Why Has KLR Group Given Diamond Offshore Drilling Inc (NYSE:DO) a $24.00 Price Target
The financial firm KLR Group has today commenced coverage coverage on Diamond Offshore Drilling Inc (NYSE:DO) shares, with a Accumulate rating, while giving it the target price at $24.00.
From a total of 28 analysts covering Diamond Offshore Drilling Inc. (NYSE:DO) stock, 0 rate it a ”Buy”, 15 a “Sell”, and 19 a ”Hold”. This means that 0% of the ratings are positive. The highest target price is $34.4 while the lowest target price is $14. The mean of all analyst targets is $20.26 with a -2.78% below today’s ($20.48) stock price. Diamond Offshore Drilling Inc. was the topic of 19 analyst reports since August 5, 2015 according to the firm StockzIntelligence Inc. Guggenheim upgraded shares on November 30 to “Buy” rating. Citigroup initiated shares with “Sell” rating and $14 target share price in a report from an October 20. RBC Capital Markets maintained DO stock in a recent report from November 3 with “Sector Perform” rating. Cowen & Co maintained the rating on August 5. Cowen & Co has a “Market Perform” rating and a $20 price target on shares. Finally, Iberia Capital Partners upgraded the stock to “Sector Perform” rating in a report issued on a November 3.
Approximately 918,528 shares of stock traded hands. Diamond Offshore Drilling Inc (NYSE:DO) has declined 39.23% since May 11, 2015 and is downtrending. It has underperformed by 34.82% the S&P500.
The overall sentiment of institutions has decreased to 0.74 in Q2 2015. Its down 0.03, from 0.77 in 2015Q2. The ratio worsened, as 58 institutions have sold all the shares of Diamond Offshore Drilling Inc that they owned while 109 funds have taken shares off the table. 42 funds have purchased shares for the first time while 82 added to their positions. These institutions now hold 145.38 million shares or 7.02% more than the 135.84 million shares they owned in 2015Q2.
The Fund Loews Corp currently is holding shares equating to 10.32% of its total portfolio in Diamond Offshore Drilling Inc representing a total of 73.12 million shares. Another fund,Equity Investment Corp Ga, is holding a total of 3.23 million shares equating to 1.67% of their holdings. Additionally, Mount Lucas Management Lp has a 618,672 share stake in Diamond Offshore Drilling Inc which represents 1.35% of their total portfolio. The Fund, Vollero Beach Capital Partners Llc, based out of New York, has also built up a stake in the stock, which represents a total of 0.98% of their total portfolio. Finally Thompson Rubinstein Investment Management Inc Or, a fund which is based in the state of Oregon reported a total holdings of 117,544 shares.
Insider activity is a very important aspect to track on any stock. Going back to August 7, 2015, shareholders of Diamond Offshore Drilling Inc have witnessed 1 insider purchase, and a total of 0 selling transactions equating to a net activity of approximately $4.82 million . Loews Corp bought 230,673 shares worth approximately $4.82M.
Diamond Offshore Drilling, Inc. is a firm engaged in offshore drilling and providing contract drilling services to the energy industry. The company has a market cap of $2.77 billion. The Firm has a fleet of 38 offshore drilling rigs, including 27 semisubmersibles, six jack-ups and five drillships. It has 40.28 P/E ratio. The Company’s diverse fleet enables the Company to offer a range of services around the world in both the floater market and the non-floater, or jack-up, market.
According to Zacks Investment Research, “Diamond Offshore Drilling, Inc. engages principally in the contract drilling of offshore oil and gas wells. They are a leading deepwater drilling contractor and owns and operates one of the largest fleets of offshore drilling units in the world. Diamond Offshore operates in the waters of six of the world’s seven continents, supplying comprehensive drilling services to the global energy industry.”