Diamond Offshore Drilling (DO) Shares Down 7.2% on Disappointing Earnings

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Shares of Diamond Offshore Drilling Inc (NYSE:DO) were down 7.2% on Monday following a weaker than expected earnings announcement. The company traded as low as $9.11 and last traded at $9.25. Approximately 5,341,707 shares were traded during mid-day trading, an increase of 118% from the average daily volume of 2,445,804 shares. The stock had previously closed at $9.97.

The offshore drilling services provider reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.02). The company had revenue of $232.50 million during the quarter, compared to analyst estimates of $249.89 million. Diamond Offshore Drilling had a negative return on equity of 2.92% and a negative net margin of 11.11%. The company’s revenue for the quarter was down 32.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.05) earnings per share.

A number of equities research analysts have commented on DO shares. UBS Group upgraded shares of Diamond Offshore Drilling from a “reduce” rating to an “accumulate” rating in a report on Thursday, October 18th. Fearnley Fonds upgraded shares of Diamond Offshore Drilling from an “accumulate” rating to a “buy” rating in a report on Monday, February 4th. Pareto Securities upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a report on Monday, January 28th. ValuEngine cut shares of Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 2nd. Finally, Clarkson Capital upgraded shares of Diamond Offshore Drilling from a “neutral” rating to a “buy” rating and set a $16.00 price target for the company in a report on Thursday, November 8th. Nine equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $15.99.

Several hedge funds and other institutional investors have recently modified their holdings of DO. Texas Permanent School Fund boosted its holdings in Diamond Offshore Drilling by 4.0% during the fourth quarter. Texas Permanent School Fund now owns 42,270 shares of the offshore drilling services provider’s stock worth $399,000 after purchasing an additional 1,627 shares during the last quarter. Bank of Montreal Can boosted its holdings in Diamond Offshore Drilling by 5.5% during the fourth quarter. Bank of Montreal Can now owns 37,022 shares of the offshore drilling services provider’s stock worth $349,000 after purchasing an additional 1,925 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Diamond Offshore Drilling by 111.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,681 shares of the offshore drilling services provider’s stock worth $44,000 after purchasing an additional 2,468 shares during the last quarter. United Services Automobile Association boosted its holdings in Diamond Offshore Drilling by 25.5% during the second quarter. United Services Automobile Association now owns 16,724 shares of the offshore drilling services provider’s stock worth $349,000 after purchasing an additional 3,398 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in Diamond Offshore Drilling by 2.1% during the third quarter. Legal & General Group Plc now owns 169,543 shares of the offshore drilling services provider’s stock worth $3,391,000 after purchasing an additional 3,510 shares during the last quarter.

The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 11.28 and a beta of 1.63. The company has a debt-to-equity ratio of 0.54, a quick ratio of 3.91 and a current ratio of 3.91.

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About Diamond Offshore Drilling (NYSE:DO)

Diamond Offshore Drilling, Inc provides contract drilling services to the energy industry worldwide. It provides services in floater market, including ultra-deepwater, deepwater, and mid-water. The company operates a fleet of 17 offshore drilling rigs, which comprises 4 drillships, 7 ultra-deepwater, 4 deepwater, and 2 mid-water semisubmersibles.

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