Based on the aggregated intelligence of 170,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, contract driller Diamond Offshore Drilling (NYSE: DO) has earned a respected four-star ranking.

With that in mind, let's take a closer look at Diamond Offshore's business and see what CAPS investors are saying about the stock right now.

Diamond Offshore facts

Headquarters (founded)

Houston (1989)

Market Cap

$8.9 billion

Industry

Oil and gas drilling

Trailing-12-Month Revenue

$3.37 billion

Management

CEO Lawrence Dickerson (since 2008)

CFO Gary Krenek (since 1998)

Return on Equity (average, past 3 years)

35%

Dividend Yield

0.8%

Competitors

Transocean (NYSE: RIG)

Noble (NYSE: NE)

Nabors (NYSE: NBR)

Sources: Capital IQ (a division of Standard & Poor's) and Motley Fool CAPS.

On CAPS, 98% of the 2,001 members who have rated Diamond Offshore believe the stock will outperform the S&P 500 going forward. These bulls include umps15 and KnockoutMouse.

Late last month , umps15 tapped Diamond Offshore as a particularly slick pick: "good forward p/e at about 10, poised to pop once fears of the BP (NYSE: BP) disaster [subside], and drilling is returned to full strength."

2010 has certainly been a brutal year for Diamond Offshore investors, but with the Gulf of Mexico returning to at least some sense of normalcy, many Fools believe it's just a matter of time before the valuation does, too. Over the past year, shares of Diamond Offshore have been beaten down (-31%) more than rivals Noble (-14%), Nabors (0.8%), and Pride International (NYSE: PDE) (-3%), as well as those at the heart of disaster, BP (-21%) and Transocean (-16%).

CAPS All-Star KnockoutMouse drills deeper:

Our dependence on oil is not going away anytime soon, and the deep water is where the oil is. This is a great company. They have a fleet of very safe and modern deep-water rigs. They have been strategic with their upgrades and new rig purchases, they have been prudent with their cash and they have taken very good care of their shareholders.

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