Transocean Ltd. (NYSE:RIG) – Investment analysts at Seaport Global Securities dropped their FY2016 earnings estimates for shares of Transocean in a report released on Tuesday. Seaport Global Securities analyst M. Brown now expects that the brokerage will earn $1.05 per share for the year, down from their prior forecast of $1.07. Seaport Global Securities has a “Sell” rating and a $10.00 price objective on the stock. Seaport Global Securities also issued estimates for Transocean’s Q4 2016 earnings at $0.09 EPS, Q1 2017 earnings at ($0.05) EPS, Q2 2017 earnings at ($0.01) EPS, Q3 2017 earnings at ($0.13) EPS, Q4 2017 earnings at ($0.19) EPS, FY2017 earnings at ($0.39) EPS, Q1 2018 earnings at ($0.12) EPS, Q2 2018 earnings at ($0.12) EPS, Q3 2018 earnings at ($0.12) EPS and FY2018 earnings at ($0.52) EPS.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.18. The firm earned $943 million during the quarter. Transocean had a return on equity of 8.46% and a net margin of 21.91%. The business’s revenue for the quarter was down 49.9% compared to the same quarter last year. During the same period last year, the company earned $1.11 earnings per share.

A number of other research firms also recently commented on RIG. Zacks Investment Research upgraded Transocean from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Tuesday, July 5th. Wells Fargo & Co. upgraded Transocean from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $12.15 to $12.22 in a report on Monday, July 18th. Credit Suisse Group AG restated a “sell” rating on shares of Transocean in a report on Saturday, July 9th. Canaccord Genuity downgraded Transocean from a “hold” rating to a “sell” rating and set a $8.50 price objective on the stock. in a report on Friday, July 8th. Finally, Jefferies Group restated a “hold” rating on shares of Transocean in a report on Sunday, July 10th. Ten research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the stock. Transocean has a consensus rating of “Hold” and a consensus price target of $10.34.

Transocean (NYSE:RIG) opened at 10.07 on Thursday. Transocean has a one year low of $7.67 and a one year high of $17.19. The firm has a market capitalization of $3.68 billion, a P/E ratio of 2.94 and a beta of 1.91. The company has a 50-day moving average price of $9.80 and a 200-day moving average price of $10.33.

A number of hedge funds have recently made changes to their positions in RIG. Vanguard Group Inc. increased its stake in Transocean by 17.5% in the second quarter. Vanguard Group Inc. now owns 35,169,159 shares of the offshore drilling services provider’s stock worth $418,160,000 after buying an additional 5,238,910 shares in the last quarter. State Street Corp increased 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 worth $145,896,000 after buying an additional 3,301,654 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Transocean by 50.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 9,647,477 shares of the offshore drilling services provider’s stock worth $114,708,000 after buying an additional 3,225,526 shares in the last quarter. BlackRock Fund Advisors increased its stake in Transocean by 90.5% in the second quarter. BlackRock Fund Advisors now owns 6,347,616 shares of the offshore drilling services provider’s stock worth $75,473,000 after buying an additional 3,014,899 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in 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 worth $30,708,000 after buying an additional 2,492,549 shares in the last quarter. 71.55% of the stock is currently owned by hedge funds and other institutional investors.

About Transocean

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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