Transocean LTD (NYSE:RIG) Expected to Post Earnings of -$0.26 Per Share

Analysts forecast that Transocean LTD (NYSE:RIG) will post earnings of ($0.26) per share for the current quarter, according to Zacks. Five analysts have made estimates for Transocean’s earnings, with estimates ranging from ($0.43) to $0.10. Transocean posted earnings per share of $0.06 during the same quarter last year, which would indicate a negative year over year growth rate of 533.3%. The company is expected to report its next quarterly earnings results on Monday, November 4th.

According to Zacks, analysts expect that Transocean will report full year earnings of ($1.00) per share for the current fiscal year, with EPS estimates ranging from ($1.36) to ($0.10). For the next fiscal year, analysts expect that the firm will post earnings of ($0.48) per share, with EPS estimates ranging from ($1.15) to $0.60. Zacks’ earnings per share averages are an average based on a survey of sell-side research analysts that cover Transocean.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.34). Transocean had a negative net margin of 33.49% and a negative return on equity of 4.18%. The firm had revenue of $758.00 million during the quarter, compared to the consensus estimate of $765.81 million. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. The company’s revenue was down 4.1% on a year-over-year basis.

Several research firms have recently weighed in on RIG. Piper Jaffray Companies set a $8.00 price target on shares of Transocean and gave the company a “hold” rating in a research note on Wednesday. ValuEngine raised shares of Transocean from a “sell” rating to a “hold” rating in a research note on Thursday. HSBC set a $12.00 price target on shares of Transocean and gave the company a “buy” rating in a research note on Monday, July 15th. Citigroup downgraded shares of Transocean from a “buy” rating to a “neutral” rating and set a $7.00 price target for the company. in a research note on Friday, June 14th. Finally, Bank of America began coverage on shares of Transocean in a research note on Monday, June 10th. They set a “neutral” rating and a $6.50 price target for the company. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $12.16.

In other Transocean news, Director Vincent J. Intrieri purchased 10,000 shares of Transocean stock in a transaction dated Tuesday, May 7th. The shares were acquired at an average cost of $7.35 per share, with a total value of $73,500.00. Following the completion of the transaction, the director now owns 19,900 shares in the company, valued at approximately $146,265. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Howard E. Davis purchased 98,049 shares of Transocean stock in a transaction dated Friday, June 28th. The shares were acquired at an average cost of $6.35 per share, for a total transaction of $622,611.15. The disclosure for this purchase can be found here. Insiders purchased 112,349 shares of company stock valued at $721,567 in the last three months. 11.05% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the company. Stifel Financial Corp grew its position in Transocean by 8.4% during the fourth quarter. Stifel Financial Corp now owns 184,347 shares of the offshore drilling services provider’s stock worth $1,278,000 after buying an additional 14,245 shares in the last quarter. Amundi Pioneer Asset Management Inc. purchased a new position in Transocean during the fourth quarter worth about $676,000. Legal & General Group Plc grew its position in Transocean by 4.7% during the fourth quarter. Legal & General Group Plc now owns 1,220,202 shares of the offshore drilling services provider’s stock worth $8,468,000 after buying an additional 54,857 shares in the last quarter. Amalgamated Bank grew its position in Transocean by 19.0% during the fourth quarter. Amalgamated Bank now owns 101,526 shares of the offshore drilling services provider’s stock worth $705,000 after buying an additional 16,236 shares in the last quarter. Finally, Nordea Investment Management AB grew its position in Transocean by 1.9% during the fourth quarter. Nordea Investment Management AB now owns 94,800 shares of the offshore drilling services provider’s stock worth $658,000 after buying an additional 1,800 shares in the last quarter. 70.92% of the stock is currently owned by institutional investors and hedge funds.

Shares of Transocean stock traded down $0.46 on Friday, hitting $5.28. 28,712,757 shares of the company traded hands, compared to its average volume of 14,810,887. The company has a 50 day moving average of $6.02. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.37 and a current ratio of 2.88. Transocean has a 52 week low of $5.16 and a 52 week high of $14.47. The stock has a market cap of $3.23 billion, a P/E ratio of -6.68 and a beta of 1.77.

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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