$782.51 Million in Sales Expected for Transocean LTD (NYSE:RIG) This Quarter

Wall Street brokerages expect that Transocean LTD (NYSE:RIG) will report $782.51 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Transocean’s earnings, with estimates ranging from $750.00 million to $796.80 million. Transocean reported sales of $816.00 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 4.1%. The firm is expected to announce its next quarterly earnings report on Monday, November 4th.

According to Zacks, analysts expect that Transocean will report full year sales of $3.19 billion for the current fiscal year, with estimates ranging from $3.05 billion to $3.29 billion. For the next fiscal year, analysts expect that the business will post sales of $3.45 billion, with estimates ranging from $3.27 billion to $3.68 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Transocean.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, July 29th. The offshore drilling services provider reported ($0.34) EPS for the quarter, meeting the consensus estimate of ($0.34). Transocean had a negative return on equity of 4.18% and a negative net margin of 33.49%. The firm had revenue of $758.00 million during the quarter, compared to analyst estimates of $765.81 million. During the same quarter in the prior year, the business posted ($0.04) EPS. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year.

A number of equities analysts recently issued reports on the company. Scotiabank set a $7.00 target price on Transocean and gave the stock a “hold” rating in a research note on Monday, August 26th. UBS Group set a $10.00 target price on Transocean and gave the stock a “buy” rating in a research note on Monday, August 26th. Royal Bank of Canada set a $17.00 target price on Transocean and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Piper Jaffray Companies set a $8.00 target price on Transocean and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Finally, Morgan Stanley set a $10.00 target price on Transocean and gave the stock a “buy” rating in a research note on Monday, July 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $11.10.

In related news, CAO Howard E. Davis acquired 98,049 shares of Transocean stock in a transaction on Friday, June 28th. The stock was acquired at an average price of $6.35 per share, for a total transaction of $622,611.15. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Chad C. Deaton acquired 25,000 shares of Transocean stock in a transaction on Friday, August 2nd. The shares were bought at an average price of $5.29 per share, with a total value of $132,250.00. Following the purchase, the director now directly owns 24,800 shares in the company, valued at approximately $131,192. The disclosure for this purchase can be found here. Insiders have acquired a total of 130,549 shares of company stock valued at $785,526 in the last quarter. Company insiders own 11.05% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIG. Geode Capital Management LLC raised its stake in shares of Transocean by 23.9% during the 4th quarter. Geode Capital Management LLC now owns 4,978,814 shares of the offshore drilling services provider’s stock valued at $34,552,000 after buying an additional 959,861 shares during the last quarter. Moors & Cabot Inc. raised its stake in shares of Transocean by 16.7% during the 1st quarter. Moors & Cabot Inc. now owns 12,550 shares of the offshore drilling services provider’s stock valued at $109,000 after buying an additional 1,800 shares during the last quarter. Mason Street Advisors LLC grew its position in shares of Transocean by 1.6% during the 1st quarter. Mason Street Advisors LLC now owns 269,263 shares of the offshore drilling services provider’s stock valued at $2,345,000 after acquiring an additional 4,249 shares during the period. Penn Capital Management Co. Inc. grew its position in shares of Transocean by 216.7% during the 1st quarter. Penn Capital Management Co. Inc. now owns 183,332 shares of the offshore drilling services provider’s stock valued at $1,597,000 after acquiring an additional 125,449 shares during the period. Finally, New York State Common Retirement Fund grew its position in shares of Transocean by 6.0% during the 1st quarter. New York State Common Retirement Fund now owns 906,146 shares of the offshore drilling services provider’s stock valued at $7,893,000 after acquiring an additional 51,000 shares during the period. Institutional investors and hedge funds own 70.65% of the company’s stock.

RIG stock traded down $0.03 during midday trading on Thursday, reaching $5.82. The stock had a trading volume of 29,773,679 shares, compared to its average volume of 20,814,096. The stock has a market cap of $3.58 billion, a PE ratio of -7.37 and a beta of 1.85. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.55 and a current ratio of 2.88. The firm has a fifty day simple moving average of $4.84 and a two-hundred day simple moving average of $6.76. Transocean has a 52-week low of $3.76 and a 52-week high of $14.47.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

Featured Article: Operating Income

Get a free copy of the Zacks research report on Transocean (RIG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Transocean (NYSE:RIG)

Receive News & Ratings for Transocean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transocean and related companies with MarketBeat.com's FREE daily email newsletter.