Brokerages Expect Diamond Offshore Drilling Inc (NYSE:DO) Will Post Quarterly Sales of $241.61 Million

Analysts predict that Diamond Offshore Drilling Inc (NYSE:DO) will post $241.61 million in sales for the current quarter, Zacks reports. Four analysts have issued estimates for Diamond Offshore Drilling’s earnings. The lowest sales estimate is $226.63 million and the highest is $254.00 million. Diamond Offshore Drilling reported sales of $286.32 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 15.6%. The business is scheduled to issue its next earnings report on Monday, November 4th.

According to Zacks, analysts expect that Diamond Offshore Drilling will report full-year sales of $936.79 million for the current fiscal year, with estimates ranging from $920.20 million to $953.00 million. For the next fiscal year, analysts expect that the company will report sales of $1.02 billion, with estimates ranging from $954.00 million to $1.08 billion. Zacks’ sales calculations are an average based on a survey of analysts that follow Diamond Offshore Drilling.

Diamond Offshore Drilling (NYSE:DO) last posted its earnings results on Monday, August 5th. The offshore drilling services provider reported ($0.99) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.10). Diamond Offshore Drilling had a negative return on equity of 8.55% and a negative net margin of 32.78%. The firm had revenue of $216.70 million during the quarter, compared to the consensus estimate of $228.46 million. During the same quarter last year, the company posted ($0.33) EPS. Diamond Offshore Drilling’s revenue for the quarter was down 7.2% on a year-over-year basis.

Several research firms have commented on DO. HSBC set a $11.00 target price on shares of Diamond Offshore Drilling and gave the stock a “buy” rating in a research report on Monday, July 15th. Citigroup set a $5.00 target price on shares of Diamond Offshore Drilling and gave the company a “sell” rating in a research note on Friday, June 14th. Susquehanna Bancshares set a $9.00 target price on shares of Diamond Offshore Drilling and gave the company a “hold” rating in a research note on Friday, July 19th. Bank of America began coverage on shares of Diamond Offshore Drilling in a research note on Monday, June 10th. They set an “underperform” rating and a $5.00 target price for the company. Finally, SEB Equities upgraded shares of Diamond Offshore Drilling from a “sell” rating to a “hold” rating and reduced their price target for the company from $10.00 to $7.70 in a research report on Tuesday, June 18th. Six research analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $12.06.

A number of hedge funds have recently added to or reduced their stakes in DO. BlackRock Inc. lifted its holdings in shares of Diamond Offshore Drilling by 2.0% during the 2nd quarter. BlackRock Inc. now owns 10,960,114 shares of the offshore drilling services provider’s stock worth $97,215,000 after acquiring an additional 214,749 shares during the period. FMR LLC lifted its holdings in Diamond Offshore Drilling by 0.3% during the 1st quarter. FMR LLC now owns 7,482,709 shares of the offshore drilling services provider’s stock valued at $78,493,000 after purchasing an additional 20,115 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Diamond Offshore Drilling by 4.1% during the 2nd quarter. Vanguard Group Inc. now owns 6,739,064 shares of the offshore drilling services provider’s stock valued at $59,775,000 after purchasing an additional 263,573 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Diamond Offshore Drilling by 32.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,004,510 shares of the offshore drilling services provider’s stock valued at $37,804,000 after purchasing an additional 992,277 shares during the last quarter. Finally, Majedie Asset Management Ltd lifted its holdings in Diamond Offshore Drilling by 39.3% during the 1st 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 purchasing an additional 880,081 shares during the last quarter.

NYSE DO traded down $0.13 on Friday, hitting $6.11. The stock had a trading volume of 95,417 shares, compared to its average volume of 3,287,386. Diamond Offshore Drilling has a one year low of $5.25 and a one year high of $20.85. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.58. The stock has a market cap of $860.59 million, a price-to-earnings ratio of -5.21 and a beta of 1.69. The company’s 50-day moving average is $7.55 and its two-hundred day moving average is $9.25.

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

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