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Downgrade Alert for Diamond Offshore Drilling (DO)

By Shiri Gupta

Diamond Offshore Drilling (NYSE:DO) was downgraded from Neutral to Sell at Goldman Sachs today. The stock closed yesterday at $15.80 on volume of 3.9 million shares, above average daily volume of 2.5 million.

Diamond Offshore Drilling, Inc. drills offshore oil and gas wells on a contract basis. The Company is a world-wide deep water driller that serves markets that include the deep water, harsh environment, conventional semisubmersible and jack-up markets.

Diamond Offshore Drilling share prices have moved between a 52-week high of $35.95 and a 52-week low of $14.18 and closed yesterday at 11% above that low price at $15.80 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.5%.

Diamond Offshore Drilling has overhead space with shares priced $15.80, or 17.9% below the average consensus analyst price target of $19.24. The stock should run into initial resistance at its 200-day moving average (MA) of $21.03 and subsequent resistance at its 50-day MA of $22.39.

SmarTrend recommended that its subscribers protect gains by selling shares of Diamond Offshore Drilling on July 25th, 2016 by issuing a Downtrend alert when the shares were trading at $23.06. Since that call, shares of Diamond Offshore Drilling have fallen 33.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Diamond Offshore Drilling

Ticker(s): DO