Transocean Ltd. (NYSE:RIG) – Stock analysts at Seaport Global Securities dropped their FY2016 earnings per share (EPS) estimates for shares of Transocean in a research report issued to clients and investors on Tuesday. Seaport Global Securities analyst M. Brown now expects that the brokerage will post earnings of $1.05 per share for the year, down from their previous 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 released its earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.18. The business had revenue of $943 million for the quarter. Transocean had a return on equity of 8.46% and a net margin of 21.91%. Transocean’s revenue was down 49.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.11 EPS.
A number of other analysts also recently weighed in on RIG. KLR Group restated a “buy” rating and issued a $19.00 price objective on shares of Transocean in a report on Wednesday, June 15th. Evercore ISI upgraded Transocean from a “sell” rating to a “hold” rating and increased their price target for the stock from $11.00 to $12.00 in a report on Wednesday, June 29th. Zacks Investment Research upgraded Transocean from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Wednesday, June 29th. Canaccord Genuity downgraded Transocean from a “hold” rating to a “sell” rating and set a $8.50 price target for the company. in a report on Friday, July 8th. Finally, Credit Suisse Group AG reiterated a “sell” rating on shares of Transocean in a report on Saturday, July 9th. Ten analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $10.34.
Transocean (NYSE:RIG) traded up 0.942% during mid-day trading on Thursday, hitting $10.175. The company had a trading volume of 6,964,963 shares. The company’s 50 day moving average price is $9.80 and its 200-day moving average price is $10.33. Transocean has a 12-month low of $7.67 and a 12-month high of $17.19. The firm has a market capitalization of $3.72 billion, a PE ratio of 2.967 and a beta of 1.91.
Hedge funds have recently bought and sold shares of the company. BNP Paribas Arbitrage SA increased its stake in Transocean by 9.3% in the third quarter. BNP Paribas Arbitrage SA now owns 396,404 shares of the offshore drilling services provider’s stock worth $4,226,000 after buying an additional 33,602 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Transocean during the second quarter worth about $165,000. Kentucky Retirement Systems bought a new stake in Transocean during the second quarter worth about $347,000. Nomura Holdings Inc. increased its stake in Transocean by 413.2% in the second quarter. Nomura Holdings Inc. now owns 193,009 shares of the offshore drilling services provider’s stock worth $2,286,000 after buying an additional 155,397 shares in the last quarter. Finally, Mason Street Advisors LLC bought a new stake in Transocean during the second quarter worth about $550,000. 71.55% of the stock is owned by institutional investors.
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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