Transocean (NYSE:RIG) Releases Earnings Results, Misses Expectations By $0.11 EPS

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 net margin of 18.81% and a negative return on equity of 1.48%. The firm had revenue of $952.00 million during the quarter, compared to analysts’ expectations of $962.28 million.

Transocean Stock Down 1.8 %

Shares of RIG traded down $0.07 during mid-day trading on Wednesday, reaching $3.49. The company’s stock had a trading volume of 7,281,660 shares, compared to its average volume of 25,814,695. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.34. Transocean has a 12-month low of $3.38 and a 12-month high of $6.88. The stock has a market cap of $3.05 billion, a PE ratio of -4.65, a price-to-earnings-growth ratio of 0.85 and a beta of 2.70. The company’s 50 day moving average is $3.82 and its 200 day moving average is $4.23.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target on the stock in a research note on Friday, December 6th. Barclays upgraded shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price on the stock in a report on Wednesday, December 18th. TD Cowen dropped their price target on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research note on Wednesday, January 8th. Benchmark reiterated a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. Finally, Evercore ISI cut Transocean from an “outperform” rating to an “in-line” rating and lowered their target price for the stock from $6.00 to $5.00 in a research note on Wednesday, January 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $5.94.

Insider Buying and Selling

In other news, EVP Roderick James Mackenzie sold 22,000 shares of the business’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $3.85, for a total value of $84,700.00. Following the completion of the sale, the executive vice president now directly owns 313,072 shares of the company’s stock, valued at approximately $1,205,327.20. The trade was a 6.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 13.16% of the stock is owned by company insiders.

Transocean Company Profile

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.