Equities research analysts predict that Diamond Offshore Drilling Inc (NYSE:DO) will announce sales of $229.93 million for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Diamond Offshore Drilling’s earnings, with estimates ranging from $218.30 million to $239.00 million. Diamond Offshore Drilling reported sales of $268.86 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 14.5%. The company is scheduled to report its next earnings report on Monday, July 29th.

According to Zacks, analysts expect that Diamond Offshore Drilling will report full-year sales of $954.64 million for the current fiscal year, with estimates ranging from $920.20 million to $968.40 million. For the next financial year, analysts expect that the company will post sales of $1.03 billion, with estimates ranging from $997.40 million to $1.11 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Diamond Offshore Drilling.

Diamond Offshore Drilling (NYSE:DO) last issued its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.06. Diamond Offshore Drilling had a negative return on equity of 5.84% and a negative net margin of 26.72%. The business had revenue of $223.50 million for the quarter, compared to analyst estimates of $231.90 million. During the same quarter last year, the company earned ($0.16) EPS. The business’s quarterly revenue was down 24.4% on a year-over-year basis.

Several research analysts have commented on DO shares. Citigroup set a $5.00 price target on Diamond Offshore Drilling and gave the stock a “sell” rating in a research report on Friday, June 14th. Tudor Pickering upgraded Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research note on Thursday, June 13th. Piper Jaffray Companies upgraded Diamond Offshore Drilling from an “underweight” rating to a “neutral” rating and lowered their target price for the company from $9.40 to $8.75 in a research note on Wednesday, May 22nd. UBS Group set a $12.00 target price on Diamond Offshore Drilling and gave the company a “buy” rating in a research note on Wednesday, June 26th. Finally, Bank of America assumed coverage on Diamond Offshore Drilling in a research note on Monday, June 10th. They issued an “underperform” rating and a $5.00 target price on the stock. Eight analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $13.92.

DO traded up $0.35 during trading on Wednesday, hitting $9.32. 1,417,429 shares of the stock were exchanged, compared to its average volume of 2,850,808. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -7.97 and a beta of 1.69. Diamond Offshore Drilling has a 1-year low of $7.12 and a 1-year high of $20.96. The company’s fifty day simple moving average is $8.35. The company has a quick ratio of 2.68, a current ratio of 2.68 and a debt-to-equity ratio of 0.56.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its stake in shares of Diamond Offshore Drilling by 63.6% during the fourth quarter. Rhumbline Advisers now owns 198,818 shares of the offshore drilling services provider’s stock valued at $1,877,000 after purchasing an additional 77,313 shares during the period. Prudential Financial Inc. raised its holdings in shares of Diamond Offshore Drilling by 741.2% in the fourth quarter. Prudential Financial Inc. now owns 367,295 shares of the offshore drilling services provider’s stock valued at $3,467,000 after acquiring an additional 323,633 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings 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 valued at $44,000 after acquiring an additional 2,468 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Diamond Offshore Drilling by 2.9% in the fourth quarter. BlackRock Inc. now owns 8,630,005 shares of the offshore drilling services provider’s stock valued at $81,467,000 after acquiring an additional 241,620 shares in the last quarter. Finally, Texas Permanent School Fund raised its holdings 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.

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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