Citigroup Reiterates “$5.00” Price Target for Diamond Offshore Drilling (NYSE:DO)

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Citigroup set a $5.00 price objective on Diamond Offshore Drilling (NYSE:DO) in a research report report published on Friday, Stock Target Advisor reports. The firm currently has a sell rating on the offshore drilling services provider’s stock.

Several other research firms have also issued reports on DO. Clarkson Capital lowered shares of Diamond Offshore Drilling from a buy rating to a neutral rating in a report on Friday, April 12th. Barclays upgraded shares of Diamond Offshore Drilling from an underweight rating to an overweight rating and set a $10.29 price objective on the stock in a report on Wednesday, February 20th. Bank of America began coverage on shares of Diamond Offshore Drilling in a report on Monday, June 10th. They set an underperform rating and a $5.00 price objective on the stock. Piper Jaffray Companies upgraded shares of Diamond Offshore Drilling from an underweight rating to a neutral rating and dropped their price objective for the company from $9.40 to $8.75 in a report on Wednesday, May 22nd. Finally, Tudor Pickering upgraded shares of Diamond Offshore Drilling from a hold rating to a buy rating in a report on Thursday. Eight research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $14.38.

DO stock opened at $7.39 on Friday. The firm has a market capitalization of $1.02 billion, a P/E ratio of -6.32 and a beta of 1.64. The company has a current ratio of 2.68, a quick ratio of 2.68 and a debt-to-equity ratio of 0.56. Diamond Offshore Drilling has a 12-month low of $7.33 and a 12-month high of $21.92.

Diamond Offshore Drilling (NYSE:DO) last released its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.53) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.59) by $0.06. The business had revenue of $223.50 million for the quarter, compared to analyst estimates of $231.90 million. Diamond Offshore Drilling had a negative net margin of 26.72% and a negative return on equity of 5.84%. Diamond Offshore Drilling’s revenue for the quarter was down 24.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.16) earnings per share. Equities analysts anticipate that Diamond Offshore Drilling will post -2.42 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of the company. US Bancorp DE increased its position in shares of Diamond Offshore Drilling by 33.6% during the first quarter. US Bancorp DE now owns 5,354 shares of the offshore drilling services provider’s stock worth $56,000 after acquiring an additional 1,346 shares in the last quarter. Texas Permanent School Fund increased its position in shares of Diamond Offshore Drilling by 3.8% during the first quarter. Texas Permanent School Fund now owns 43,859 shares of the offshore drilling services provider’s stock worth $460,000 after acquiring an additional 1,589 shares in the last quarter. Advisor Group Inc. increased its position in shares of Diamond Offshore Drilling by 108.3% during the fourth quarter. Advisor Group Inc. now owns 3,577 shares of the offshore drilling services provider’s stock worth $35,000 after acquiring an additional 1,860 shares in the last quarter. Bank of Montreal Can increased its position in shares of 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 acquiring an additional 1,925 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Diamond Offshore Drilling during the first quarter worth about $36,000.

Diamond Offshore Drilling Company Profile

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.

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