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Analysts Upgrades, Downgrades, and Other Changes for Offshore Drilling

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Nov. 20 2020, Updated 5:11 p.m. ET

Analyst recommendations

In this series, we’ve already looked at the Wall Street analyst estimates for Diamond Offshore’s (DO) revenue and EBITDA (earnings before interest, tax, depreciation, and amortization). Of the 34 analysts covering Diamond Offshore, two analysts (6%) gave the stock a “buy” recommendation, 18 analysts (53%) gave it a “hold” recommendation, and 14 analysts (41%) gave it a “sell.”

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Target prices

The average target price for Diamond Offshore is $17.37, as compared to its price of $17.18 on September 28, 2016, which implies an upside of 1%.

RBC Capital Markets has issued the highest target price of $23 for the stock. The lowest target price of $10 came from Goldman Sachs.

Recent upgrades and downgrades

Two Wall Street analysts recently in last 15 days have upgraded the stock and one analyst has downgraded the stock. Diamond Offshore was upgraded by Evercore to “buy” from “hold,” but its target price was brought down to $19 from $22. EVA Dimensions also upgraded the stock to “overweight” from “hold.”

Goldman Sachs downgraded Diamond Offshore (DO) to “sell” from “neutral” and slashed the target price to $10 from $18.5. Goldman Sachs has upgraded Noble (NE) and Ensco (ESV).

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Scotia Howard initiated coverage on Diamond Offshore and gave it “sector perform” rating and target price of $17. Scotia Howard also initiated coverage on offshore drillers (OIH) Rowan (RDC), Atwood Oceanics (ATW), Transocean (RIG), and Noble (NE). Scotia Howard gave a rating of “sector perform” for these companies.

Changes in price target

J.P. Morgan lowered the price target on Diamond Offshore to $18 from $20, it maintained a “neutral” rating on the stock. Meanwhile, Susquehanna Financial has lowered its target price to $16 from $18 and maintained “neutral” rating for DO.

UBS has maintained its “neutral” rating for Diamond Offshore but has reduced the target price to $17 from $24. DNB Markets maintained its “sell” rating, but it has reduced DO’s target price to $13 from $15.

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