You might want to take a look at Diamond Offshore Drilling Inc. (DO) now

Diamond Offshore Drilling Inc. (NYSE: DO) stock fell -0.73% on Wednesday to $9.50 against a previous-day closing price of $9.57. With 0.86 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.1 million shares. During the session, the Oil & Gas Drilling company that operates in wider Energy sector, reached to the highest price of $9.59 whereas the lowest price it dropped to was $9.23. The 52-week range on DO shows that it touched its highest point at $12.04 and its lowest point at $5.17 during that stretch.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of DO was down-trending over the past week, with a drop of -4.52%, but this was up by 1.17% over a month. Three-month performance surged to 28.90% while six-month performance rose 25.66%. A look at the trailing 12-month EPS for DO yields -1.76 with Next year EPS estimates of -0.24. For the next quarter, that number is -0.48. This implies an EPS growth rate of -135.10% for this year and 83.40% for next year.

Float and Shares Shorts:

At present, 100.88 million DO shares are outstanding with a float of 100.28 million shares on hand for trading. On Oct 13, 2022, short shares totaled 5.5 million, which was 5.42% higher than short shares on Sep 14, 2022. In addition to Mr. Bernie G. Wolford as the firm’s Pres, CEO & Director, Mr. Dominic A. Savarino serves as its Sr. VP & CFO.

Institutional Ownership:

Through their ownership of 88.94% of DO’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 54.89% of DO, in contrast to 22.31% held by mutual funds. Shares owned by individuals account for 0.57%. As the largest shareholder in DO with 8.86% of the stake, Contrarius Investment Management holds 8,983,909 shares worth 8,983,909. A second-largest stockholder of DO, Wellington Management Co. LLP, holds 7,924,706 shares, controlling over 7.82% of the firm’s shares. KGH Ltd. is the third largest shareholder in DO, holding 7,578,071 shares or 7.48% stake. With a 3.11% stake in DO, the American Funds Income Fund of Ame is the largest stakeholder. A total of 3,149,599 shares are owned by the mutual fund manager. The Vanguard Total Stock Market Index, which owns about 2.91% of DO stock, is the second-largest Mutual Fund holder. It holds 2,948,976 shares valued at 29.05 million. iShares Russell 2000 ETF holds 2.27% of the stake in DO, owning 2,297,981 shares worth 22.64 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for DO since 5 analysts follow the stock currently. There are 5 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With DO analysts setting a high price target of $17.00 and a low target of $10.00, the average target price over the next 12 months is $14.00. Based on these targets, DO could surge 78.95% to reach the target high and rise by 5.26% to reach the target low. Reaching the average price target will result in a growth of 47.37% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. Analysts have provided yearly estimates in a range of -$0.77 being high and -$1.45 being low. For DO, this leads to a yearly average estimate of -$1.04. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Diamond Offshore Drilling Inc. surprised analysts by $0.26 when it reported $0.05 EPS against a consensus estimate of -$0.21. Based on analyst estimates, the high estimate for the next quarter is -$0.26 and the low estimate is -$0.29. The average estimate for the next quarter is thus -$0.27.

Summary of Insider Activity:

Insiders traded DO stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 5 while that of sell transactions has risen to 6 over the past year. The total number of shares bought during that period was 587,199 while 226,625 shares were sold.

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