Diamond Offshore Drilling Inc (DO) Releases Earnings Results, Beats Expectations By $0.36 EPS

Diamond Offshore Drilling Inc (DO) reported quarterly earnings results on Monday, May-2-2016. The company said it had a profit of $0.64 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.36. Analysts had a consensus of $0.28. The company posted revenue of $471.00 million in the period, compared to analysts expectations of $413.66 million. The company’s revenue was down -24.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS.

Many Wall Street Analysts have commented on Diamond Offshore Drilling Inc. Diamond Offshore Drilling Inc was Initiated by Nomura to “Reduce” on Apr 8, 2016. Company shares were Upgraded by Seaport Global Securities on Mar 14, 2016 to ” Accumulate”, Firm has raised the Price Target to $ 25 from a previous price target of $17 .Diamond Offshore Drilling Inc was Upgraded by Piper Jaffray to ” Neutral” on Mar 11, 2016.

Diamond Offshore Drilling Inc opened for trading at $23.89 and hit $24.97 on the upside on Wednesday, eventually ending the session at $24.63, with a gain of 4.14% or 0.98 points. The heightened volatility saw the trading volume jump to 24,59,674 shares. Company has a market cap of $3,378 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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