Diamond Offshore Drilling (DO) Given a $12.00 Price Target by Citigroup Analysts

Diamond Offshore Drilling (NYSE:DO) has been assigned a $12.00 price target by stock analysts at Citigroup in a research note issued to investors on Tuesday. The brokerage presently has a “sell” rating on the offshore drilling services provider’s stock. Citigroup’s target price indicates a potential downside of 15.55% from the company’s previous close.

A number of other brokerages have also recently commented on DO. ValuEngine raised shares of Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 31st. Susquehanna Bancshares set a $17.00 target price on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a report on Friday, January 12th. TheStreet raised shares of Diamond Offshore Drilling from a “d+” rating to a “c-” rating in a report on Monday, January 22nd. Jefferies Group reaffirmed a “sell” rating and issued a $14.00 target price on shares of Diamond Offshore Drilling in a report on Wednesday, February 7th. Finally, UBS Group upped their target price on shares of Diamond Offshore Drilling from $15.00 to $19.00 and gave the company a “buy” rating in a report on Friday, November 3rd. Twelve research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $14.59.

Shares of Diamond Offshore Drilling (NYSE DO) opened at $14.21 on Tuesday. Diamond Offshore Drilling has a 1-year low of $10.06 and a 1-year high of $20.41. The company has a quick ratio of 3.58, a current ratio of 3.58 and a debt-to-equity ratio of 0.52. The company has a market cap of $1,950.00, a PE ratio of 109.31 and a beta of 1.13.

Diamond Offshore Drilling (NYSE:DO) last announced its earnings results on Monday, February 12th. The offshore drilling services provider reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Diamond Offshore Drilling had a net margin of 1.23% and a return on equity of 2.96%. The business had revenue of $346.20 million during the quarter, compared to analysts’ expectations of $331.98 million. During the same period in the prior year, the company earned $0.27 earnings per share. The business’s revenue was down 11.7% compared to the same quarter last year. sell-side analysts anticipate that Diamond Offshore Drilling will post -0.08 EPS for the current fiscal year.

In related news, Director Charles Fabrikant sold 1,500 shares of the stock in a transaction dated Thursday, December 28th. The shares were sold at an average price of $18.55, for a total transaction of $27,825.00. Following the completion of the transaction, the director now directly owns 1,000 shares of the company’s stock, valued at $18,550. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.03% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. acquired a new position in Diamond Offshore Drilling during the third quarter worth about $126,000. M&T Bank Corp acquired a new position in Diamond Offshore Drilling during the second quarter worth about $139,000. Ladenburg Thalmann Financial Services Inc. grew its position in Diamond Offshore Drilling by 331.9% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,641 shares of the offshore drilling services provider’s stock worth $142,000 after buying an additional 5,872 shares during the period. Intl Fcstone Inc. acquired a new position in Diamond Offshore Drilling during the second quarter worth about $169,000. Finally, Itau Unibanco Holding S.A. acquired a new position in Diamond Offshore Drilling during the fourth quarter worth about $171,000.

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Diamond Offshore Drilling Company 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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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