Zacks: Brokerages Anticipate Transocean LTD (NYSE:RIG) to Post -$0.38 EPS

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Equities research analysts expect Transocean LTD (NYSE:RIG) to post earnings of ($0.38) per share for the current quarter, according to Zacks. Four analysts have made estimates for Transocean’s earnings, with estimates ranging from ($0.43) to ($0.27). Transocean posted earnings of $0.06 per share in the same quarter last year, which would indicate a negative year over year growth rate of 733.3%. The business is expected to report its next earnings report after the market closes on Monday, October 28th.

According to Zacks, analysts expect that Transocean will report full year earnings of ($1.22) per share for the current fiscal year, with EPS estimates ranging from ($1.36) to ($0.94). For the next year, analysts expect that the firm will report earnings of ($0.80) per share, with EPS estimates ranging from ($1.15) to ($0.38). Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that cover Transocean.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, July 29th. The offshore drilling services provider reported ($0.34) earnings per share for the quarter, hitting 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 company had revenue of $758.00 million during the quarter, compared to analyst estimates of $765.81 million. During the same period in the prior year, the business posted ($0.04) earnings per share. The firm’s revenue for the quarter was down 4.1% compared to the same quarter last year.

A number of analysts recently weighed in on RIG shares. Morgan Stanley decreased their price target on shares of Transocean from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Monday. Piper Jaffray Companies set a $8.00 target price on shares of Transocean and gave the company a “hold” rating in a research note on Wednesday, July 31st. HSBC set a $12.00 target price on shares of Transocean and gave the company a “buy” rating in a research note on Monday, July 15th. Royal Bank of Canada downgraded shares of Transocean from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $17.00 to $9.00 in a research report on Wednesday, September 25th. Finally, ValuEngine raised shares of Transocean from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $10.54.

In other news, Director Chad C. Deaton bought 25,000 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was purchased at an average price of $5.29 per share, for a total transaction of $132,250.00. Following the transaction, the director now owns 24,800 shares in the company, valued at $131,192. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders acquired 32,500 shares of company stock valued at $162,915. 11.05% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the company. Steward Partners Investment Advisory LLC bought a new position in shares of Transocean in the second quarter valued at approximately $35,000. Meeder Asset Management Inc. lifted its position in Transocean by 535.2% in the 2nd quarter. Meeder Asset Management Inc. now owns 8,962 shares of the offshore drilling services provider’s stock worth $57,000 after buying an additional 7,551 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in Transocean in the 2nd quarter worth approximately $64,000. National Asset Management Inc. acquired a new position in shares of Transocean during the 2nd quarter worth $71,000. Finally, Wedbush Securities Inc. acquired a new position in shares of Transocean during the 2nd quarter worth $74,000. Institutional investors and hedge funds own 70.84% of the company’s stock.

Shares of Transocean stock opened at $4.12 on Thursday. Transocean has a 1 year low of $3.76 and a 1 year high of $14.17. The business has a 50 day moving average price of $4.88 and a 200 day moving average price of $6.36. The company has a market capitalization of $2.55 billion, a P/E ratio of -5.22 and a beta of 1.81. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.88 and a quick ratio of 2.55.

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.

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