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Loews 2Q profit climbs 46 percent, but insurance and oil drilling revenues
The company said its quarterly profit dropped due to lower revenue from its Diamond Offshore Drilling unit and its insurance business. Van Den Berg Management I Inc is another very bullish investment manager who is having 956,913 shares of Diamond Offshore or 2.67% of their long stock exposure.
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Majority-owned by U.S. conglomerate Loews Corp, Diamond Offshore, stated on Friday that income from its super-deepwater company increased 72.8 percent within the second-quarter to $315.7 million. The offshore drilling services provider reported $0.50 earnings per share for the quarter, beating the Thomson Reuters consensus estimate of $0.43 by $0.07.
The company is expected to announce next quarter earnings on August 03, at consensus estimate of $0.7. During last trade, the company’s minimum price was $29.19, while it touched its highest price of $30.03.
In a research note to investors, FBR & Co. They issued an “underweight” rating and a $24.00 price objective for the company. Eight analysts surveyed by Zacks expected $604.9 million. The stock was purchased at an average cost of $25.75 per share, with a total value of $25,750.00. The 12-month mean target is $23.89, which means upside potential of 12.58% over the current price.
Diamond Offshore (NYSE:DO) traded down -3.33% on 8 April, hitting $21.22. On August 5, 2014 The shares registered one year high of $47.34 and one year low was seen on July 27, 2015 at $20.6. Analysts expect that Diamond Offshore Drilling will post $1.99 EPS for the current year. The stock has a 50-day moving average of $38.75 and a 200-day moving average of $40.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
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Diamond Offshore Drilling Inc are listed in the Energy sector within NYSE. The Company has a fleet of 44 offshore drilling rigs, consisting of 32 semisubmersibles, seven jack-ups and five dynamically positioned drillships, four of which are under construction. The Company’s diverse fleet empowers the Company to provide a range of services around the world in both the floater marketplace (NYSE:DO) as well as the non-floater, or jack-up, marketplace. The Company’s floater fleet (semisubmersibles and drillships) is of three types: ultra-deepwater, deepwater, and mid-water. The Organization ‘s jack-ups are useful from 20 feet to 350 feet. Each of the Business ‘s jack-up rigs are designed with a cantilever system which allows the rig to extend its drilling package over the aft end of the rig.