Diamond Offshore Drilling Inc (DO) is Downgraded by Seaport Global Securities to Neutral

Diamond Offshore Drilling Inc (DO) was Downgraded by Seaport Global Securities to ” Neutral”. Earlier the firm had a rating of “Accumulate ” on the company shares. Seaport Global Securities advised their investors in a research report released on Oct 7, 2016.

Many Wall Street Analysts have commented on Diamond Offshore Drilling Inc. Diamond Offshore Drilling Inc was Downgraded by Goldman to ” Sell” on Sep 21, 2016. Diamond Offshore Drilling Inc was Resumed by Scotia Howard Weil to “Sector Perform” on Sep 14, 2016. Shares were Reiterated by RBC Capital Mkts on Aug 12, 2016 to “Sector Perform” and Lowered the Price Target to $ 23 from a previous price target of $29 .

On the company’s financial health, Diamond Offshore Drilling Inc reported $0.16 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on Aug 1, 2016. Analyst had a consensus of $0.02. The company had revenue of $388.75 million for the quarter, compared to analysts expectations of $367.31 million. The company’s revenue was down -38.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.66 EPS.

Diamond Offshore Drilling Inc opened for trading at $16.79 and hit $17.34 on the upside on Friday, eventually ending the session at $17.08, with a gain of 1.91% or 0.32 points. The heightened volatility saw the trading volume jump to 37,32,041 shares. Company has a market cap of $2,343 M.

In a different news, on Aug 10, 2015, Edward Grebow (director) purchased 3,000 shares at $21.99 per share price. According to the SEC, on Aug 6, 2015, Paul G Gaffney (director) purchased 1,000 shares at $21.12 per share price.

Diamond Offshore Drilling Inc. is a company engaged in offshore drilling and providing contract drilling services to the energy industry. The Company has a fleet of 38 offshore drilling rigs including 27 semisubmersibles six jack-ups and five drillships. The Company’s diverse fleet enables the Company to offer a range of services around the world in both the floater market (ultra-deepwater deepwater and mid-water) and the non-floater or jack-up market. The Company’s floater fleet (semisubmersibles and drillships) is of three types: ultra-deepwater deepwater and mid-water. Jack-up rigs are mobile self-elevating drilling platforms equipped with legs that are lowered to the ocean floor. The Company’s jack-ups are used for drilling in water depths from 20 feet to 350 feet. All of the Company’s jack-up rigs are equipped with a cantilever system that enables the rig to extend its drilling package over the aft end of the rig.

Diamond Offshore Drilling Inc

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