Van ECK Associates Corp lowered its holdings in shares of Diamond Offshore Drilling Inc (NYSE:DO) by 8.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,278,521 shares of the offshore drilling services provider’s stock after selling 121,267 shares during the quarter. Van ECK Associates Corp’s holdings in Diamond Offshore Drilling were worth $26,670,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Guggenheim Capital LLC grew its position in shares of Diamond Offshore Drilling by 1.3% during the first quarter. Guggenheim Capital LLC now owns 215,139 shares of the offshore drilling services provider’s stock worth $3,153,000 after purchasing an additional 2,751 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Diamond Offshore Drilling by 2.9% during the first quarter. Principal Financial Group Inc. now owns 357,972 shares of the offshore drilling services provider’s stock worth $5,248,000 after purchasing an additional 10,132 shares in the last quarter. Dorsey Wright & Associates purchased a new stake in shares of Diamond Offshore Drilling during the second quarter worth about $3,454,000. Hikari Power Ltd grew its position in shares of Diamond Offshore Drilling by 64.2% during the first quarter. Hikari Power Ltd now owns 186,900 shares of the offshore drilling services provider’s stock worth $2,740,000 after purchasing an additional 73,100 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC purchased a new stake in shares of Diamond Offshore Drilling during the second quarter worth about $275,000.
DO has been the subject of several research analyst reports. Jefferies Financial Group reiterated a “sell” rating and set a $16.00 target price on shares of Diamond Offshore Drilling in a research report on Monday, July 30th. TheStreet cut Diamond Offshore Drilling from a “c-” rating to a “d+” rating in a research report on Monday, July 30th. Barclays increased their target price on Diamond Offshore Drilling from $13.00 to $14.00 and gave the stock an “underweight” rating in a research report on Thursday, August 9th. Zacks Investment Research cut Diamond Offshore Drilling from a “hold” rating to a “sell” rating in a research report on Thursday, August 2nd. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $23.00 target price on shares of Diamond Offshore Drilling in a research report on Tuesday, July 31st. Eight analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Diamond Offshore Drilling currently has a consensus rating of “Hold” and a consensus price target of $15.92.
In other Diamond Offshore Drilling news, SVP David L. Roland sold 1,744 shares of the firm’s stock in a transaction that occurred on Tuesday, July 31st. The stock was sold at an average price of $19.73, for a total transaction of $34,409.12. Following the completion of the transaction, the senior vice president now owns 9,194 shares in the company, valued at approximately $181,397.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.03% of the company’s stock.
NYSE DO opened at $16.16 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.23 and a current ratio of 4.23. Diamond Offshore Drilling Inc has a 1-year low of $12.35 and a 1-year high of $21.92.
Diamond Offshore Drilling (NYSE:DO) last released its quarterly earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.06. The business had revenue of $268.90 million during the quarter, compared to analysts’ expectations of $279.83 million. Diamond Offshore Drilling had a negative return on equity of 1.06% and a negative net margin of 5.57%. The firm’s revenue for the quarter was down 32.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. research analysts forecast that Diamond Offshore Drilling Inc will post -1.15 EPS for the current year.
Diamond Offshore Drilling Company Profile
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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