38 million. During the same period in the prior year, the company posted $0.10 EPS. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. equities analysts forecast that Diamond Offshore Drilling will post 0.86 earnings per share for the current year.

In other Diamond Offshore Drilling news, Director Charles Fabrikant sold 1,500 shares of the stock in a transaction that occurred on Friday, December 28th. The shares were sold at an average price of $18.55, for a total value of $27,825.00. Following the completion of the sale, the director now owns 1,000 shares of the company’s stock, valued at $18,550. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.03% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of Diamond Offshore Drilling by 22.0% during the second quarter. BlackRock Inc. now owns 9,209,573 shares of the offshore drilling services provider’s stock worth $99,741,000 after buying an additional 1,658,687 shares in the last quarter. Contrarius Investment Management Ltd grew its position in shares of Diamond Offshore Drilling by 13.7% during the third quarter. Contrarius Investment Management Ltd now owns 7,512,035 shares of the offshore drilling services provider’s stock worth $108,925,000 after buying an additional 905,595 shares in the last quarter. State Street Corp grew its position in shares of Diamond Offshore Drilling by 27.3% during the second quarter. State Street Corp now owns 3,021,468 shares of the offshore drilling services provider’s stock worth $32,721,000 after buying an additional 648,077 shares in the last quarter. Majedie Asset Management Ltd grew its position in shares of Diamond Offshore Drilling by 121.9% during the third quarter. Majedie Asset Management Ltd now owns 2,570,583 shares of the offshore drilling services provider’s stock worth $37,273,000 after buying an additional 1,412,327 shares in the last quarter. Finally, Horseman Capital Management Ltd acquired a new stake in shares of Diamond Offshore Drilling during the third quarter worth approximately $30,944,000.

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About Diamond Offshore Drilling

Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry. As of December 31, 2016, the Company had a fleet of 24 offshore drilling rigs. As of December 31, 2016, its fleet consisted of four drillships, 19 semisubmersible rigs and one jack-up rig. Its fleet enables it to offer a range of services, primarily in the floater market, including ultra-deepwater, deepwater and mid-water.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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