Bank of America Lowers Diamond Offshore Drilling (DO) Price Target to $14.00

Diamond Offshore Drilling (NYSE:DO) had its price target cut by Bank of America from $15.00 to $14.00 in a research note published on Wednesday morning. They currently have an underperform rating on the offshore drilling services provider’s stock.

Other analysts have also recently issued research reports about the stock. B. Riley set a $13.00 target price on shares of Diamond Offshore Drilling and gave the company a hold rating in a research note on Tuesday, February 13th. Zacks Investment Research raised shares of Diamond Offshore Drilling from a sell rating to a hold rating in a research note on Wednesday, February 14th. Jefferies Group reissued a sell rating and issued a $12.00 target price on shares of Diamond Offshore Drilling in a research note on Thursday, February 15th. Cowen set a $16.00 target price on shares of Diamond Offshore Drilling and gave the company a hold rating in a research note on Friday, April 13th. Finally, TheStreet raised shares of Diamond Offshore Drilling from a d+ rating to a c- rating in a research note on Monday, January 22nd. Twelve equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $13.93.

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NYSE:DO opened at $18.97 on Wednesday. Diamond Offshore Drilling has a 52-week low of $10.06 and a 52-week high of $20.41. The company has a current ratio of 3.97, a quick ratio of 3.97 and a debt-to-equity ratio of 0.52. The stock has a market cap of $2,603.22, a PE ratio of 23.13 and a beta of 1.20.

Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, February 12th. The offshore drilling services provider reported ($0.05) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.06) by $0.01. The business had revenue of $346.20 million for the quarter, compared to analysts’ expectations of $331.98 million. Diamond Offshore Drilling had a net margin of 1.23% and a return on equity of 2.96%. The firm’s revenue for the quarter was down 11.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.27 earnings per share. research analysts expect that Diamond Offshore Drilling will post -0.28 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of DO. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of 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 purchasing an additional 5,872 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new position in shares of Diamond Offshore Drilling during the fourth quarter worth approximately $171,000. Wright Investors Service Inc. acquired a new position in shares of Diamond Offshore Drilling during the fourth quarter worth approximately $204,000. Investors Research Corp acquired a new position in shares of Diamond Offshore Drilling during the fourth quarter worth approximately $209,000. Finally, US Bancorp DE lifted its position in shares of Diamond Offshore Drilling by 77.5% during the fourth quarter. US Bancorp DE now owns 11,957 shares of the offshore drilling services provider’s stock worth $222,000 after purchasing an additional 5,219 shares in the last quarter.

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Diamond Offshore Drilling Company Profile

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.

Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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