Diamond Offshore DO, a global offshore contract driller, traded lower on Monday after Citigroup maintained a Sell rating on the stock and lowered its price target from $3.50 to 90 cents.
Diamond Offshore has active oil and gas rigs around the world. From members of OPEC failing to reach a production deal, and the coronavirus impacting travel demand, companies in the energy sector have been under pressure for weeks, and likely will be for the unforeseeable future.
Due to travel restrictions and officials encouraging citizens to stay home to slow the spread of the coronavirus, the decreased demand for oil will likely show on the financial sheets of numerous oil & gas companies.
Diamond Offshore shares were trading down 18% at $2.20 on Monday. The stock has a 52-week high of $12.64 and a 52-week low of $1.22.
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