Diamond Offshore Drilling, Inc. [NYSE: DO] gained 4.76% or 0.54 points to close at $11.88 with a heavy trading volume of 2903378 shares. The company report on February 8, 2024 at 2:45 AM that DIAMOND OFFSHORE ANNOUNCES NEW FLOATER COMMITMENTS.
Diamond Offshore Drilling, Inc. (NYSE: DO) today announced that it has executed a two-year contract extension with a subsidiary of bp in the U.S. Gulf of Mexico for the Ocean BlackLion, commencing in September 2024 in direct continuation of the rig’s current contract. This contract extension represents approximately $350 million dollars of additional backlog.
Additionally, the Company has entered into a drilling contract with Serica Energy (UK) Limited to utilize the Ocean Patriot for two plug and abandonment (P&A) wells in the U.K. North Sea. The program is estimated to commence in March 2024 and to continue for approximately 60 days. The contract represents over $10 million of additional backlog, excluding mobilization.
The daily chart for DO points out that the company has recorded -20.05% loss over the past six months.
If we look at the average trading volume of 1.26M shares, DO reached to a volume of 2903378 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Diamond Offshore Drilling, Inc. [DO]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for DO shares is $19.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on DO stock is a recommendation set at 1.29. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
CapitalOne have made an estimate for Diamond Offshore Drilling, Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on November 28, 2023.
The Average True Range (ATR) for Diamond Offshore Drilling, Inc. is set at 0.47, with the Price to Sales ratio for DO stock in the period of the last 12 months amounting to 1.24. The Price to Book ratio for the last quarter was 1.54, with the Price to Cash per share for the same quarter was set at 1.68.
Trading performance analysis for DO stock
Diamond Offshore Drilling, Inc. [DO] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.92. With this latest performance, DO shares dropped by -1.41% in over the last four-week period, additionally sinking by -20.05% over the last 6 months – not to mention a drop of -6.01% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for DO stock in for the last two-week period is set at 44.12, with the RSI for the last a single of trading hit 44.48, and the three-weeks RSI is set at 44.74 for Diamond Offshore Drilling, Inc. [DO]. The present Moving Average for the last 50 days of trading for this stock 12.46, while it was recorded at 11.58 for the last single week of trading, and 13.31 for the last 200 days.
Diamond Offshore Drilling, Inc. [DO]: A deeper dive into fundamental analysis
Diamond Offshore Drilling, Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.73 and a Current Ratio set at 1.77.
Diamond Offshore Drilling, Inc. [DO]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Diamond Offshore Drilling, Inc. posted -0.52/share EPS, while the average EPS was predicted by analysts to be reported at -0.37/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -40.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for DO.
An analysis of Institutional ownership at Diamond Offshore Drilling, Inc. [DO]
The top three institutional holders of DO stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in DO stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in DO stock with ownership which is approximately 5.8325%.
