$249.23 Million in Sales Expected for Diamond Offshore Drilling Inc (NYSE:DO) This Quarter

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Analysts predict that Diamond Offshore Drilling Inc (NYSE:DO) will announce sales of $249.23 million for the current quarter, according to Zacks. Three analysts have made estimates for Diamond Offshore Drilling’s earnings, with the highest sales estimate coming in at $254.89 million and the lowest estimate coming in at $244.80 million. Diamond Offshore Drilling reported sales of $232.52 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 7.2%. The firm is scheduled to report its next quarterly earnings report on Monday, February 10th.

According to Zacks, analysts expect that Diamond Offshore Drilling will report full year sales of $947.20 million for the current year, with estimates ranging from $932.93 million to $954.88 million. For the next year, analysts forecast that the business will report sales of $985.02 million, with estimates ranging from $935.00 million to $1.04 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Diamond Offshore Drilling.

Diamond Offshore Drilling (NYSE:DO) last issued its earnings results on Monday, October 28th. The offshore drilling services provider reported ($0.67) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.01. The company had revenue of $254.00 million for the quarter, compared to the consensus estimate of $244.43 million. Diamond Offshore Drilling had a negative return on equity of 10.44% and a negative net margin of 38.60%. The firm’s quarterly revenue was down 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.26) EPS.

Several brokerages recently commented on DO. Nordea Equity Research upgraded Diamond Offshore Drilling from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Pareto Securities lowered Diamond Offshore Drilling from a “buy” rating to a “hold” rating and cut their target price for the company from $13.50 to $6.30 in a research report on Monday, September 9th. UBS Group set a $11.00 target price on Diamond Offshore Drilling and gave the company a “buy” rating in a research report on Friday, August 9th. Fearnley Fonds lowered Diamond Offshore Drilling from a “buy” rating to a “hold” rating and set a $6.00 target price on the stock. in a research report on Monday, October 21st. Finally, Bank of America cut their target price on Diamond Offshore Drilling from $5.00 to $3.50 and set an “underperform” rating on the stock in a research report on Wednesday, August 28th. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $7.79.

Shares of DO traded up $0.16 during trading hours on Friday, reaching $5.68. The company’s stock had a trading volume of 1,433,580 shares, compared to its average volume of 2,520,974. The firm has a market cap of $760.07 million, a price-to-earnings ratio of -4.85 and a beta of 1.70. The company has a 50 day moving average of $5.62 and a two-hundred day moving average of $7.37. Diamond Offshore Drilling has a 1-year low of $4.77 and a 1-year high of $14.38. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.60.

In other Diamond Offshore Drilling news, CFO Scott Lee Kornblau sold 5,819 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $8.69, for a total value of $50,567.11. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.13% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Diamond Offshore Drilling by 2.0% in the second quarter. BlackRock Inc. now owns 10,960,114 shares of the offshore drilling services provider’s stock worth $97,215,000 after purchasing an additional 214,749 shares during the last quarter. Advisory Services Network LLC raised its stake in shares of Diamond Offshore Drilling by 5,817.6% in the second quarter. Advisory Services Network LLC now owns 7,752 shares of the offshore drilling services provider’s stock worth $69,000 after purchasing an additional 7,621 shares during the last quarter. Foundation Resource Management Inc. raised its stake in shares of Diamond Offshore Drilling by 1.6% in the third quarter. Foundation Resource Management Inc. now owns 330,487 shares of the offshore drilling services provider’s stock worth $1,838,000 after purchasing an additional 5,211 shares during the last quarter. First Trust Advisors LP raised its stake 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 worth $1,218,000 after purchasing an additional 2,536 shares during the last quarter. Finally, Schroder Investment Management Group raised its stake in shares of Diamond Offshore Drilling by 1.2% in the second quarter. Schroder Investment Management Group now owns 1,634,092 shares of the offshore drilling services provider’s stock worth $14,494,000 after purchasing an additional 19,469 shares during the last quarter.

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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