Transocean (NYSE:RIG) Announces Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Transocean (NYSE:RIG) announced its quarterly earnings results on Monday. The offshore drilling services provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.10, RTT News reports. The business had revenue of $767.00 million for the quarter, compared to analyst estimates of $781.86 million. Transocean had a negative return on equity of 4.67% and a negative net margin of 13.27%. Transocean’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.38) EPS.

Transocean Trading Up 0.9 %

NYSE RIG opened at $5.27 on Thursday. The stock has a 50-day simple moving average of $5.74 and a 200 day simple moving average of $5.96. The company has a current ratio of 1.35, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. Transocean has a 12 month low of $4.45 and a 12 month high of $8.88.

Analysts Set New Price Targets

Several brokerages recently commented on RIG. Benchmark reaffirmed a “buy” rating and issued a $8.00 price target on shares of Transocean in a research note on Tuesday. Bank of America boosted their price objective on Transocean from $5.50 to $6.00 and gave the stock an “underperform” rating in a research note on Monday, April 15th. Barclays reduced their price objective on Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. Citigroup reduced their price objective on Transocean from $9.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, February 21st. Finally, Morgan Stanley cut their price target on Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Monday, February 26th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $7.70.

About Transocean

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.