Trade Report: Today, Diamond Offshore Drilling Inc. (DO) Bonds Trading 1.6% Higher

Today, Diamond Offshore Drilling Inc. (DO) Bonds Trading 1.6% Higher

An issue of Diamond Offshore Drilling Inc. (NYSE:DO) bonds rose 1.6% as a percentage of their face value during trading on Wednesday. The high-yield debt issue has a 3.45% coupon and will mature on November 1, 2023. The debt is now trading at $88.80. Price changes in a company’s bonds in credit markets often predict parallel changes in its stock price.

Several equities analysts recently commented on DO shares. Jefferies Group restated a “hold” rating and set a $22.00 target price on shares of Diamond Offshore Drilling in a research report on Monday, August 1st. FBR & Co restated a “sell” rating on shares of Diamond Offshore Drilling in a research report on Tuesday, August 2nd. Credit Suisse Group AG restated a “hold” rating and set a $18.00 target price on shares of Diamond Offshore Drilling in a research report on Wednesday, August 3rd. Barclays PLC raised their target price on Diamond Offshore Drilling from $14.00 to $15.00 and gave the stock an “underweight” rating in a research report on Monday, August 8th. Finally, Royal Bank Of Canada cut their target price on Diamond Offshore Drilling from $29.00 to $23.00 and set a “sector perform” rating for the company in a research report on Friday, August 12th. Seven research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $19.62.

Shares of Diamond Offshore Drilling Inc. (NYSE:DO) opened at 17.38 on Friday. The company’s 50-day moving average price is $16.87 and its 200 day moving average price is $20.40. Diamond Offshore Drilling Inc. has a 12-month low of $14.18 and a 12-month high of $26.72. The company’s market cap is $2.38 billion.

Diamond Offshore Drilling (NYSE:DO) last announced its earnings results on Monday, October 31st. The offshore drilling services provider reported $0.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.01. The business earned $349.20 million during the quarter, compared to analyst estimates of $365.03 million. Diamond Offshore Drilling had a positive return on equity of 6.32% and a negative net margin of 41.61%. Diamond Offshore Drilling’s revenue for the quarter was down 42.7% compared to the same quarter last year. During the same period last year, the company earned $1.01 EPS. Equities analysts predict that Diamond Offshore Drilling Inc. will post $1.01 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Piedmont Investment Advisors LLC acquired a new position in Diamond Offshore Drilling during the third quarter valued at $269,000. Credit Suisse AG raised its position in Diamond Offshore Drilling by 211.8% in the third quarter. Credit Suisse AG now owns 407,118 shares of the offshore drilling services provider’s stock valued at $7,169,000 after buying an additional 276,535 shares during the period. Ameritas Investment Partners Inc. acquired a new position in Diamond Offshore Drilling during the third quarter valued at $342,000. Cognios Capital LLC acquired a new position in Diamond Offshore Drilling during the third quarter valued at $1,384,000. Finally, Verition Fund Management LLC raised its position in Diamond Offshore Drilling by 283.6% in the third quarter. Verition Fund Management LLC now owns 74,966 shares of the offshore drilling services provider’s stock valued at $1,320,000 after buying an additional 55,422 shares during the period.

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