-$0.29 Earnings Per Share Expected for Transocean LTD (NYSE:RIG) This Quarter

Wall Street brokerages predict that Transocean LTD (NYSE:RIG) will post ($0.29) earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Transocean’s earnings, with the lowest EPS estimate coming in at ($0.43) and the highest estimate coming in at $0.10. Transocean reported earnings of $0.06 per share in the same quarter last year, which would indicate a negative year over year growth rate of 583.3%. The company is expected to announce its next earnings results on Monday, November 4th.

According to Zacks, analysts expect that Transocean will report full year earnings of ($1.02) per share for the current financial year, with EPS estimates ranging from ($1.36) to ($0.10). For the next year, analysts expect that the company will report earnings of ($0.52) per share, with EPS estimates ranging from ($1.15) to $0.60. Zacks’ earnings per share averages are a mean average based on a survey of sell-side analysts that that provide coverage for Transocean.

Transocean (NYSE:RIG) last released its earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.34). Transocean had a negative return on equity of 4.18% and a negative net margin of 33.49%. The firm had revenue of $758.00 million for the quarter, compared to the consensus estimate 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.

Several research firms recently weighed in on RIG. Piper Jaffray Companies set a $8.00 target price on Transocean and gave the stock a “hold” rating in a research report on Wednesday, July 31st. ValuEngine upgraded Transocean from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Bank of America began coverage on Transocean in a report on Monday, June 10th. They issued a “neutral” rating and a $6.50 price objective on the stock. Citigroup cut their price objective on Transocean from $6.70 to $4.90 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Finally, Morgan Stanley set a $10.00 price objective on Transocean and gave the stock a “buy” rating in a report on Monday, July 15th. Three analysts have rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. Transocean has a consensus rating of “Hold” and an average target price of $12.29.

In other news, Director Vanessa C. L. Chang acquired 4,300 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were bought at an average cost of $5.92 per share, for a total transaction of $25,456.00. Following the acquisition, the director now directly owns 14,000 shares in the company, valued at approximately $82,880. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Chad C. Deaton acquired 25,000 shares of the business’s stock in a transaction dated 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 completion of the acquisition, the director now owns 24,800 shares in the company, valued at $131,192. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 134,849 shares of company stock worth $810,982. Company insiders own 11.05% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Transocean by 4.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,155 shares of the offshore drilling services provider’s stock valued at $533,000 after buying an additional 2,653 shares in the last quarter. Integrated Investment Consultants LLC acquired a new stake in shares of Transocean in the first quarter valued at about $96,000. Tech Square Trading LP acquired a new stake in shares of Transocean in the first quarter valued at about $126,000. SG Americas Securities LLC grew its stake in shares of Transocean by 102.5% in the first quarter. SG Americas Securities LLC now owns 197,344 shares of the offshore drilling services provider’s stock valued at $1,719,000 after buying an additional 99,868 shares in the last quarter. Finally, BlackRock Inc. grew its stake in shares of Transocean by 1.7% in the first quarter. BlackRock Inc. now owns 47,148,891 shares of the offshore drilling services provider’s stock valued at $410,666,000 after buying an additional 785,189 shares in the last quarter. Institutional investors and hedge funds own 69.47% of the company’s stock.

NYSE RIG traded down $0.29 during trading hours on Friday, hitting $4.25. 21,303,697 shares of the company’s stock were exchanged, compared to its average volume of 25,481,730. The business’s 50 day moving average is $5.33 and its 200-day moving average is $7.22. Transocean has a 12-month low of $3.76 and a 12-month high of $14.47. The firm has a market capitalization of $2.78 billion, a P/E ratio of -5.38 and a beta of 1.75. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.55 and a current ratio of 2.88.

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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