Transocean (NYSE:RIG) Announces Earnings Results

Transocean (NYSE:RIG) posted its quarterly earnings results on Monday. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11), Zacks reports. Transocean had a negative net margin of 18.81% and a negative return on equity of 1.48%. The business had revenue of $952.00 million during the quarter, compared to analyst estimates of $962.28 million.

Transocean Stock Down 0.1 %

Transocean stock traded down $0.00 during trading on Wednesday, reaching $3.55. 3,093,434 shares of the company’s stock were exchanged, compared to its average volume of 25,704,400. The company’s 50-day moving average is $3.82 and its two-hundred day moving average is $4.23. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64. Transocean has a 52-week low of $3.38 and a 52-week high of $6.88. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of -4.78, a PEG ratio of 0.85 and a beta of 2.70.

Insider Buying and Selling at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total value of $84,700.00. Following the completion of the transaction, the executive vice president now directly owns 313,072 shares of the company’s stock, valued at $1,205,327.20. This represents a 6.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 13.16% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on RIG. Susquehanna lowered their price objective on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a report on Friday, November 1st. Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target on the stock in a research note on Wednesday, December 18th. JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective for the company in a research report on Friday, December 6th. Benchmark restated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Finally, Evercore ISI downgraded Transocean from an “outperform” rating to an “in-line” rating and cut their price objective for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Transocean presently has a consensus rating of “Hold” and an average target price of $5.94.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.