Citigroup Maintains Diamond Offshore Drilling Inc to Neutral with Price Target $18.00

Brokerage firm Citigroup Maintains its rating on Diamond Offshore Drilling Inc(NYSE:DO). In a research note issued to the investors, the brokerage major Lowers the price-target to $18.00 per share. The shares have been rated Neutral. The rating by Citigroup was issued on Sep 2, 2016.

In a different note, On Aug 16, 2016, Nomura said it Maintains its rating on Diamond Offshore Drilling Inc. In the research note, the firm Raises the price-target to $16.00 per share. The shares have been rated ‘Reduce’ by the firm. On Aug 8, 2016, Barclays said it Maintains its rating on Diamond Offshore Drilling Inc. In the research note, the firm Raises the price-target to $14.00 per share. The shares have been rated ‘Underweight’ by the firm. On Jun 13, 2016, Bank of America said it Reinstates its rating on Diamond Offshore Drilling Inc. The shares have been rated ‘Buy’ by the firm.

Diamond Offshore Drilling Inc (DO) shares turned negative on Thursdays trading session with the shares closing down -1.96 points or -10.61% at a volume of 59,63,647. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $18.13. The peak price level was also seen at $18.13 while the days lowest was $16.44. Finally the shares closed at $16.51. The 52-week high of the shares is $26.72 while the 52-week low is $14.175. According to the latest information available, the market cap of the company is $2,265 M.

Diamond Offshore Drilling Inc(DO) last announced its earnings results on Aug 1, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $388.75M. Analysts had an estimated revenue of $376.59M. Earnings per share were $0.16. Analysts had estimated an EPS of $0.06.

Several Insider Transactions has been reported to the SEC. On Aug 10, 2015, Edward Grebow (director) purchased 3,000 shares at $21.99 per share price.Also, On Aug 7, 2015, Corp Loews (10% owner) purchased 230,673 shares at $20.87 per share price.On Aug 6, 2015, Paul G Gaffney (director) purchased 1,000 shares at $21.12 per share price, according to the Form-4 filing with the securities and exchange commission.

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.

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