Analysts Expect Diamond Offshore Drilling Inc (DO) to Announce -$0.39 Earnings Per Share

Wall Street analysts expect that Diamond Offshore Drilling Inc (NYSE:DO) will announce earnings per share (EPS) of ($0.39) for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Diamond Offshore Drilling’s earnings, with estimates ranging from ($0.48) to ($0.21). Diamond Offshore Drilling reported earnings of ($0.05) per share during the same quarter last year, which indicates a negative year over year growth rate of 680%. The business is scheduled to issue its next quarterly earnings results on Monday, February 11th.

According to Zacks, analysts expect that Diamond Offshore Drilling will report full year earnings of ($1.16) per share for the current year, with EPS estimates ranging from ($1.29) to ($0.94). For the next year, analysts anticipate that the firm will post earnings of ($1.51) per share, with EPS estimates ranging from ($1.88) to ($0.90). Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that follow Diamond Offshore Drilling.

Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, November 5th. The offshore drilling services provider reported ($0.26) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.36) by $0.10. The business had revenue of $286.30 million during the quarter, compared to analyst estimates of $281.74 million. Diamond Offshore Drilling had a negative net margin of 11.11% and a negative return on equity of 2.92%. The business’s revenue was down 21.8% on a year-over-year basis. During the same period last year, the business earned $0.25 EPS.



A number of equities research analysts recently weighed in on DO shares. Barclays raised their price target on shares of Diamond Offshore Drilling from $13.00 to $14.00 and gave the company an “underweight” rating in a report on Thursday, August 9th. Zacks Investment Research raised shares of Diamond Offshore Drilling from a “sell” rating to a “hold” rating in a report on Friday, August 10th. Morgan Stanley initiated coverage on shares of Diamond Offshore Drilling in a report on Tuesday, September 18th. They set an “underweight” rating and a $15.00 price objective for the company. Royal Bank of Canada raised shares of Diamond Offshore Drilling from a “sector perform” rating to an “outperform” rating and set a $23.00 price objective for the company in a report on Thursday, September 20th. Finally, HSBC raised shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating and raised their price objective for the stock from $18.80 to $20.80 in a report on Friday, September 21st. Eleven analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. Diamond Offshore Drilling has an average rating of “Hold” and an average price target of $16.66.

DO traded down $0.87 during trading hours on Thursday, reaching $11.78. 161,427 shares of the stock traded hands, compared to its average volume of 2,153,586. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of 14.29 and a beta of 1.43. Diamond Offshore Drilling has a fifty-two week low of $11.96 and a fifty-two week high of $21.92. The company has a current ratio of 3.91, a quick ratio of 3.91 and a debt-to-equity ratio of 0.54.

Several hedge funds and other institutional investors have recently bought and sold shares of DO. Principal Financial Group Inc. boosted its holdings in shares of Diamond Offshore Drilling by 2.9% in the 1st quarter. Principal Financial Group Inc. now owns 357,972 shares of the offshore drilling services provider’s stock valued at $5,248,000 after buying an additional 10,132 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Diamond Offshore Drilling by 153.3% in the 2nd quarter. Wells Fargo & Company MN now owns 1,676,934 shares of the offshore drilling services provider’s stock valued at $34,980,000 after buying an additional 1,014,887 shares during the period. First Trust Advisors LP lifted its position in Diamond Offshore Drilling by 6.3% in the 2nd quarter. First Trust Advisors LP now owns 135,632 shares of the offshore drilling services provider’s stock valued at $2,829,000 after purchasing an additional 8,086 shares during the last quarter. NJ State Employees Deferred Compensation Plan bought a new stake in Diamond Offshore Drilling in the 2nd quarter valued at about $375,000. Finally, LMR Partners LLP bought a new stake in Diamond Offshore Drilling in the 2nd quarter valued at about $428,000.

About Diamond Offshore Drilling

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.

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Earnings History and Estimates for Diamond Offshore Drilling (NYSE:DO)

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