Stoneridge Investment Partners LLC Lowers Position in Diamond Offshore Drilling, Inc. (NYSE:DO)

Stoneridge Investment Partners LLC decreased its stake in shares of Diamond Offshore Drilling, Inc. (NYSE:DO) by 1.6% during the second quarter, Holdings Channel reports. The institutional investor owned 285,438 shares of the offshore drilling services provider’s stock after selling 4,747 shares during the period. Stoneridge Investment Partners LLC’s holdings in Diamond Offshore Drilling were worth $3,091,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in Diamond Offshore Drilling by 7,375.1% in the first quarter. BlackRock Inc. now owns 7,550,886 shares of the offshore drilling services provider’s stock valued at $126,177,000 after buying an additional 7,449,872 shares in the last quarter. Contrarius Investment Management Ltd raised its stake in Diamond Offshore Drilling by 29.5% in the first quarter. Contrarius Investment Management Ltd now owns 3,319,860 shares of the offshore drilling services provider’s stock valued at $55,475,000 after buying an additional 755,845 shares in the last quarter. Equity Investment Corp Acquisition Inc raised its stake in Diamond Offshore Drilling by 7.2% in the first quarter. Equity Investment Corp Acquisition Inc now owns 2,592,935 shares of the offshore drilling services provider’s stock valued at $43,328,000 after buying an additional 174,111 shares in the last quarter. State Street Corp raised its stake in Diamond Offshore Drilling by 5.7% in the first quarter. State Street Corp now owns 2,373,391 shares of the offshore drilling services provider’s stock valued at $39,657,000 after buying an additional 128,770 shares in the last quarter. Finally, Prudential Financial Inc. raised its stake in Diamond Offshore Drilling by 194.3% in the first quarter. Prudential Financial Inc. now owns 2,117,443 shares of the offshore drilling services provider’s stock valued at $35,383,000 after buying an additional 1,398,057 shares in the last quarter.

Shares of Diamond Offshore Drilling, Inc. (NYSE DO) opened at 11.43 on Thursday. Diamond Offshore Drilling, Inc. has a one year low of $10.06 and a one year high of $22.65. The company has a 50 day moving average price of $11.37 and a 200 day moving average price of $14.10. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 9.29 and a beta of 1.12.

Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings data on Monday, July 31st. The offshore drilling services provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.24 by $0.21. Diamond Offshore Drilling had a return on equity of 5.77% and a net margin of 11.19%. The firm had revenue of $399.30 million during the quarter, compared to analyst estimates of $381.50 million. During the same quarter in the prior year, the business posted $0.16 EPS. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities analysts predict that Diamond Offshore Drilling, Inc. will post $0.94 EPS for the current year.

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Several equities research analysts recently weighed in on DO shares. Jefferies Group LLC set a $14.00 price target on Diamond Offshore Drilling and gave the company a “hold” rating in a research report on Wednesday, May 24th. Seaport Global Securities restated a “sell” rating on shares of Diamond Offshore Drilling in a research report on Monday, July 31st. Bank of America Corporation lowered Diamond Offshore Drilling from a “buy” rating to a “neutral” rating and dropped their price target for the company from $22.00 to $12.00 in a research report on Friday, June 30th. Barclays PLC restated an “equal weight” rating and set a $15.00 price target (down from $19.00) on shares of Diamond Offshore Drilling in a research report on Monday, May 1st. Finally, Zephirin Group restated a “sell” rating on shares of Diamond Offshore Drilling in a research report on Wednesday, August 2nd. Eleven equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $15.91.

In other news, Director Paul G. Gaffney bought 4,000 shares of Diamond Offshore Drilling stock in a transaction that occurred on Monday, May 22nd. The stock was bought at an average price of $13.67 per share, for a total transaction of $54,680.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.03% of the company’s stock.

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.

Want to see what other hedge funds are holding DO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Diamond Offshore Drilling, Inc. (NYSE:DO).

Institutional Ownership by Quarter for Diamond Offshore Drilling (NYSE:DO)

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