Guggenheim Upgrades Diamond Offshore Drilling to Buy (DO)

By admin | 6 years ago

Diamond Offshore Drilling (NYSE: DO) was upgraded by investment analysts at Guggenheim from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday.

Shares of Diamond Offshore Drilling traded down 0.92% during mid-day trading on Tuesday, hitting $59.19. Diamond Offshore Drilling has a 52 week low of $51.16 and a 52 week high of $74.07. The company has a market cap of $8.229 billion and a P/E ratio of 9.26.

Diamond Offshore Drilling last announced its earnings results on Thursday, April 19th. The company reported $1.33 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.00 by $0.33. Diamond Offshore Drilling’s revenue was down 4.7% compared to the same quarter last year. On average, analysts predict that Diamond Offshore Drilling will post $1.04 earnings per share next quarter.

Other equities research analysts have also recently issued reports about the stock. Analysts at JPMorgan Chase (NYSE: JPM) cut their price target on shares of Diamond Offshore Drilling from $75.00 to $73.00 in a research note to investors on Tuesday, May 15th. They now have an “underweight” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Diamond Offshore Drilling in a research note to investors on Monday, April 30th. They now have a $71.00 price target on the stock. Finally, analysts at Barclays Capital (NYSE: BCS) reiterated an “underweight” rating on shares of Diamond Offshore Drilling in a research note to investors on Monday, April 23rd.

Diamond Offshore Drilling, Inc. (Diamond Offshore) is an offshore oil and gas drilling contractor. Its fleet includes 49 offshore rigs, consisting of 32 semisubmersibles, 13 jack-ups and four positioned drillships, three of which are under construction.

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