Dallas, Texas 09/04/2013 (Financialstrend) – Analysts at Zacks had recently reaffirmed their neutral rating on the stock of Diamond Offshore Drilling Inc (NYSE:DO). The report commented that the mining firm had managed to maintain its stable performance for the second quarter earnings which was highly backed by lower expenses for contract drilling and overhead interest charges. The company is said to currently hold a ranking of #3 at Zacks which is equivalent to the short term Hold rating. In the recent research report issued to the investors, the analysts had commented that they had a favorable view on this stock primarily based on the leverage maintained to the global offshore markets, solid backlog position of contracts and attractive yield.
It is further expected that Diamond Offshore Drilling Inc (NYSE:DO) would move forward in the near future to present solid fundamental developments, significant potential for cash flow and a clean balance sheet to attract the investors. Further, the driller is also planning to increase its presence in the emerging markets of Australia, Brazil and West Africa so as to effectively reap the benefits from the recent discoveries of deepwater fields in these regions. It is further expected that the gradual improvement being presented by the GoM drilling market would also prove beneficial to the company.
Diamond Offshore Drilling Inc (NYSE:DO) presented loss in share prices on Tuesday to close at $63.46 per share which was a decrease of 0.89% over previous close. The intraday prices of the stock moved in the range of $63.05 to $64.81 per share and the 52 week prices are at low of $63.05 and high of $76.85 per share. The stock on Tuesday reported trading volume of 1.20 million shares and the average level is at 1.09 million shares per day. Presently the company has 139.04 million shares traded in the market with institutional ownership at 100%.