Transocean LTD (NYSE:RIG) – Investment analysts at Capital One Financial increased their FY2018 earnings estimates for shares of Transocean in a research report issued on Wednesday, October 31st. Capital One Financial analyst L. Lemoine now anticipates that the offshore drilling services provider will post earnings of ($0.58) per share for the year, up from their prior forecast of ($0.61). Capital One Financial also issued estimates for Transocean’s Q4 2018 earnings at ($0.18) EPS, Q1 2019 earnings at ($0.05) EPS, Q2 2019 earnings at ($0.03) EPS, FY2019 earnings at ($0.06) EPS and FY2020 earnings at $0.24 EPS.
Transocean (NYSE:RIG) last issued its earnings results on Monday, October 29th. The offshore drilling services provider reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.16. Transocean had a negative return on equity of 2.31% and a negative net margin of 64.33%. The business had revenue of $816.00 million during the quarter, compared to analyst estimates of $779.19 million. During the same quarter in the previous year, the firm earned $0.16 EPS. Transocean’s revenue was up 1.0% on a year-over-year basis.
Other equities analysts have also issued research reports about the company. BMO Capital Markets reissued a “sell” rating and issued a $8.00 target price on shares of Transocean in a research report on Friday, August 10th. Piper Jaffray Companies reissued a “hold” rating and issued a $13.20 target price on shares of Transocean in a research report on Wednesday, August 1st. ValuEngine lowered Transocean from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 19th. Tudor Pickering raised Transocean from a “hold” rating to a “buy” rating in a research report on Thursday, July 12th. Finally, Barclays boosted their target price on Transocean from $7.00 to $8.00 and gave the stock an “underweight” rating in a research report on Thursday, August 9th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $13.79.
Shares of NYSE:RIG opened at $11.03 on Monday. Transocean has a fifty-two week low of $8.70 and a fifty-two week high of $14.47. The company has a quick ratio of 2.77, a current ratio of 3.07 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $5.03 billion, a price-to-earnings ratio of -183.83 and a beta of 1.60.
In other news, Director Vincent J. Intrieri purchased 10,000 shares of the business’s stock in a transaction on Thursday, August 16th. The stock was acquired at an average cost of $10.62 per share, for a total transaction of $106,200.00. Following the purchase, the director now directly owns 10,000 shares in the company, valued at approximately $106,200. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 14.09% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the business. Asia Research & Capital Management Ltd grew its stake in shares of Transocean by 0.4% during the 2nd quarter. Asia Research & Capital Management Ltd now owns 16,849,241 shares of the offshore drilling services provider’s stock valued at $226,454,000 after acquiring an additional 71,391 shares during the period. Contrarius Investment Management Ltd grew its stake in shares of Transocean by 0.5% during the 2nd quarter. Contrarius Investment Management Ltd now owns 12,631,817 shares of the offshore drilling services provider’s stock valued at $169,772,000 after acquiring an additional 64,474 shares during the period. Platinum Investment Management Ltd. grew its stake in shares of Transocean by 80.3% during the 2nd quarter. Platinum Investment Management Ltd. now owns 8,714,500 shares of the offshore drilling services provider’s stock valued at $117,123,000 after acquiring an additional 3,882,400 shares during the period. Renaissance Technologies LLC grew its stake in shares of Transocean by 17.6% during the 2nd quarter. Renaissance Technologies LLC now owns 8,022,428 shares of the offshore drilling services provider’s stock valued at $107,821,000 after acquiring an additional 1,200,528 shares during the period. Finally, Odey Asset Management Group Ltd grew its stake in shares of Transocean by 2.7% during the 2nd quarter. Odey Asset Management Group Ltd now owns 6,042,430 shares of the offshore drilling services provider’s stock valued at $81,210,000 after acquiring an additional 158,931 shares during the period. Institutional investors and hedge funds own 70.86% of the company’s stock.
Transocean Company Profile
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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