NEW YORK (TheStreet) -- Diamond Offshore Drilling (DO - Get Report) stock closed higher by 1.11% to $24.53 on heavy trading volume on Monday after the offshore drilling contractor reported better-than-expected financial results for the 2016 first quarter.

Before today's market open, the Houston-based company reported earnings of 64 cents per share on revenue of $470.54 million for the first quarter of the year.

Analysts were anticipating earnings of 27 cents per share on revenue of $412.2 million for the latest quarter.

"Fleet-wide, we achieved operational efficiency for the quarter of 98.2%, which is reflected in our earnings results and improved project economics for our clients," CEO Marc Edwards said in a statement.

Revenue likely beat estimates because of demobilization fees from the Ocean Endeavor, an ultra-deepwater rig, according to Wells Fargo analysts, Barron's reports.

Additionally, Diamond Offshore Drilling appointed Kelly Youngblood as CFO and  senior VP, effective Tuesday. Youngblood most recently served as VP of investors relations at Halliburton (HAL), an oilfield service provider.

By the end of the trading day, 4.14 million shares of Diamond Offshore Drilling had been traded, compared with its average daily volume of 2.63 million shares.

Separately, Diamond Offshore Drilling has a "sell" rating and a letter grade of D at TheStreet Ratings because of the company's deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing stock performance and feeble earnings per share growth.

You can view the full analysis from the report here: DO

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.