Equities analysts expect Transocean LTD (NYSE:RIG) to announce $673.08 million in sales for the current quarter, Zacks reports. Six analysts have made estimates for Transocean’s earnings, with the highest sales estimate coming in at $725.00 million and the lowest estimate coming in at $601.30 million. Transocean reported sales of $785.00 million during the same quarter last year, which indicates a negative year-over-year growth rate of 14.3%. The firm is expected to issue its next quarterly earnings report on Wednesday, May 2nd.
On average, analysts expect that Transocean will report full-year sales of $673.08 million for the current financial year, with estimates ranging from $2.79 billion to $3.06 billion. For the next year, analysts expect that the firm will report sales of $2.84 billion per share, with estimates ranging from $2.72 billion to $3.11 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that follow Transocean.
Transocean (NYSE:RIG) last released its quarterly earnings results on Tuesday, February 20th. The offshore drilling services provider reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($0.03). Transocean had a negative return on equity of 0.17% and a negative net margin of 105.18%. The company had revenue of $629.00 million during the quarter, compared to the consensus estimate of $619.66 million. During the same period in the previous year, the company earned $0.69 earnings per share. Transocean’s quarterly revenue was down 35.4% on a year-over-year basis.
A number of equities analysts recently issued reports on RIG shares. Jefferies Group raised shares of Transocean from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research note on Thursday, January 4th. HSBC raised shares of Transocean from a “hold” rating to a “buy” rating and set a $11.50 target price for the company in a research note on Wednesday. Royal Bank of Canada set a $11.00 target price on shares of Transocean and gave the company a “hold” rating in a research note on Thursday, December 21st. Susquehanna Bancshares set a $11.00 target price on shares of Transocean and gave the company a “hold” rating in a research note on Friday, January 12th. Finally, ValuEngine downgraded shares of Transocean from a “hold” rating to a “sell” rating in a research note on Sunday, December 31st. Nine investment analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $11.64.
In related news, SVP David A. Tonnel sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $9.39, for a total value of $84,510.00. Following the sale, the senior vice president now owns 75,349 shares in the company, valued at $707,527.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederik Wilhelm Mohn bought 2,000,000 shares of the company’s stock in a transaction that occurred on Friday, March 2nd. The stock was bought at an average price of $9.29 per share, for a total transaction of $18,580,000.00. The disclosure for this purchase can be found here. 0.33% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in Transocean by 1.3% in the fourth quarter. BlackRock Inc. now owns 35,420,454 shares of the offshore drilling services provider’s stock worth $378,292,000 after purchasing an additional 467,613 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Transocean by 1.1% in the third quarter. Dimensional Fund Advisors LP now owns 12,729,364 shares of the offshore drilling services provider’s stock worth $136,965,000 after purchasing an additional 135,470 shares during the last quarter. Two Sigma Advisers LP boosted its holdings in Transocean by 8.8% in the fourth quarter. Two Sigma Advisers LP now owns 6,269,203 shares of the offshore drilling services provider’s stock worth $66,955,000 after purchasing an additional 505,350 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Transocean by 28.5% in the fourth quarter. Renaissance Technologies LLC now owns 5,771,600 shares of the offshore drilling services provider’s stock worth $61,641,000 after purchasing an additional 1,278,900 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Transocean by 28.7% in the third quarter. Bank of New York Mellon Corp now owns 4,580,112 shares of the offshore drilling services provider’s stock worth $49,282,000 after purchasing an additional 1,022,621 shares during the last quarter. Institutional investors own 63.87% of the company’s stock.
RIG stock traded down $0.26 during trading on Tuesday, reaching $9.72. The company had a trading volume of 12,565,927 shares, compared to its average volume of 12,636,457. Transocean has a 52 week low of $7.20 and a 52 week high of $12.82. The company has a market cap of $4,460.65, a P/E ratio of -162.00 and a beta of 1.51. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.36 and a quick ratio of 3.06.
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Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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