Diamond Offshore Drilling (NYSE:DO) Upgraded by ValuEngine to “Strong-Buy”

ValuEngine upgraded shares of Diamond Offshore Drilling (NYSE:DO) from a buy rating to a strong-buy rating in a report released on Thursday, ValuEngine reports.

A number of other brokerages have also commented on DO. SEB Equities raised shares of Diamond Offshore Drilling from a sell rating to a hold rating and reduced their target price for the stock from $10.00 to $7.70 in a research report on Tuesday, June 18th. Citigroup set a $5.00 target price on shares of Diamond Offshore Drilling and gave the stock a sell rating in a research report on Friday, June 14th. Tudor Pickering raised shares of Diamond Offshore Drilling from a hold rating to a buy rating in a research report on Thursday, June 13th. Piper Jaffray Companies set a $8.00 target price on shares of Diamond Offshore Drilling and gave the stock a hold rating in a research report on Thursday, July 11th. Finally, Morgan Stanley set a $10.00 target price on shares of Diamond Offshore Drilling and gave the stock a sell rating in a research report on Monday, July 15th. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $12.12.

Diamond Offshore Drilling stock traded down $0.77 during midday trading on Thursday, reaching $7.41. The stock had a trading volume of 2,840,478 shares, compared to its average volume of 1,741,710. The company has a debt-to-equity ratio of 0.56, a quick ratio of 2.68 and a current ratio of 2.68. Diamond Offshore Drilling has a 52-week low of $7.12 and a 52-week high of $20.85. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of -6.33 and a beta of 1.69. The stock has a fifty day simple moving average of $8.40.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CIBC World Markets Inc. boosted its stake in Diamond Offshore Drilling by 10.0% in the first quarter. CIBC World Markets Inc. now owns 26,560 shares of the offshore drilling services provider’s stock valued at $279,000 after acquiring an additional 2,404 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in Diamond Offshore Drilling in the fourth quarter valued at approximately $143,000. Metropolitan Life Insurance Co. NY boosted its stake in Diamond Offshore Drilling by 83.2% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 39,457 shares of the offshore drilling services provider’s stock valued at $372,000 after acquiring an additional 17,921 shares in the last quarter. Majedie Asset Management Ltd boosted its stake in Diamond Offshore Drilling by 39.3% in the first quarter. Majedie Asset Management Ltd now owns 3,121,384 shares of the offshore drilling services provider’s stock valued at $32,770,000 after acquiring an additional 880,081 shares in the last quarter. Finally, FMR LLC boosted its stake in Diamond Offshore Drilling by 4.5% in the fourth quarter. FMR LLC now owns 7,462,594 shares of the offshore drilling services provider’s stock valued at $70,447,000 after acquiring an additional 321,092 shares in the last quarter.

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.

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Analyst Recommendations for Diamond Offshore Drilling (NYSE:DO)

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