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

Diamond Offshore Drilling Inc(NYSE:DO) announced the earnings results for Fiscal Year 2016 and Q4. The results came in during Pre-Market on Feb 6, 2017. Company reported revenue of $391.874M. Analysts estimated a revenue of $359.120M. The revenues were 9.12% above the estimates. Earnings per share were $0.27. The reported EPS was above estimates by 125%. Analysts had estimated an EPS of $0.12.

In a different note, On Jan 9, 2017, Barclays said it Upgrades its rating on Diamond Offshore Drilling Inc. According to the research note, Barclays Raises the price target to $19 per share from a prior target of $15. The shares have been rated ‘Equal-Weight’ by the firm. On Dec 16, 2016, RBC Capital said it Downgrades its rating on Diamond Offshore Drilling Inc. According to the research note, RBC Capital Raises the price target to $22 per share from a prior target of $19. The shares have been rated ‘Underperform’ by the firm.

Diamond Offshore Drilling Inc (DO) made into the market gainers list on Tuesdays trading session with the shares advancing 0.43% or 0.07 points. Due to strong positive momentum, the stock ended at $16.32, which is also near the day’s high of $16.92. The stock began the session at $16.06 and the volume stood at 56,22,949 shares. The 52-week high of the shares is $26.72 and the 52 week low is $14.67. The company has a current market capitalization of $2,239 M and it has 13,71,69,660 shares in outstanding.

Several Insider Transactions has been reported to the SEC. On Nov 10, 2016, Paul G Gaffney (director) sold 4,000 shares at $15.50 per share price.Also, On Aug 10, 2015, Edward Grebow (director) purchased 3,000 shares at $21.99 per share price.On Aug 7, 2015, Corp Loews (10% owner) purchased 230,673 shares at $20.87 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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