Diamond Offshore Drilling (DO) Sees Unusually-High Trading Volume

Diamond Offshore Drilling Inc (NYSE:DO) shares saw unusually-high trading volume on Friday . Approximately 14,553,470 shares traded hands during trading, an increase of 406% from the previous session’s volume of 2,874,076 shares.The stock last traded at $10.88 and had previously closed at $10.75.

DO has been the topic of a number of research analyst reports. Fearnley Fonds upgraded shares of Diamond Offshore Drilling from an “accumulate” rating to a “buy” rating in a research note on Monday, February 4th. UBS Group set a $14.00 price objective on shares of Diamond Offshore Drilling and gave the company a “buy” rating in a research note on Thursday, December 20th. DNB Markets upgraded shares of Diamond Offshore Drilling from a “sell” rating to a “hold” rating in a research note on Wednesday, January 9th. ValuEngine lowered shares of Diamond Offshore Drilling from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 2nd. Finally, Goldman Sachs Group initiated coverage on shares of Diamond Offshore Drilling in a research note on Sunday, March 10th. They set a “sell” rating and a $8.00 price objective on the stock. Eight equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $15.56.

The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.32 and a current ratio of 3.32. The stock has a market capitalization of $1.48 billion, a PE ratio of -9.30 and a beta of 1.60.

Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings results on Monday, February 11th. The offshore drilling services provider reported ($0.42) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.40) by ($0.02). The business had revenue of $232.50 million during the quarter, compared to analyst estimates of $249.89 million. Diamond Offshore Drilling had a negative return on equity of 4.32% and a negative net margin of 16.64%. The company’s quarterly revenue was down 32.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.05) EPS. As a group, research analysts forecast that Diamond Offshore Drilling Inc will post -2.02 earnings per share for the current fiscal year.

In other Diamond Offshore Drilling news, Director Paul G. Gaffney purchased 4,000 shares of the firm’s stock in a transaction on Monday, February 25th. The shares were purchased at an average price of $9.91 per share, for a total transaction of $39,640.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.03% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC acquired a new position in Diamond Offshore Drilling in the 3rd quarter worth approximately $632,000. Bank of New York Mellon Corp boosted its stake in shares of Diamond Offshore Drilling by 2.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,543,355 shares of the offshore drilling services provider’s stock valued at $30,868,000 after buying an additional 38,707 shares during the period. Jane Street Group LLC boosted its stake in shares of Diamond Offshore Drilling by 124.3% during the 3rd quarter. Jane Street Group LLC now owns 44,615 shares of the offshore drilling services provider’s stock valued at $892,000 after buying an additional 24,727 shares during the period. BlackRock Inc. boosted its stake in shares of Diamond Offshore Drilling by 0.6% during the 3rd quarter. BlackRock Inc. now owns 8,388,385 shares of the offshore drilling services provider’s stock valued at $167,769,000 after buying an additional 53,665 shares during the period. Finally, Gateway Investment Advisers LLC boosted its stake in shares of Diamond Offshore Drilling by 42.5% during the 4th quarter. Gateway Investment Advisers LLC now owns 19,949 shares of the offshore drilling services provider’s stock valued at $188,000 after buying an additional 5,946 shares during the period.

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About Diamond Offshore Drilling (NYSE:DO)

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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