Equity Investment Corp Purchases 265,959 Shares of Diamond Offshore Drilling Inc (DO)

Equity Investment Corp increased its position in Diamond Offshore Drilling Inc (NYSE:DO) by 11.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,507,635 shares of the offshore drilling services provider’s stock after acquiring an additional 265,959 shares during the quarter. Equity Investment Corp’s holdings in Diamond Offshore Drilling were worth $26,305,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its position in Diamond Offshore Drilling by 844.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 238,294 shares of the offshore drilling services provider’s stock valued at $25,000 after purchasing an additional 213,051 shares during the period. Advisor Group Inc. increased its position in Diamond Offshore Drilling by 108.3% during the 4th quarter. Advisor Group Inc. now owns 3,577 shares of the offshore drilling services provider’s stock valued at $35,000 after purchasing an additional 1,860 shares during the period. PNC Financial Services Group Inc. increased its position in Diamond Offshore Drilling by 111.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,681 shares of the offshore drilling services provider’s stock valued at $44,000 after purchasing an additional 2,468 shares during the period. NumerixS Investment Technologies Inc acquired a new stake in Diamond Offshore Drilling during the 4th quarter valued at approximately $61,000. Finally, Bessemer Group Inc. acquired a new stake in Diamond Offshore Drilling during the 4th quarter valued at approximately $64,000.

In other Diamond Offshore Drilling news, Director Paul G. Gaffney purchased 4,000 shares of the business’s stock in a transaction on Monday, February 25th. The shares were purchased at an average cost of $9.91 per share, for a total transaction of $39,640.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.13% of the stock is currently owned by corporate insiders.

Diamond Offshore Drilling stock opened at $9.67 on Friday. Diamond Offshore Drilling Inc has a 52-week low of $8.71 and a 52-week high of $21.92. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.68 and a quick ratio of 2.68.

Diamond Offshore Drilling (NYSE:DO) last posted its quarterly earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.53) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.06. The firm had revenue of $223.50 million for the quarter, compared to analysts’ expectations of $231.90 million. Diamond Offshore Drilling had a negative return on equity of 5.84% and a negative net margin of 26.72%. The company’s revenue for the quarter was down 24.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.16) EPS. Sell-side analysts expect that Diamond Offshore Drilling Inc will post -2.23 earnings per share for the current year.

A number of analysts have weighed in on DO shares. Zacks Investment Research downgraded shares of Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a research report on Friday, January 25th. Pareto Securities raised shares of Diamond Offshore Drilling from a “hold” rating to a “buy” rating in a research report on Monday, January 28th. Fearnley Fonds raised shares of Diamond Offshore Drilling from an “accumulate” rating to a “buy” rating in a research report on Monday, February 4th. ValuEngine downgraded shares of Diamond Offshore Drilling from a “buy” rating to a “hold” rating in a research report on Monday, February 4th. Finally, Barclays raised shares of Diamond Offshore Drilling from an “underweight” rating to an “overweight” rating and set a $10.29 target price for the company in a research report on Wednesday, February 20th. Seven equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $15.63.

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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.

Further Reading: Fundamental Analysis and Individual Investors

Want to see what other hedge funds are holding DO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Diamond Offshore Drilling Inc (NYSE:DO).

Institutional Ownership by Quarter for Diamond Offshore Drilling (NYSE:DO)

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