Diamond Offshore Drilling, Inc. (DO) Given a $13.00 Price Target at FBR & Co
FBR & Co set a $13.00 price objective on Diamond Offshore Drilling, Inc. (NYSE:DO) in a research report report published on Monday morning. The brokerage currently has a hold rating on the offshore drilling services provider’s stock.
“This morning, October 30, 2017, DO reported 3Q17 earnings and released its latest fleet status report. GAAP EPS came in at $0.08. Excluding an after-tax loss of $0.17/ share related to debt refinancing, the company’s recurring EPS was $0.25, beating the Street’s estimate of $0.19. DO’s revenue for the quarter of $366.0 million was led by beats in Ultra-Deepwater Floaters ($275.9 million vs. $267.2 million) and Deepwater Floaters ($35.6 million vs. $34.1 million). Turning to the FSR, DO announced additional terms for the Ocean Apex in Australia and for the Ocean Patriot in the North Sea.”,” the firm’s analyst wrote.
Several other brokerages also recently issued reports on DO. Zacks Investment Research downgraded Diamond Offshore Drilling from a buy rating to a hold rating in a research report on Friday, October 20th. Citigroup Inc. downgraded Diamond Offshore Drilling from a neutral rating to a sell rating and set a $12.00 price objective for the company. in a research report on Thursday, October 12th. Cowen and Company set a $11.00 price objective on Diamond Offshore Drilling and gave the stock a hold rating in a research report on Wednesday, October 18th. HSBC Holdings plc began coverage on Diamond Offshore Drilling in a research report on Thursday, October 19th. They set a hold rating and a $15.80 price objective for the company. Finally, Deutsche Bank AG began coverage on Diamond Offshore Drilling in a research report on Tuesday, October 10th. They set a hold rating and a $15.00 price objective for the company. Nine equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company’s stock. Diamond Offshore Drilling presently has a consensus rating of Hold and a consensus target price of $14.60.
Shares of Diamond Offshore Drilling (DO) traded down 3.380% during trading on Monday, hitting $16.725. The stock had a trading volume of 2,096,553 shares. The firm has a market cap of $2.30 billion, a P/E ratio of 13.598 and a beta of 1.18. The firm’s 50-day moving average is $14.58 and its 200-day moving average is $12.83. Diamond Offshore Drilling has a one year low of $10.06 and a one year high of $22.65.
Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings data on Monday, October 30th. The offshore drilling services provider reported $0.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.05. The business had revenue of $366.02 million during the quarter, compared to the consensus estimate of $365.38 million. Diamond Offshore Drilling had a return on equity of 5.77% and a net margin of 11.19%. The business’s revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.10 earnings per share. Equities research analysts forecast that Diamond Offshore Drilling will post $0.90 EPS for the current year.
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Large investors have recently made changes to their positions in the business. Victory Capital Management Inc. acquired a new stake in Diamond Offshore Drilling during the 3rd quarter valued at $126,000. Amalgamated Bank acquired a new stake in Diamond Offshore Drilling during the 1st quarter valued at $170,000. Raymond James Trust N.A. acquired a new stake in Diamond Offshore Drilling during the 2nd quarter valued at $118,000. BlueMountain Capital Management LLC acquired a new stake in Diamond Offshore Drilling during the 2nd quarter valued at $119,000. Finally, Zacks Investment Management acquired a new stake in Diamond Offshore Drilling during the 2nd quarter valued at $124,000.
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.
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