Wall Street analysts expect that Transocean LTD (NYSE:RIG) will announce sales of $783.98 million for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Transocean’s earnings. The lowest sales estimate is $780.00 million and the highest is $795.00 million. Transocean posted sales of $808.00 million in the same quarter last year, which suggests a negative year-over-year growth rate of 3%. The business is scheduled to issue its next earnings report on Wednesday, November 7th.
On average, analysts expect that Transocean will report full-year sales of $2.94 billion for the current fiscal year, with estimates ranging from $2.88 billion to $2.99 billion. For the next financial year, analysts anticipate that the company will post sales of $2.88 billion per share, with estimates ranging from $2.59 billion to $3.17 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Transocean.
Transocean (NYSE:RIG) last released its quarterly earnings data on Monday, July 30th. The offshore drilling services provider reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.13. The firm had revenue of $790.00 million during the quarter, compared to the consensus estimate of $768.68 million. Transocean had a negative return on equity of 2.00% and a negative net margin of 99.38%. Transocean’s revenue was up 5.2% compared to the same quarter last year.
Several analysts recently weighed in on RIG shares. Barclays lifted their price objective on Transocean from $7.00 to $8.00 and gave the company an “underweight” rating in a report on Thursday, August 9th. Citigroup lifted their price objective on Transocean from $15.00 to $16.00 and gave the company a “buy” rating in a report on Monday, April 30th. ValuEngine upgraded Transocean from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. BMO Capital Markets restated a “sell” rating and issued a $8.00 price objective on shares of Transocean in a report on Friday, August 10th. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $13.30 price objective on shares of Transocean in a report on Friday. Four analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $12.34.
In other news, Director Vincent J. Intrieri bought 10,000 shares of Transocean stock in a transaction on Thursday, August 16th. The stock was acquired at an average cost of $10.62 per share, for a total transaction of $106,200.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $106,200. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 14.09% of the company’s stock.
A number of institutional investors have recently made changes to their positions in RIG. Asia Research & Capital Management Ltd bought a new position in Transocean in the first quarter worth about $166,101,000. Platinum Investment Management Ltd. bought a new position in Transocean in the first quarter worth about $47,837,000. FMR LLC raised its holdings in Transocean by 1,255.1% in the second quarter. FMR LLC now owns 5,103,811 shares of the offshore drilling services provider’s stock worth $68,595,000 after purchasing an additional 4,727,168 shares in the last quarter. BlackRock Inc. raised its holdings in Transocean by 11.5% in the first quarter. BlackRock Inc. now owns 39,497,237 shares of the offshore drilling services provider’s stock worth $391,023,000 after purchasing an additional 4,076,783 shares in the last quarter. Finally, Elephas Investment Management Ltd bought a new position in Transocean in the second quarter worth about $52,095,000. Institutional investors and hedge funds own 73.92% of the company’s stock.
RIG stock opened at $10.76 on Friday. The company has a quick ratio of 1.35, a current ratio of 1.49 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $5.80 billion, a P/E ratio of -179.33 and a beta of 1.49. Transocean has a 1-year low of $7.20 and a 1-year high of $14.34.
Transocean Company Profile
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.
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