Diamond Offshore Drilling, Inc. (NYSE:DO) was upgraded by Royal Bank Of Canada from an “underperform” rating to a “sector perform” rating in a research note issued to investors on Friday. The brokerage presently has a $15.00 target price on the offshore drilling services provider’s stock. Royal Bank Of Canada’s price target indicates a potential upside of 31.81% from the stock’s previous close.

A number of other brokerages have also weighed in on DO. Barclays PLC reaffirmed an “equal weight” rating and issued a $15.00 price target (down previously from $19.00) on shares of Diamond Offshore Drilling in a research note on Monday, May 1st. Jefferies Group LLC cut their price target on shares of Diamond Offshore Drilling from $17.00 to $15.00 and set a “hold” rating on the stock in a research note on Tuesday, May 2nd. BidaskClub raised shares of Diamond Offshore Drilling from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 13th. Seaport Global Securities lowered shares of Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and cut their price target for the company from $12.00 to $9.00 in a research note on Wednesday, June 21st. Finally, Bank of America Corporation lowered shares of Diamond Offshore Drilling from a “buy” rating to a “neutral” rating and cut their price target for the company from $22.00 to $12.00 in a research note on Friday, June 30th. Nine research analysts have rated the stock with a sell rating, twelve have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $15.58.

Diamond Offshore Drilling (NYSE:DO) opened at 11.38 on Friday. The stock’s 50 day moving average is $11.41 and its 200-day moving average is $13.60. Diamond Offshore Drilling has a 52 week low of $10.06 and a 52 week high of $22.65. The stock has a market capitalization of $1.56 billion, a PE ratio of 9.25 and a beta of 1.12.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings data on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.21. Diamond Offshore Drilling had a net margin of 11.19% and a return on equity of 5.77%. The business had revenue of $399.30 million for the quarter, compared to analyst estimates of $381.50 million. During the same quarter last year, the firm earned $0.16 EPS. Diamond Offshore Drilling’s quarterly revenue was up 2.7% compared to the same quarter last year. Equities research analysts forecast that Diamond Offshore Drilling will post $0.93 EPS for the current year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in DO. Lazard Asset Management LLC increased its position in Diamond Offshore Drilling by 10.2% in the first quarter. Lazard Asset Management LLC now owns 6,685 shares of the offshore drilling services provider’s stock valued at $111,000 after buying an additional 620 shares in the last quarter. Raymond James Trust N.A. purchased a new position in Diamond Offshore Drilling during the second quarter valued at about $118,000. BlueMountain Capital Management LLC purchased a new position in Diamond Offshore Drilling during the second quarter valued at about $119,000. Zacks Investment Management purchased a new position in Diamond Offshore Drilling during the second quarter valued at about $124,000. Finally, Advantus Capital Management Inc increased its position in Diamond Offshore Drilling by 3.0% in the first quarter. Advantus Capital Management Inc now owns 8,254 shares of the offshore drilling services provider’s stock valued at $138,000 after buying an additional 242 shares in the last quarter.

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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