Wall Street brokerages predict that Transocean LTD (NYSE:RIG) will report earnings per share (EPS) of ($0.18) for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Transocean’s earnings, with the lowest EPS estimate coming in at ($0.26) and the highest estimate coming in at ($0.08). The company is scheduled to report its next earnings report on Wednesday, August 1st.
On average, analysts expect that Transocean will report full year earnings of ($0.86) per share for the current fiscal year, with EPS estimates ranging from ($1.16) to ($0.60). For the next financial year, analysts anticipate that the business will post earnings of ($0.73) per share, with EPS estimates ranging from ($1.16) to ($0.37). Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that follow Transocean.
Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, April 30th. The offshore drilling services provider reported ($0.48) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.38) by ($0.10). The company had revenue of $664.00 million for the quarter, compared to the consensus estimate of $638.38 million. Transocean had a negative return on equity of 1.79% and a negative net margin of 120.20%. During the same quarter in the previous year, the company earned $0.23 earnings per share.
A number of brokerages recently commented on RIG. R. F. Lafferty upped their price objective on Transocean from $11.00 to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, May 15th. ValuEngine upgraded Transocean from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. Citigroup upped their price objective on Transocean from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, April 30th. Bank of America upped their price objective on Transocean from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 18th. Finally, Credit Suisse Group set a $16.00 price target on Transocean and gave the stock a “buy” rating in a research report on Saturday, April 14th. Seven equities research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $11.81.
In other news, Director Frederik Wilhelm Mohn acquired 2,000,000 shares of the business’s stock in a transaction dated Friday, March 2nd. The stock was acquired at an average price of $9.29 per share, for a total transaction of $18,580,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP David A. Tonnel sold 7,443 shares of the company’s stock in a transaction on Thursday, May 17th. The shares were sold at an average price of $13.80, for a total value of $102,713.40. Following the completion of the sale, the senior vice president now owns 78,819 shares of the company’s stock, valued at approximately $1,087,702.20. The disclosure for this sale can be found here. Corporate insiders own 0.33% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of Transocean by 11.5% during the first quarter. BlackRock Inc. now owns 39,497,237 shares of the offshore drilling services provider’s stock valued at $391,023,000 after purchasing an additional 4,076,783 shares during the last quarter. Asia Research & Capital Management Ltd purchased a new stake in shares of Transocean during the first quarter valued at $166,101,000. Contrarius Investment Management Ltd lifted its holdings in shares of Transocean by 20.4% during the first quarter. Contrarius Investment Management Ltd now owns 12,567,343 shares of the offshore drilling services provider’s stock valued at $124,417,000 after purchasing an additional 2,133,176 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Transocean by 15.5% during the first quarter. Dimensional Fund Advisors LP now owns 11,012,549 shares of the offshore drilling services provider’s stock valued at $109,024,000 after purchasing an additional 1,478,859 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Transocean by 17.7% during the first quarter. Van ECK Associates Corp now owns 7,875,750 shares of the offshore drilling services provider’s stock valued at $77,970,000 after purchasing an additional 1,183,164 shares during the last quarter. 72.90% of the stock is owned by institutional investors and hedge funds.
Shares of Transocean opened at $13.06 on Tuesday, according to MarketBeat. The firm has a market cap of $6.18 billion, a P/E ratio of -217.67 and a beta of 1.47. The company has a quick ratio of 1.35, a current ratio of 1.50 and a debt-to-equity ratio of 0.59. Transocean has a 12 month low of $7.20 and a 12 month high of $14.16.
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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