Transocean LTD (NYSE:RIG) – Analysts at Capital One Financial dropped their Q3 2019 earnings per share estimates for shares of Transocean in a research note issued to investors on Wednesday, October 31st. Capital One Financial analyst L. Lemoine now anticipates that the offshore drilling services provider will earn $0.00 per share for the quarter, down from their prior estimate of $0.04. Capital One Financial also issued estimates for Transocean’s Q4 2019 earnings at $0.02 EPS.
Transocean (NYSE:RIG) last issued its quarterly earnings results on Monday, October 29th. The offshore drilling services provider reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16. Transocean had a negative net margin of 64.33% and a negative return on equity of 2.31%. The business had revenue of $816.00 million for the quarter, compared to analyst estimates of $779.19 million. During the same period in the previous year, the business posted $0.16 earnings per share. The business’s revenue was up 1.0% compared to the same quarter last year.
Other research analysts have also issued reports about the stock. BMO Capital Markets reiterated a “sell” rating and set a $8.00 price target on shares of Transocean in a research note on Friday, August 10th. ValuEngine lowered shares of Transocean from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Piper Jaffray Companies reiterated a “hold” rating and set a $13.20 price target on shares of Transocean in a research note on Wednesday, August 1st. Tudor Pickering upgraded shares of Transocean from a “hold” rating to a “buy” rating in a research note on Thursday, July 12th. Finally, Barclays boosted their price target on shares of Transocean from $7.00 to $8.00 and gave the stock an “underweight” rating in a research note on Thursday, August 9th. Three analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $13.79.
Shares of Transocean stock traded down $0.04 on Friday, reaching $10.97. 244,333 shares of the stock were exchanged, compared to its average volume of 14,724,008. Transocean has a 1-year low of $8.70 and a 1-year high of $14.47. The company has a quick ratio of 1.35, a current ratio of 3.07 and a debt-to-equity ratio of 0.75. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of -183.33 and a beta of 1.48.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Stratos Wealth Partners LTD. purchased a new stake in shares of Transocean in the third quarter valued at about $105,000. Private Advisor Group LLC lifted its holdings in shares of Transocean by 34.8% in the third quarter. Private Advisor Group LLC now owns 22,729 shares of the offshore drilling services provider’s stock valued at $317,000 after purchasing an additional 5,870 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Transocean in the third quarter valued at about $3,519,000. Victory Capital Management Inc. lifted its holdings in shares of Transocean by 14.7% in the third quarter. Victory Capital Management Inc. now owns 804,161 shares of the offshore drilling services provider’s stock valued at $11,218,000 after purchasing an additional 103,241 shares in the last quarter. Finally, Wedge Capital Management L L P NC lifted its holdings in shares of Transocean by 4.4% in the third quarter. Wedge Capital Management L L P NC now owns 1,492,905 shares of the offshore drilling services provider’s stock valued at $20,826,000 after purchasing an additional 62,528 shares in the last quarter. 70.99% of the stock is currently owned by institutional investors.
In related news, Director Vincent J. Intrieri bought 10,000 shares of the stock in a transaction on Thursday, August 16th. The shares were bought at an average cost of $10.62 per share, for a total transaction of $106,200.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at approximately $106,200. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.33% of the company’s stock.
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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