Diamond Offshore Drilling (NYSE:DO) PT Lowered to $0.90 at Citigroup

Diamond Offshore Drilling (NYSE:DO) had its target price trimmed by Citigroup from $3.50 to $0.90 in a research report released on Monday, BenzingaRatingsTable reports. The brokerage currently has a sell rating on the offshore drilling services provider’s stock.

A number of other brokerages have also weighed in on DO. Evercore ISI lowered Diamond Offshore Drilling to a hold rating in a report on Tuesday, March 17th. Morgan Stanley raised Diamond Offshore Drilling from an underweight rating to an equal weight rating and dropped their price objective for the stock from $6.50 to $3.00 in a report on Monday, March 16th. Tudor Pickering lowered Diamond Offshore Drilling from a buy rating to a hold rating in a report on Wednesday, March 11th. Wells Fargo & Co lowered Diamond Offshore Drilling from an equal weight rating to an underweight rating and dropped their price objective for the stock from $5.00 to $1.00 in a report on Friday, March 13th. Finally, Cfra dropped their price objective on Diamond Offshore Drilling from $5.00 to $3.50 and set a sell rating on the stock in a report on Monday, February 10th. Six equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the company’s stock. Diamond Offshore Drilling has an average rating of Hold and an average price target of $5.38.

DO stock traded down $0.02 on Monday, reaching $2.02. 5,232,117 shares of the company’s stock were exchanged, compared to its average volume of 4,351,473. The stock has a fifty day moving average of $3.14 and a 200-day moving average of $5.37. Diamond Offshore Drilling has a twelve month low of $1.22 and a twelve month high of $12.64. The firm has a market cap of $280.91 million, a PE ratio of -0.78 and a beta of 2.15. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.61.

Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings data on Monday, February 10th. The offshore drilling services provider reported ($0.45) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.66) by $0.21. Diamond Offshore Drilling had a negative return on equity of 10.86% and a negative net margin of 36.43%. The firm had revenue of $276.40 million for the quarter, compared to analyst estimates of $249.25 million. During the same quarter in the prior year, the company posted ($0.42) earnings per share. Diamond Offshore Drilling’s quarterly revenue was up 18.9% on a year-over-year basis. On average, equities research analysts predict that Diamond Offshore Drilling will post -2.87 EPS for the current fiscal year.

Several large investors have recently modified their holdings of the company. State Street Corp increased its stake in Diamond Offshore Drilling by 22.1% in the fourth quarter. State Street Corp now owns 3,335,147 shares of the offshore drilling services provider’s stock valued at $23,980,000 after purchasing an additional 602,589 shares during the last quarter. Schroder Investment Management Group increased its stake in Diamond Offshore Drilling by 11.9% in the fourth quarter. Schroder Investment Management Group now owns 2,361,697 shares of the offshore drilling services provider’s stock valued at $16,980,000 after purchasing an additional 251,137 shares during the last quarter. Norges Bank acquired a new position in Diamond Offshore Drilling in the fourth quarter valued at $13,738,000. Charles Schwab Investment Management Inc. increased its stake in Diamond Offshore Drilling by 12.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,749,835 shares of the offshore drilling services provider’s stock valued at $12,582,000 after purchasing an additional 191,821 shares during the last quarter. Finally, Manning & Napier Group LLC increased its stake in Diamond Offshore Drilling by 1.2% in the fourth quarter. Manning & Napier Group LLC now owns 1,171,400 shares of the offshore drilling services provider’s stock valued at $8,421,000 after purchasing an additional 14,415 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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Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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