Duncan-Williams upgraded its rating on Diamond Offshore Drilling DO from Neutral to Buy. The new price target was set to $86.25. In a research report published today, Duncan-Williams underlined better than expected Q1 results as a reason for this upgrade.
In the report, Duncan-Williams states, "Diamond recently reported first quarter earnings of $1.79 per share soundly beating the consensus estimate of $1.43 per share and our estimate of $1.52 per share on revenues of $806 million. Diamond incurred only 168 days of downtime for the quarter and expects only 21 days in the second quarter. The quarter was positively impacted by a 16 percent tax rate instead of the estimated 25 percent rate. Lower expenses than expected and a $8 million recovery on bad debt also impacted the quarter."
In today's trading, Diamond added 1.76% to its value and is currently trading at $71.00.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: Analyst ColorEarningsUpgradesPrice TargetAnalyst Ratingsdiamond offshore drillingDuncan Williams
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in