Pareto Securities Downgrades Diamond Offshore Drilling (NYSE:DO) to Hold

Pareto Securities downgraded shares of Diamond Offshore Drilling (NYSE:DO) from a buy rating to a hold rating in a report issued on Monday morning, BenzingaRatingsTable reports. The brokerage currently has $6.30 target price on the offshore drilling services provider’s stock, down from their previous target price of $13.50.

DO has been the subject of a number of other research reports. Morgan Stanley set a $10.00 target price on shares of Diamond Offshore Drilling and gave the company a sell rating in a research report on Monday, July 15th. Susquehanna Bancshares set a $9.00 target price on shares of Diamond Offshore Drilling and gave the company a hold rating in a research report on Friday, July 19th. HSBC set a $11.00 target price on shares of Diamond Offshore Drilling and gave the company a buy rating in a research report on Monday, July 15th. Piper Jaffray Companies set a $8.00 target price on shares of Diamond Offshore Drilling and gave the company a hold rating in a research report on Thursday, July 11th. Finally, Scotiabank set a $7.00 target price on shares of Diamond Offshore Drilling and gave the company a hold rating in a research report on Monday, August 26th. Six equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $11.38.

Shares of DO opened at $7.78 on Monday. The company has a 50 day moving average price of $6.71 and a 200-day moving average price of $8.86. Diamond Offshore Drilling has a fifty-two week low of $5.25 and a fifty-two week high of $20.85. The stock has a market capitalization of $1.06 billion, a PE ratio of -6.65 and a beta of 1.80. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.19 and a current ratio of 2.19.



Diamond Offshore Drilling (NYSE:DO) last announced its quarterly earnings results on Monday, August 5th. The offshore drilling services provider reported ($0.99) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.10). Diamond Offshore Drilling had a negative return on equity of 8.55% and a negative net margin of 32.78%. The business had revenue of $216.70 million during the quarter, compared to analysts’ expectations of $228.46 million. During the same period in the previous year, the company posted ($0.33) EPS. Diamond Offshore Drilling’s revenue for the quarter was down 7.2% on a year-over-year basis. Equities research analysts forecast that Diamond Offshore Drilling will post -2.73 EPS for the current year.

A number of institutional investors have recently modified their holdings of the business. Texas Permanent School Fund increased its stake in Diamond Offshore Drilling by 3.8% during the 1st quarter. Texas Permanent School Fund now owns 43,859 shares of the offshore drilling services provider’s stock valued at $460,000 after purchasing an additional 1,589 shares in the last quarter. Riverhead Capital Management LLC increased its stake in Diamond Offshore Drilling by 25.4% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,359 shares of the offshore drilling services provider’s stock valued at $92,000 after purchasing an additional 2,100 shares in the last quarter. CIBC World Markets Inc. increased its stake in Diamond Offshore Drilling by 10.0% during the 1st quarter. CIBC World Markets Inc. now owns 26,560 shares of the offshore drilling services provider’s stock valued at $279,000 after purchasing an additional 2,404 shares in the last quarter. New York State Teachers Retirement System increased its stake in Diamond Offshore Drilling by 1.9% during the 2nd quarter. New York State Teachers Retirement System now owns 132,500 shares of the offshore drilling services provider’s stock valued at $1,175,000 after purchasing an additional 2,500 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in Diamond Offshore Drilling by 1.9% during the 2nd quarter. First Trust Advisors LP now owns 137,291 shares of the offshore drilling services provider’s stock valued at $1,218,000 after purchasing an additional 2,536 shares in 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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