Transocean (NYSE:RIG) Announces Quarterly Earnings Results

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

Transocean Stock Down 3.2 %

Shares of RIG stock traded down $0.12 on Wednesday, reaching $3.44. 8,165,276 shares of the company’s stock traded hands, compared to its average volume of 25,888,898. Transocean has a 12-month low of $3.38 and a 12-month high of $6.88. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64. The company has a market capitalization of $3.01 billion, a P/E ratio of -4.59, a price-to-earnings-growth ratio of 0.85 and a beta of 2.70. The business’s 50 day moving average price is $3.82 and its two-hundred day moving average price is $4.23.

Insider Activity

In other news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction on Friday, January 10th. The stock was sold at an average price of $4.05, for a total transaction of $89,100.00. Following the transaction, the executive vice president now owns 229,596 shares in the company, valued at approximately $929,863.80. The trade was a 8.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 13.16% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RIG shares. StockNews.com upgraded Transocean to a “sell” rating in a report on Tuesday, November 12th. TD Cowen decreased their target price on Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research report on Wednesday, January 8th. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price for the company in a research report on Wednesday, December 18th. Susquehanna reduced their price objective on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research report on Friday, November 1st. Finally, 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. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Transocean presently has a consensus rating of “Hold” and an average price target of $5.94.

About Transocean

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.