Diamond Offshore Drilling Inc (DO) is Reiterated by RBC Capital Mkts to Sector Perform, Lowers Price Target to $ 23

Diamond Offshore Drilling Inc (DO) was Reiterated by RBC Capital Mkts to “Sector Perform” while Lowering the Price Target of the company shares to $ 23 from a previous price target of $29 . RBC Capital Mkts advised their investors in a research report released on Aug 12, 2016.

Many Wall Street Analysts have commented on Diamond Offshore Drilling Inc. Diamond Offshore Drilling Inc was Upgraded by KLR Group to ” Buy” on May 31, 2016.

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 $21.73 and hit $22.25 on the upside on Monday, eventually ending the session at $22.06, with a gain of 2.80% or 0.6 points. The heightened volatility saw the trading volume jump to 25,25,716 shares. Company has a market cap of $3,026 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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