Diamond Offshore Drilling Inc. DO incurred an adjusted loss of 26 cents per share in third-quarter 2018, narrower than the Zacks Consensus Estimate of a loss of 38 cents. The company had reported adjusted earnings of 25 cents in the year-ago quarter. Total revenues came in at $286.3 million, which beat the Zacks Consensus Estimate of $280 million. However, the top line declined from the year-ago quarter's figure of $366 million.The quarterly results improved on the back of higher floater utilization. This was partially offset by lower revenues in the Contract Drilling segment and lesser floater dayrates. Diamond Offshore Drilling, Inc. Price, Consensus and EPS Surprise Diamond Offshore Drilling, Inc. Price, Consensus and EPS Surprise | Diamond Offshore Drilling, Inc. QuoteOperational PerformancePer the annual report, Diamond Offshore has put Ocean Scepter for sale and not included the jack-up in its fleet.In the third quarter, revenues in the Contract Drilling segment plunged 21.5% year over year to approximately $280.7 million.Floaters recorded an average dayrate of $333,000 compared with $357,000 in the year-earlier quarter. Rig utilization for floaters increased to 54% from 46% in the prior-year quarter.FinancialsAs of Sep 30, 2018, Diamond Offshore had approximately $201.9 million in cash and cash equivalents while long-term debt totaled $1,973.5 million.Price PerformanceDuring the July-to-September period, Diamond Offshore’s shares declined 4.1% compared with the industry’s 2.5% rise.Zacks Rank & Key PicksDiamond Offshore currently carries a Zacks Rank #3 (Hold).A few better-ranked players in the same sector are Hess Corporation HES, Murphy Oil Corporation MUR and Eni SpA E, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.New York-based Hess is a global integrated energy company. It delivered an average positive earnings surprise of 230.5% in the last four quarters.El Dorado, AR-based Murphy Oil is a global oil and gas exploration as well as production company. It pulled off an average positive earnings surprise of 96.5% in the last four quarters.Based in Rome, Italy, Eni is among the leading integrated energy players in the world. The partnership witnessed a negative earnings surprise of 0.3% in the preceding four quarters.Looking for Stocks with Skyrocketing Upside?Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.See the pot trades we're targeting>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eni SpA (E): Free Stock Analysis Report Diamond Offshore Drilling, Inc. (DO): Free Stock Analysis Report Hess Corporation (HES): Free Stock Analysis Report Murphy Oil Corporation (MUR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research