Diamond Offshore Drilling, Inc. (NYSE:DO)
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The Company provides contract drilling services to the energy industry around the globe and deals in deepwater drilling.
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The Company provides contract drilling services to the energy industry around the globe and deals in deepwater drilling.
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Current Wall Street estimates are simply too pessimistic, DO earnings power can reach $12 per share in 2013 with the addition of the 3 newbuild 12,000 ultradeepwater drillships and two other newly built drillers that started working in 2010 bought at distressed prices in 2009. That means DO added 5 of the highest end drillips since 2009. DO earned close to $9.80 per share in 2009 even if it achieved that number which is very likely stock is currently trading at 6.9x P/E which is half the historical multiple on the stock. 2010 was the year of the Macondo disaster which led to DO moving rigs outside of GOM and incurring a lot of costs along the way which depressed margins and earnings.