Diamond Offshore Drilling (DO) Downgraded to Underweight at JPMorgan Chase & Co.

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JPMorgan Chase & Co. lowered shares of Diamond Offshore Drilling (NYSE:DO) from a neutral rating to an underweight rating in a research note released on Friday morning, MarketBeat.com reports. The firm currently has $14.00 target price on the offshore drilling services provider’s stock.

A number of other brokerages have also weighed in on DO. B. Riley set a $17.00 target price on Diamond Offshore Drilling and gave the stock a hold rating in a research report on Tuesday, July 31st. UBS Group set a $26.00 target price on Diamond Offshore Drilling and gave the stock a buy rating in a research report on Tuesday, July 31st. Zacks Investment Research raised Diamond Offshore Drilling from a sell rating to a hold rating in a research report on Friday, August 10th. Morgan Stanley initiated coverage on Diamond Offshore Drilling in a research report on Tuesday, September 18th. They set an underweight rating and a $15.00 target price on the stock. Finally, Jefferies Financial Group reissued a sell rating and issued a $16.00 price target on shares of Diamond Offshore Drilling in a research report on Monday, July 30th. Ten equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $16.45.

Shares of Diamond Offshore Drilling stock traded up $0.25 on Friday, reaching $19.41. 2,121,420 shares of the company’s stock were exchanged, compared to its average volume of 1,650,534. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 23.67 and a beta of 1.11. Diamond Offshore Drilling has a 52 week low of $13.64 and a 52 week high of $21.92. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.23 and a current ratio of 4.23.

Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.06. The firm had revenue of $268.90 million for the quarter, compared to analysts’ expectations of $279.83 million. Diamond Offshore Drilling had a negative return on equity of 1.06% and a negative net margin of 5.57%. The company’s revenue for the quarter was down 32.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 EPS. On average, equities research analysts forecast that Diamond Offshore Drilling will post -1.13 EPS for the current year.

In other Diamond Offshore Drilling news, SVP David L. Roland sold 1,744 shares of the company’s stock in a transaction on Tuesday, July 31st. The stock was sold at an average price of $19.73, for a total value of $34,409.12. Following the completion of the transaction, the senior vice president now owns 9,194 shares in the company, valued at approximately $181,397.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.03% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in the business. Russell Investments Group Ltd. bought a new position in shares of Diamond Offshore Drilling during the 2nd quarter worth $108,000. Contravisory Investment Management Inc. bought a new position in shares of Diamond Offshore Drilling during the 3rd quarter worth $144,000. ING Groep NV bought a new position in shares of Diamond Offshore Drilling during the 2nd quarter worth $206,000. V Wealth Management LLC bought a new position in shares of Diamond Offshore Drilling during the 2nd quarter worth $238,000. Finally, Northwestern Mutual Investment Management Company LLC grew its stake in shares of Diamond Offshore Drilling by 56.2% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 13,197 shares of the offshore drilling services provider’s stock worth $193,000 after acquiring an additional 4,750 shares during the period.

Diamond Offshore Drilling Company Profile

Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. It provides services in floater market, including ultra-deepwater, deepwater, and mid-water. The company operates a fleet of 17 offshore drilling rigs, which comprises 4 drillships, 7 ultra-deepwater, 4 deepwater, and 2 mid-water semisubmersibles.

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Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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