Analysts at Evercore ISI upgraded shares of Diamond Offshore Drilling Inc. (NYSE: DO) from Hold to Buy today.With a rating of Buy on the stock, Diamond Offshore Drilling Inc. has a 52-week high of $26.72. The one-year price target of $18.19 is higher than the opening price of $14.95, that has caused a number of other analysts to issue statements on the company in recent days. Share prices often shift to the upside on recommendations and new price targets of professional brokerage firms.
U.S. stocks on Monday closed essentially flat, after trading firmly higher, in a volatile session ahead of the start of a pair of closely watched central-bank policy meetings.
The Dow Jones Industrial Average DJIA, -0.02% closed down 3.63 points at 18,120.17.
The blue-chip index had been up by as much as 131 points earlier and traded within a 162-point range.
The S&P 500 SPX, +0.00% slipped 0.04 points to close at 2,139.12, after trading within an 18-point range
Meanwhile, the Nasdaq Composite Index COMP, -0.18% declined 9.54 points, or 0.2%, to close at 5,235.03.
Earlier, the Nasdaq Composite Index had been up by as many as 37 points and traded with a 58-point range
Yesterday Diamond Offshore Drilling Inc. (NYSE: DO) shares last traded at $15.24, an increase of $0.30 over the previous closing price. Opening at $14.95, they ranged from $14.68 and $15.27 throughout the day.
Diamond Offshore Drilling Inc. (NYSE: DO) currently has a market cap of 2.09B.
926,799 shares traded hands yesterday, 117 percent below the norm, out of a total float 64,000,000. Trading volume is likely to increase in the next few days as swing traders often use swings in trading volume to pinpoint large volume growth or distribution by institutional investors.
While increased trading for short periods will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks delivers a positive cue to market traders that institutions may be moving in, so institutional sponsorship is crucial.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain teams of analysts researching thousands of stocks, so it is good validation to see them taking a postion in a stock you’re researching.
Traders are able to make make more effective judgments on trades when they follow the trading habits of professional investors.
With that in mind, Diamond Offshore Drilling Inc. (NYSE: DO) now has a 50-day MA of $18.64 and 200-day MA of $22.38. It has traded in a 52-week range between $14.18 – 26.720 and today’s last price is 0.43% lower than the 52 week high of $26.72.
Earnings growth is a critical factor to research when investing in stocks and investors look for companies that have been successful at growing their earnings at least 25% or more for the past 3 years.
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