Transocean LTD (NYSE:RIG) Expected to Announce Earnings of -$0.37 Per Share

Brokerages expect Transocean LTD (NYSE:RIG) to post ($0.37) earnings per share for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Transocean’s earnings. The highest EPS estimate is ($0.28) and the lowest is ($0.44). Transocean reported earnings per share of ($0.04) in the same quarter last year, which suggests a negative year-over-year growth rate of 825%. The company is expected to issue its next quarterly earnings results on Monday, July 29th.

According to Zacks, analysts expect that Transocean will report full-year earnings of ($1.06) per share for the current financial year, with EPS estimates ranging from ($1.39) to ($0.87). For the next fiscal year, analysts expect that the business will report earnings of ($0.63) per share, with EPS estimates ranging from ($1.16) to ($0.20). Zacks’ EPS averages are an average based on a survey of research analysts that that provide coverage for Transocean.

Transocean (NYSE:RIG) last posted its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.30) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.01). Transocean had a negative net margin of 62.97% and a negative return on equity of 2.70%. The company had revenue of $754.00 million during the quarter, compared to analyst estimates of $745.43 million. During the same period in the previous year, the company earned ($0.48) EPS. The company’s quarterly revenue was up 13.6% compared to the same quarter last year.

A number of research analysts have commented on the stock. Zacks Investment Research cut shares of Transocean from a “hold” rating to a “sell” rating in a research report on Tuesday, February 26th. ValuEngine cut shares of Transocean from a “hold” rating to a “sell” rating in a research report on Wednesday, June 12th. Bank of America assumed coverage on shares of Transocean in a research report on Monday, June 10th. They issued a “neutral” rating and a $6.50 target price on the stock. Goldman Sachs Group assumed coverage on shares of Transocean in a research report on Sunday, March 10th. They issued a “buy” rating and a $11.00 target price on the stock. Finally, Citigroup cut shares of Transocean from a “buy” rating to a “neutral” rating and set a $7.00 target price on the stock. in a research report on Friday, June 14th. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $12.61.

In other news, SVP David A. Tonnel sold 16,561 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $9.25, for a total transaction of $153,189.25. Following the sale, the senior vice president now owns 111,936 shares of the company’s stock, valued at $1,035,408. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vanessa C. L. Chang purchased 4,300 shares of Transocean stock in a transaction dated Thursday, June 6th. The shares were acquired at an average cost of $5.92 per share, for a total transaction of $25,456.00. Following the transaction, the director now directly owns 14,000 shares of the company’s stock, valued at approximately $82,880. The disclosure for this purchase can be found here. 11.05% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of RIG. Icon Wealth Partners LLC purchased a new stake in shares of Transocean during the first quarter worth approximately $38,000. Nisa Investment Advisors LLC purchased a new stake in shares of Transocean during the first quarter worth approximately $44,000. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Transocean during the first quarter worth approximately $70,000. National Asset Management Inc. purchased a new stake in shares of Transocean during the fourth quarter worth approximately $71,000. Finally, Magnus Financial Group LLC purchased a new stake in shares of Transocean during the fourth quarter worth approximately $71,000. 70.18% of the stock is currently owned by institutional investors and hedge funds.

NYSE RIG traded up $0.02 during trading hours on Tuesday, reaching $6.19. The company had a trading volume of 14,709,700 shares, compared to its average volume of 14,403,562. The firm has a 50-day moving average price of $6.60. Transocean has a 1-year low of $5.28 and a 1-year high of $14.47. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.72 and a quick ratio of 2.37. The company has a market capitalization of $3.77 billion, a PE ratio of -7.84 and a beta of 1.83.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Earnings History and Estimates for Transocean (NYSE:RIG)

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