Shares of Diamond Offshore Drilling Inc (NYSE:DO) have earned a consensus recommendation of “Hold” from the twenty-one ratings firms that are currently covering the company, MarketBeat Ratings reports. Six analysts have rated the stock with a sell rating, nine have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $9.52.
A number of research analysts have recently issued reports on the stock. Susquehanna Bancshares set a $9.00 price objective on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a report on Friday, July 19th. Scotiabank set a $7.00 price objective on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a report on Monday, August 26th. SEB Equities upgraded shares of Diamond Offshore Drilling from a “sell” rating to a “hold” rating and reduced their price objective for the company from $10.00 to $7.70 in a report on Tuesday, June 18th. Tudor Pickering upgraded shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a report on Thursday, June 13th. Finally, Bank of America reduced their price objective on shares of Diamond Offshore Drilling from $5.00 to $3.50 and set an “underperform” rating for the company in a report on Wednesday, August 28th.
DO traded down $0.11 during midday trading on Friday, hitting $7.36. The company had a trading volume of 2,933,115 shares, compared to its average volume of 2,537,885. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -6.29 and a beta of 1.80. The stock’s 50 day moving average price is $6.66 and its 200 day moving average price is $8.79. Diamond Offshore Drilling has a 52 week low of $5.25 and a 52 week high of $20.85. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.58.
In related news, CFO Scott Lee Kornblau sold 5,819 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $8.69, for a total transaction of $50,567.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.13% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in DO. Advisory Services Network LLC boosted its stake in Diamond Offshore Drilling by 5,817.6% in the second quarter. Advisory Services Network LLC now owns 7,752 shares of the offshore drilling services provider’s stock valued at $69,000 after acquiring an additional 7,621 shares during the last quarter. Riverhead Capital Management LLC boosted its stake in Diamond Offshore Drilling by 25.4% in the second quarter. Riverhead Capital Management LLC now owns 10,359 shares of the offshore drilling services provider’s stock valued at $92,000 after acquiring an additional 2,100 shares during the last quarter. Hellman Jordan Management Co. Inc. MA purchased a new position in Diamond Offshore Drilling in the second quarter valued at about $98,000. CIBC Asset Management Inc purchased a new position in Diamond Offshore Drilling in the first quarter valued at about $117,000. Finally, Tyers Asset Management LLC boosted its stake in Diamond Offshore Drilling by 24.9% in the second quarter. Tyers Asset Management LLC now owns 14,752 shares of the offshore drilling services provider’s stock valued at $131,000 after acquiring an additional 2,944 shares during the last quarter.
About Diamond Offshore Drilling
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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