Bank of America Corporation Downgrades Diamond Offshore Drilling, Inc. (DO) to Underperform

Bank of America Corporation cut shares of Diamond Offshore Drilling, Inc. (NYSE:DO) from a neutral rating to an underperform rating in a report published on Monday, MarketBeat Ratings reports. The brokerage currently has $14.00 price target on the offshore drilling services provider’s stock, up from their previous price target of $13.00.

DO has been the subject of a number of other research reports. BidaskClub downgraded shares of Diamond Offshore Drilling from a sell rating to a strong sell rating in a research report on Friday, August 11th. Royal Bank Of Canada upgraded shares of Diamond Offshore Drilling from an underperform rating to a sector perform rating and set a $15.00 price objective for the company in a research report on Friday, August 25th. Piper Jaffray Companies restated a hold rating and issued a $9.33 price objective on shares of Diamond Offshore Drilling in a research report on Tuesday, September 19th. ValuEngine upgraded shares of Diamond Offshore Drilling from a hold rating to a buy rating in a research report on Wednesday, September 6th. Finally, Jefferies Group LLC restated a hold rating and issued a $12.00 price objective (down previously from $14.00) on shares of Diamond Offshore Drilling in a research report on Tuesday, July 18th. Ten research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company. Diamond Offshore Drilling currently has an average rating of Hold and a consensus price target of $14.42.

Diamond Offshore Drilling (DO) opened at 14.47 on Monday. Diamond Offshore Drilling has a 12-month low of $10.06 and a 12-month high of $22.65. The firm has a market cap of $1.99 billion, a PE ratio of 11.76 and a beta of 1.19. The company has a 50-day moving average price of $13.42 and a 200-day moving average price of $12.93.

Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings data on Monday, July 31st. The offshore drilling services provider reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.21. The firm had revenue of $399.30 million during the quarter, compared to the consensus estimate of $381.50 million. Diamond Offshore Drilling had a net margin of 11.19% and a return on equity of 5.77%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.16 earnings per share. On average, equities analysts predict that Diamond Offshore Drilling will post $0.92 earnings per share for the current year.

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Institutional investors and hedge funds have recently modified their holdings of the company. Hikari Power Ltd increased its stake in shares of Diamond Offshore Drilling by 416.6% during the 2nd quarter. Hikari Power Ltd now owns 567,700 shares of the offshore drilling services provider’s stock worth $6,148,000 after purchasing an additional 457,800 shares in the last quarter. BNP Paribas Arbitrage SA grew its stake in Diamond Offshore Drilling by 522.1% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 119,776 shares of the offshore drilling services provider’s stock worth $1,297,000 after acquiring an additional 100,521 shares during the period. Karp Capital Management Corp purchased a new stake in Diamond Offshore Drilling in the 1st quarter worth approximately $680,000. First Trust Advisors LP grew its stake in Diamond Offshore Drilling by 20.7% in the 2nd quarter. First Trust Advisors LP now owns 239,230 shares of the offshore drilling services provider’s stock worth $2,591,000 after acquiring an additional 40,955 shares during the period. Finally, BlackRock Inc. grew its stake in Diamond Offshore Drilling by 7,375.1% in the 1st quarter. BlackRock Inc. now owns 7,550,886 shares of the offshore drilling services provider’s stock worth $126,177,000 after acquiring an additional 7,449,872 shares during the period.

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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