Wall Street analysts expect Diamond Offshore Drilling, Inc. (NYSE:DO) to report $368.99 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Diamond Offshore Drilling’s earnings. The highest sales estimate is $385.66 million and the lowest is $351.00 million. Diamond Offshore Drilling reported sales of $349.18 million in the same quarter last year, which indicates a positive year over year growth rate of 5.7%. The business is scheduled to issue its next quarterly earnings report on Monday, October 30th.
According to Zacks, analysts expect that Diamond Offshore Drilling will report full year sales of $368.99 million for the current fiscal year, with estimates ranging from $1.39 billion to $1.52 billion. For the next fiscal year, analysts forecast that the firm will report sales of $1.27 billion per share, with estimates ranging from $1.15 billion to $1.36 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Diamond Offshore Drilling.
Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, July 31st. The offshore drilling services provider reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.21. The firm had revenue of $399.30 million for the quarter, compared to the consensus estimate of $381.50 million. Diamond Offshore Drilling had a return on equity of 5.77% and a net margin of 11.19%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.16 earnings per share.
Several analysts have commented on the stock. BMO Capital Markets reiterated a “sell” rating and issued a $14.50 price target on shares of Diamond Offshore Drilling in a research note on Tuesday, April 18th. BidaskClub upgraded shares of Diamond Offshore Drilling from a “strong sell” rating to a “sell” rating in a report on Friday, June 30th. Zacks Investment Research upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “strong-buy” rating and set a $18.00 price target on the stock in a report on Tuesday, April 11th. Credit Suisse Group set a $18.00 price target on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a report on Thursday, April 20th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $12.00 target price (down from $14.00) on shares of Diamond Offshore Drilling in a research note on Tuesday, July 18th. Eleven investment analysts have rated the stock with a sell rating, twelve have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $15.91.
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Shares of Diamond Offshore Drilling (NYSE DO) opened at 11.98 on Wednesday. Diamond Offshore Drilling has a 12 month low of $10.06 and a 12 month high of $22.65. The stock has a market cap of $1.64 billion, a P/E ratio of 9.74 and a beta of 1.12. The company has a 50 day moving average price of $11.33 and a 200-day moving average price of $14.27.
In other news, Director Paul G. Gaffney purchased 4,000 shares of the firm’s stock in a transaction on Monday, May 22nd. The shares were bought at an average cost of $13.67 per share, with a total value of $54,680.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.03% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its position in Diamond Offshore Drilling by 7,375.1% in the first quarter. BlackRock Inc. now owns 7,550,886 shares of the offshore drilling services provider’s stock valued at $126,177,000 after buying an additional 7,449,872 shares during the last quarter. Contrarius Investment Management Ltd raised its stake in Diamond Offshore Drilling by 99.0% in the second quarter. Contrarius Investment Management Ltd now owns 6,606,440 shares of the offshore drilling services provider’s stock worth $71,548,000 after buying an additional 3,286,580 shares in the last quarter. Equity Investment Corp Acquisition Inc raised its stake in Diamond Offshore Drilling by 76.1% in the second quarter. Equity Investment Corp Acquisition Inc now owns 4,566,588 shares of the offshore drilling services provider’s stock worth $49,456,000 after buying an additional 1,973,653 shares in the last quarter. Prudential Financial Inc. raised its stake in Diamond Offshore Drilling by 194.3% in the first quarter. Prudential Financial Inc. now owns 2,117,443 shares of the offshore drilling services provider’s stock worth $35,383,000 after buying an additional 1,398,057 shares in the last quarter. Finally, MARSHALL WACE ASIA Ltd purchased a new stake in Diamond Offshore Drilling during the first quarter worth about $21,432,000.
About Diamond Offshore Drilling
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.
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