Diamond Offshore Drilling Inc (DO) Expected to Post Quarterly Sales of $280.60 Million

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Analysts predict that Diamond Offshore Drilling Inc (NYSE:DO) will post $280.60 million in sales for the current quarter, Zacks reports. Seven analysts have issued estimates for Diamond Offshore Drilling’s earnings, with estimates ranging from $252.40 million to $307.00 million. Diamond Offshore Drilling posted sales of $366.02 million during the same quarter last year, which suggests a negative year over year growth rate of 23.3%. The company is expected to report its next earnings results on Monday, October 29th.

According to Zacks, analysts expect that Diamond Offshore Drilling will report full-year sales of $1.11 billion for the current year, with estimates ranging from $1.06 billion to $1.18 billion. For the next financial year, analysts expect that the firm will post sales of $1.13 billion per share, with estimates ranging from $1.06 billion to $1.23 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Diamond Offshore Drilling.

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

Several equities analysts recently issued reports on the stock. Credit Suisse Group boosted their target price on shares of Diamond Offshore Drilling from $14.00 to $15.00 and gave the company an “underperform” rating in a report on Tuesday, July 31st. Royal Bank of Canada restated a “hold” rating and issued a $23.00 target price on shares of Diamond Offshore Drilling in a report on Tuesday, July 31st. ValuEngine upgraded shares of Diamond Offshore Drilling from a “buy” rating to a “strong-buy” rating in a report on Friday, May 4th. Barclays boosted their target price 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. Finally, TheStreet lowered shares of Diamond Offshore Drilling from a “c-” rating to a “d+” rating in a report on Monday, July 30th. Eight investment analysts have rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Diamond Offshore Drilling has a consensus rating of “Hold” and an average target price of $15.92.

In other Diamond Offshore Drilling news, SVP David L. Roland sold 1,744 shares of the company’s stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $19.73, for a total value of $34,409.12. Following the completion of the sale, the senior vice president now directly owns 9,194 shares of the company’s stock, valued at approximately $181,397.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.03% of the company’s stock.

A number of hedge funds have recently modified their holdings of DO. FMR LLC grew its position in 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 purchasing an additional 2,088,000 shares in the last quarter. Wells Fargo & Company MN grew its position in 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 purchasing an additional 1,014,887 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in 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 purchasing an additional 775,908 shares in the last quarter. Northern Trust Corp grew its position in 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 purchasing an additional 497,490 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in Diamond Offshore Drilling by 80.6% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 805,350 shares of the offshore drilling services provider’s stock worth $11,808,000 after purchasing an additional 359,453 shares in the last quarter.

DO stock opened at $17.45 on Friday. The firm has a market capitalization of $2.44 billion, a P/E ratio of 21.91 and a beta of 1.15. The company has a current ratio of 4.23, a quick ratio of 4.23 and a debt-to-equity ratio of 0.53. Diamond Offshore Drilling has a 12-month low of $11.22 and a 12-month high of $21.92.

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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