Diamond Offshore Drilling (DO) Lowered by Zacks Investment Research – BharataPress
Zacks Investment Research downgraded shares of Diamond Offshore Drilling (NYSE:DO) from a buy rating to a hold rating in a research report released on Friday.
According to Zacks, “Diamond Offshore’s technologically advanced and versatile drilling fleet enables it to stay ahead of its peers in a market, where offshore rig demand is expected to surge through 2025. The company clinched awards for Ocean GreatWhite, Ocean Apex and the Ocean Monarch in the North Sea, Australia and Myanmar, respectively. These contracts shows upstream companies’ high interest in Diamond Offshore’s fleet. However, Diamond Offshore Drilling is facing pressure on top line. For the last eight years the company’s revenues have decreased. It has also expressed concern relating to reduced EBITDA margin as customers try to seal the deal at the ongoing rates for future works. Therefore, the stock warrants a cautious stance.”
Several other brokerages also recently weighed in on DO. UBS Group set a $14.00 price target on shares of Diamond Offshore Drilling and gave the company a buy rating in a report on Thursday, December 20th. JPMorgan Chase & Co. downgraded shares of Diamond Offshore Drilling from a neutral rating to an underweight rating and set a $14.00 price target on the stock. in a report on Friday, October 12th. Wells Fargo & Co lowered their price target on shares of Diamond Offshore Drilling from $22.00 to $17.00 and set a market perform rating on the stock in a report on Tuesday, November 6....