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Diamond Offshore Drilling Inc. (DO) Has A Potential Gold Mine

Diamond Offshore Drilling Inc. (NYSE:DO) price on Friday, March 17, fall -4.11% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $9.81.

A look at the stock’s price movement, the close in the last trading session was $10.23, moving within a range at $9.68 and $10.16. Turning to its 52-week performance, $13.30 and $5.17 were the 52-week high and 52-week low respectively. Overall, DO moved -20.44% over the past month.

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Diamond Offshore Drilling Inc.’s market cap currently stands at around $1.04 billion, with investors looking forward to this quarter’s earnings report slated for Feb 28, 2023. Analysts project the company’s earnings per share (EPS) to be -$0.32, which has seen fiscal year 2022 EPS growth forecast to increase to -$1.13 and about $0 for fiscal year 2023.

Analysts have a consensus estimate of $211 million for the company’s revenue for the quarter, with a low and high estimate of $180 million and $242 million respectively.

Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that DO is a Hold. On the other hand, the stock is on average a 50% Buy as suggested by medium term indicators while long term indicators are putting the stock in 50% Buy category.

DO’s current price about -15.93% and -15.42% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 34.52, while 7-day volatility ratio is 7.56% and 6.84% in the 30-day chart. Further, Diamond Offshore Drilling Inc. (DO) has a beta value of 0, and an average true range (ATR) of 0.75.

In the market, a comparison of Diamond Offshore Drilling Inc. (DO) and its peers suggest the former has performed considerably weaker. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are down -1.10% and -1.19% respectively in the last trading.

If we refocus on Diamond Offshore Drilling Inc. (NYSE:DO), historical trading data shows that trading volumes averaged 1.32 million over the past 10 days and 1.09 million over the past 3 months. The company’s latest data on shares outstanding shows there are 101.18 million shares.

The 0.60% of Diamond Offshore Drilling Inc.’s shares are in the hands of company insiders while institutional holders own 95.30% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 4.58 million on Jan 30, 2023, giving us a short ratio of 5.46. The data shows that as of Jan 30, 2023 short interest in Diamond Offshore Drilling Inc. (DO) stood at 4.51% of shares outstanding, with shares short falling to 4.83 million registered in Dec 29, 2022. Current price change has pushed the stock -5.67% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the DO stock continues to rise going into the next quarter.

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