Global Hunter Securities Lowers PT on Diamond Offshore (DO); In-line Quarter, but Downtime Weighs on Stock

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Global Hunter Securities maintains a 'Neutral' on Diamond Offshore (NYSE: DO) price target lowered from $71 to $68.

Global analyst says, "DO reported EPS of $1.92, in line with consensus expectations, but the stock reacted negatively to the prospects of more downtime for the company's older fleet going forward. The fleet status update highlighted nearly $1B backlog addition, but near-term utilization softness and rate uncertainty weighed on the stock. Furthermore, no clear use of cash to fund earnings growth is evident. We are trimming our price target to $68."

For more ratings news on Diamond Offshore click here and for the rating history of Diamond Offshore click here.

Shares of Diamond Offshore closed at $70.21 yesterday, with a 52 week range of $57.76-$81.19.

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