Diamond Offshore Drilling, Inc. (DO) Holdings Boosted by Virginia Retirement Systems ET AL

Virginia Retirement Systems ET AL boosted its holdings in shares of Diamond Offshore Drilling, Inc. (NYSE:DO) by 38.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,582 shares of the offshore drilling services provider’s stock after purchasing an additional 4,900 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Diamond Offshore Drilling were worth $190,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. BlackRock Inc. boosted its position in Diamond Offshore Drilling by 7,375.1% during the first quarter. BlackRock Inc. now owns 7,550,886 shares of the offshore drilling services provider’s stock worth $126,177,000 after purchasing an additional 7,449,872 shares in the last quarter. Equity Investment Corp Acquisition Inc boosted its position in Diamond Offshore Drilling by 76.1% during the second quarter. Equity Investment Corp Acquisition Inc now owns 4,566,588 shares of the offshore drilling services provider’s stock worth $49,456,000 after purchasing an additional 1,973,653 shares in the last quarter. State Street Corp boosted its position in Diamond Offshore Drilling by 5.7% during the first quarter. State Street Corp now owns 2,373,391 shares of the offshore drilling services provider’s stock worth $39,657,000 after purchasing an additional 128,770 shares in the last quarter. Prudential Financial Inc. boosted its position in Diamond Offshore Drilling by 194.3% during the first quarter. Prudential Financial Inc. now owns 2,117,443 shares of the offshore drilling services provider’s stock worth $35,383,000 after purchasing an additional 1,398,057 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Diamond Offshore Drilling by 122.6% during the first quarter. Bank of New York Mellon Corp now owns 1,713,871 shares of the offshore drilling services provider’s stock worth $28,639,000 after purchasing an additional 943,847 shares in the last quarter.

Shares of Diamond Offshore Drilling, Inc. (DO) opened at 13.38 on Wednesday. The firm’s 50-day moving average price is $11.68 and its 200 day moving average price is $13.18. The firm has a market cap of $1.84 billion, a PE ratio of 10.88 and a beta of 1.13. Diamond Offshore Drilling, Inc. has a 1-year low of $10.06 and a 1-year high of $22.65.

Diamond Offshore Drilling (NYSE:DO) last issued its quarterly earnings results on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.21. The company had revenue of $399.30 million during the quarter, compared to the consensus estimate of $381.50 million. Diamond Offshore Drilling had a return on equity of 5.77% and a net margin of 11.19%. Diamond Offshore Drilling’s revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 EPS. On average, equities research analysts forecast that Diamond Offshore Drilling, Inc. will post $0.93 EPS for the current fiscal year.

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A number of equities analysts have issued reports on DO shares. Bank of America Corporation downgraded Diamond Offshore Drilling from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $22.00 to $12.00 in a research report on Friday, June 30th. Jefferies Group LLC reissued a “hold” rating and set a $12.00 target price (down previously from $14.00) on shares of Diamond Offshore Drilling in a report on Tuesday, July 18th. BidaskClub raised Diamond Offshore Drilling from a “strong sell” rating to a “sell” rating in a report on Friday, June 30th. Clarkson Capital raised Diamond Offshore Drilling from a “neutral” rating to a “buy” rating in a report on Friday, September 1st. Finally, Seaport Global Securities cut Diamond Offshore Drilling from a “neutral” rating to a “sell” rating and reduced their target price for the company from $12.00 to $9.00 in a report on Wednesday, June 21st. Nine investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $15.25.

Diamond Offshore Drilling Profile

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.

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

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