Revenue Update on Diamond Offshore Drilling Inc(NYSE:DO)

Diamond Offshore Drilling Inc(NYSE:DO) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during Pre-market on Aug 1, 2016. Company reported revenue of $388.75M. Analysts estimated a revenue of $376.59M. Earnings per share were $0.16. Analysts had estimated an EPS of $0.06.

In a different note, 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. On May 31, 2016, KLR Group said it Upgrades its rating on Diamond Offshore Drilling Inc. The shares have been rated ‘Buy’ by the firm.

Diamond Offshore Drilling Inc (DO) made into the market gainers list on Mondays trading session with the shares advancing 2.80% or 0.6 points. Due to strong positive momentum, the stock ended at $22.06, which is also near the day’s high of $22.25. The stock began the session at $21.73 and the volume stood at 25,25,716 shares. The 52-week high of the shares is $26.72 and the 52 week low is $14.175. The company has a current market capitalization of $3,026 M and it has 13,71,69,660 shares in outstanding.

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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