Diamond Offshore Drilling (NYSE:DO) Stock Price Up 11.3%

Diamond Offshore Drilling Inc (NYSE:DO) shares rose 11.3% on Friday . The stock traded as high as $5.73 and last traded at $5.63, approximately 4,392,290 shares were traded during trading. An increase of 53% from the average daily volume of 2,869,460 shares. The stock had previously closed at $5.06.

DO has been the topic of several research reports. Pareto Securities lowered shares of Diamond Offshore Drilling from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $13.50 to $6.30 in a research note on Monday, September 9th. Susquehanna Bancshares set a $9.00 price objective on shares of Diamond Offshore Drilling and gave the stock a “hold” rating in a research note on Friday, July 19th. Tudor Pickering upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research note on Thursday, June 13th. Citigroup increased their price objective on shares of Diamond Offshore Drilling from $4.00 to $5.00 and gave the stock a “sell” rating in a research note on Monday, September 23rd. Finally, Scotiabank set a $7.00 price target on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Monday, August 26th. Six investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $9.75.

The firm’s 50 day simple moving average is $6.47 and its 200 day simple moving average is $8.33. The company has a market cap of $687.09 million, a price-to-earnings ratio of -4.81 and a beta of 1.73. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.58.

Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings results on Monday, August 5th. The offshore drilling services provider reported ($0.99) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.10). Diamond Offshore Drilling had a negative net margin of 32.78% and a negative return on equity of 8.55%. The firm had revenue of $216.70 million during the quarter, compared to analyst estimates of $228.46 million. During the same quarter in the previous year, the business posted ($0.33) EPS. Diamond Offshore Drilling’s revenue for the quarter was down 7.2% compared to the same quarter last year. Analysts anticipate that Diamond Offshore Drilling Inc will post -2.79 EPS for the current fiscal year.

In other news, CFO Scott Lee Kornblau sold 5,819 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $8.69, for a total value of $50,567.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.13% of the stock is currently owned by company insiders.

Several institutional investors have recently bought and sold shares of the company. Riverhead Capital Management LLC boosted its holdings in shares of Diamond Offshore Drilling by 25.4% in the second quarter. Riverhead Capital Management LLC now owns 10,359 shares of the offshore drilling services provider’s stock valued at $92,000 after acquiring an additional 2,100 shares in the last quarter. New York State Teachers Retirement System boosted its holdings in shares of Diamond Offshore Drilling by 1.9% in the second quarter. New York State Teachers Retirement System now owns 132,500 shares of the offshore drilling services provider’s stock valued at $1,175,000 after acquiring an additional 2,500 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Diamond Offshore Drilling by 1.9% in the second quarter. First Trust Advisors LP now owns 137,291 shares of the offshore drilling services provider’s stock valued at $1,218,000 after acquiring an additional 2,536 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Diamond Offshore Drilling by 2.2% in the second quarter. Swiss National Bank now owns 127,953 shares of the offshore drilling services provider’s stock valued at $1,135,000 after acquiring an additional 2,700 shares in the last quarter. Finally, Tyers Asset Management LLC boosted its holdings in shares of Diamond Offshore Drilling by 24.9% in the second quarter. Tyers Asset Management LLC now owns 14,752 shares of the offshore drilling services provider’s stock valued at $131,000 after acquiring an additional 2,944 shares in the last quarter.

About Diamond Offshore Drilling (NYSE:DO)

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.

Further Reading: The limitations of an equal weight rating

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