Transocean Ltd. (RIG) Expected to Earn Q1 2017 Earnings of ($0.07) Per Share
Transocean Ltd. (NYSE:RIG) – Research analysts at Capital One Financial Corp. reduced their Q1 2017 earnings per share estimates for shares of Transocean in a report issued on Monday. Capital One Financial Corp. analyst L. Lemoine now forecasts that the brokerage will earn ($0.07) per share for the quarter, down from their prior forecast of ($0.06). Capital One Financial Corp. also issued estimates for Transocean’s Q3 2017 earnings at ($0.25) EPS, Q4 2017 earnings at ($0.33) EPS, FY2017 earnings at ($0.72) EPS and FY2018 earnings at ($0.23) EPS.
Several other brokerages have also recently issued reports on RIG. Canaccord Genuity raised shares of Transocean from a “sell” rating to a “hold” rating in a research note on Thursday, September 15th. Clarkson Capital reaffirmed a “neutral” rating and issued a $12.00 price objective on shares of Transocean in a research note on Thursday, August 4th. Goldman Sachs Group Inc. reaffirmed a “sell” rating on shares of Transocean in a research note on Friday, September 23rd. Vetr reaffirmed a “buy” rating and issued a $10.74 price objective on shares of Transocean in a research note on Thursday, August 18th. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $10.00 price objective (down previously from $11.00) on shares of Transocean in a research note on Tuesday, August 16th. Ten investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $10.34.
Transocean (NYSE:RIG) traded up 6.355% during midday trading on Wednesday, hitting $10.125. 11,420,667 shares of the stock traded hands. The firm has a market cap of $3.70 billion, a P/E ratio of 2.953 and a beta of 1.91. Transocean has a 1-year low of $7.67 and a 1-year high of $17.19. The company has a 50-day moving average price of $9.80 and a 200-day moving average price of $10.33.
Transocean (NYSE:RIG) last released its quarterly earnings data on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.18. Transocean had a net margin of 21.91% and a return on equity of 8.46%. The company earned $943 million during the quarter. During the same period in the previous year, the company earned $1.11 EPS. Transocean’s revenue was down 49.9% on a year-over-year basis.
Several large investors have recently bought and sold shares of RIG. State Street Corp raised its stake in Transocean by 26.1% in the first quarter. State Street Corp now owns 15,962,503 shares of the offshore drilling services provider’s stock valued at $145,896,000 after buying an additional 3,301,654 shares during the last quarter. Stoneridge Investment Partners LLC bought a new position in shares of Transocean during the second quarter valued at about $4,498,000. Janney Montgomery Scott LLC increased its position in shares of Transocean by 6.3% in the second quarter. Janney Montgomery Scott LLC now owns 63,587 shares of the offshore drilling services provider’s stock valued at $787,000 after buying an additional 3,752 shares during the period. Renaissance Technologies LLC increased its position in shares of Transocean by 287.4% in the first quarter. Renaissance Technologies LLC now owns 3,359,749 shares of the offshore drilling services provider’s stock valued at $30,708,000 after buying an additional 2,492,549 shares during the period. Finally, Mount Lucas Management LP bought a new position in shares of Transocean during the first quarter valued at about $9,701,000. 71.55% of the stock is currently owned by institutional investors and hedge funds.
Transocean Company Profile
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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.
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