Diamond Offshore Drilling Inc (DO) Expected to Post Earnings of -$0.37 Per Share

Share on StockTwits

Equities research analysts expect Diamond Offshore Drilling Inc (NYSE:DO) to announce earnings per share (EPS) of ($0.37) for the current quarter, Zacks reports. Seven analysts have made estimates for Diamond Offshore Drilling’s earnings, with the lowest EPS estimate coming in at ($0.48) and the highest estimate coming in at ($0.27). Diamond Offshore Drilling posted earnings per share of $0.25 during the same quarter last year, which suggests a negative year over year growth rate of 248%. The business is scheduled to announce its next earnings results on Monday, October 29th.

On average, analysts expect that Diamond Offshore Drilling will report full-year earnings of ($1.15) per share for the current fiscal year, with EPS estimates ranging from ($1.48) to ($0.61). For the next year, analysts anticipate that the business will post earnings of ($1.18) per share, with EPS estimates ranging from ($1.63) to ($0.42). Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that follow Diamond Offshore Drilling.

Diamond Offshore Drilling (NYSE:DO) last released its earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.33) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.39) by $0.06. The firm had revenue of $268.90 million for the quarter, compared to analysts’ expectations of $279.83 million. Diamond Offshore Drilling had a negative net margin of 5.57% and a negative return on equity of 1.06%. The company’s quarterly revenue was down 32.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 earnings per share.

A number of research analysts have weighed in on DO shares. TheStreet upgraded shares of Diamond Offshore Drilling from a “d” rating to a “c-” rating in a research note on Monday, April 30th. ValuEngine upgraded shares of Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 4th. Jefferies Financial Group restated a “sell” rating and set a $16.00 price target on shares of Diamond Offshore Drilling in a research note on Monday, July 30th. UBS Group set a $26.00 price target on shares of Diamond Offshore Drilling and gave the company a “buy” rating in a research note on Tuesday, July 31st. Finally, Credit Suisse Group upped their price target on shares of Diamond Offshore Drilling from $14.00 to $15.00 and gave the company an “underperform” rating in a research note on Tuesday, July 31st. Nine analysts have rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average target price of $15.92.

DO traded up $0.20 during midday trading on Friday, reaching $16.15. The company had a trading volume of 3,889,768 shares, compared to its average volume of 1,702,329. The company has a quick ratio of 4.23, a current ratio of 4.23 and a debt-to-equity ratio of 0.53. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of 19.70 and a beta of 1.15. Diamond Offshore Drilling has a 12-month low of $10.29 and a 12-month high of $21.92.

In related news, SVP David L. Roland sold 1,744 shares of the company’s stock in a transaction that occurred on Tuesday, July 31st. The shares were sold at an average price of $19.73, for a total transaction of $34,409.12. Following the sale, the senior vice president now owns 9,194 shares of the company’s stock, valued at approximately $181,397.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.03% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Contrarius Investment Management Ltd increased its holdings in shares of Diamond Offshore Drilling by 65.3% in the 1st quarter. Contrarius Investment Management Ltd now owns 9,629,654 shares of the offshore drilling services provider’s stock worth $141,171,000 after buying an additional 3,802,402 shares during the last quarter. FMR LLC increased its holdings in shares of Diamond Offshore Drilling by 61.9% in the 2nd quarter. FMR LLC now owns 5,461,129 shares of the offshore drilling services provider’s stock worth $113,919,000 after buying an additional 2,088,000 shares during the last quarter. Wells Fargo & Company MN increased 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 worth $34,980,000 after buying an additional 1,014,887 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of Diamond Offshore Drilling by 150.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,293,254 shares of the offshore drilling services provider’s stock worth $26,978,000 after buying an additional 775,908 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Diamond Offshore Drilling by 37.9% in the 1st quarter. Northern Trust Corp now owns 1,810,868 shares of the offshore drilling services provider’s stock worth $26,548,000 after buying an additional 497,490 shares during the last quarter.

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.

Featured Article: What does relative strength index mean?

Get a free copy of the Zacks research report on Diamond Offshore Drilling (DO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Diamond Offshore Drilling Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Diamond Offshore Drilling and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply