Transocean (NYSE:RIG) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Transocean (NYSE:RIG) announced its quarterly earnings data on Wednesday. The offshore drilling services provider reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02, FiscalAI reports. Transocean had a positive return on equity of 2.62% and a negative net margin of 40.24%.The company had revenue of $966.00 million during the quarter, compared to the consensus estimate of $956.64 million. During the same quarter in the prior year, the firm earned ($1.06) EPS. The company’s quarterly revenue was down 2.2% compared to the same quarter last year.

Transocean Stock Performance

Transocean stock traded up $0.20 during mid-day trading on Friday, reaching $5.37. The company had a trading volume of 17,335,993 shares, compared to its average volume of 40,149,742. The company has a quick ratio of 1.20, a current ratio of 1.54 and a debt-to-equity ratio of 0.60. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of -2.85, a PEG ratio of 3.66 and a beta of 1.32. The company has a 50 day moving average of $5.40 and a 200-day moving average of $5.91. Transocean has a 52 week low of $2.76 and a 52 week high of $7.66.

Wall Street Analysts Forecast Growth

RIG has been the subject of several research reports. Susquehanna decreased their price target on shares of Transocean from $8.00 to $7.00 and set a “positive” rating for the company in a report on Wednesday, July 8th. TD Cowen increased their price objective on Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a research note on Friday, July 17th. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $6.00 to $8.00 in a report on Thursday, May 7th. Finally, Morgan Stanley raised their price objective on shares of Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $6.82.

Insider Buying and Selling at Transocean

In other news, Director Chad C. Deaton bought 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The shares were acquired at an average cost of $4.95 per share, with a total value of $173,250.00. Following the completion of the transaction, the director directly owned 237,421 shares in the company, valued at $1,175,233.95. This represents a 17.29% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 9.70% of the company’s stock.

Institutional Trading of Transocean

A number of institutional investors and hedge funds have recently modified their holdings of RIG. Annandale Capital LLC boosted its holdings in Transocean by 17.7% in the fourth quarter. Annandale Capital LLC now owns 16,600 shares of the offshore drilling services provider’s stock valued at $69,000 after acquiring an additional 2,500 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in Transocean by 20.0% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 24,175 shares of the offshore drilling services provider’s stock valued at $75,000 after buying an additional 4,026 shares during the last quarter. J.W. Cole Advisors Inc. raised its stake in Transocean by 5.7% during the 4th quarter. J.W. Cole Advisors Inc. now owns 106,334 shares of the offshore drilling services provider’s stock valued at $435,000 after purchasing an additional 5,700 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Transocean by 12.4% during the 4th quarter. Mackenzie Financial Corp now owns 53,238 shares of the offshore drilling services provider’s stock worth $219,000 after purchasing an additional 5,877 shares in the last quarter. Finally, Cerity Partners LLC grew its holdings in shares of Transocean by 9.8% in the 2nd quarter. Cerity Partners LLC now owns 66,203 shares of the offshore drilling services provider’s stock worth $171,000 after purchasing an additional 5,888 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.

Transocean Company Profile

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.