Transocean (NYSE:RIG) Issues Earnings Results

Transocean (NYSE:RIG) released its quarterly earnings results on Wednesday. The offshore drilling services provider reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.07), Briefing.com reports. Transocean had a negative net margin of 11.34% and a negative return on equity of 4.76%. The business had revenue of $861.00 million during the quarter, compared to analyst estimates of $862.25 million. During the same quarter in the prior year, the company earned ($0.15) earnings per share. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year.

Transocean Stock Performance

Shares of NYSE RIG traded down $0.26 during trading on Friday, hitting $5.20. 28,569,036 shares of the company traded hands, compared to its average volume of 16,521,379. Transocean has a 1 year low of $4.45 and a 1 year high of $8.88. The company has a 50-day moving average price of $5.42 and a 200-day moving average price of $5.56. The company has a quick ratio of 1.04, a current ratio of 1.36 and a debt-to-equity ratio of 0.63.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RIG. Susquehanna raised shares of Transocean from a “neutral” rating to a “positive” rating and raised their price objective for the stock from $5.50 to $9.00 in a research note on Monday, April 8th. Evercore ISI dropped their price objective on shares of Transocean from $9.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Bank of America raised their price objective on shares of Transocean from $5.50 to $6.00 and gave the stock an “underperform” rating in a research note on Monday, April 15th. Finally, Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of Transocean in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $7.22.

Insider Activity

In related news, Director (Cyprus) Ltd Perestroika acquired 2,000,000 shares of the stock in a transaction dated Wednesday, May 15th. The stock was bought at an average cost of $6.01 per share, with a total value of $12,020,000.00. Following the purchase, the director now directly owns 87,574,894 shares of the company’s stock, valued at $526,325,112.94. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 13.16% of the company’s stock.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.