Diamond Offshore Drilling Receives a Sell from Nomura HoldingsBy Carrie Williams
Nomura Holdings analyst Lloyd Byrne reiterated a Sell rating on Diamond Offshore Drilling (NYSE: DO) today and set a price target of $14. The company’s shares opened today at $16.04, close to its 52-week low of $14.18.
According to TipRanks.com, Byrne is a 4-star analyst with an average return of 8.6% and a 62.0% success rate. Byrne covers the Basic Materials sector, focusing on stocks such as Parker Drilling Company, Whiting Petroleum Corp., and Continental Resources.
Currently, the analyst consensus on Diamond Offshore Drilling is Hold and the average price target is $15, representing a -6.5% downside.
In a report issued on November 2, FBR Capital also reiterated a Sell rating on the stock.
Based on Diamond Offshore Drilling’s latest earnings report from June 30, the company posted quarterly revenue of $388.7M and quarterly net profit of -$589.9M. In comparison, last year the company earned revenue of $609.7M and had a net profit of $136.4M.
Diamond Offshore Drilling, Inc. engages in the provision of offshore and contract drilling services. Its fleet of offshore drilling rigs consists of semisubmersibles, six jack-ups, and drillships. The company was founded on April 12, 1989 and is headquartered in Houston, TX.