Equities Analysts Set Expectations for Transocean Ltd.’s Q2 2017 Earnings (RIG)
Transocean Ltd. (NYSE:RIG) – Investment analysts at Capital One Financial Corporation cut their Q2 2017 earnings per share estimates for Transocean in a research note issued on Tuesday. Capital One Financial Corporation analyst J. Gibney now anticipates that the offshore drilling services provider will earn ($0.12) per share for the quarter, down from their previous estimate of ($0.09). Capital One Financial Corporation also issued estimates for Transocean’s Q3 2017 earnings at ($0.11) EPS, Q4 2017 earnings at ($0.21) EPS, FY2017 earnings at ($0.42) EPS and FY2018 earnings at ($1.20) EPS.
Transocean (NYSE:RIG) last issued its earnings results on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.09. The firm had revenue of $785 million for the quarter, compared to analyst estimates of $737.51 million. Transocean had a return on equity of 2.57% and a net margin of 17.28%. TRADEMARK VIOLATION NOTICE: This piece was originally published by American Banking News and is the sole property of of American Banking News. If you are accessing this piece on another publication, it was illegally stolen and republished in violation of U.S. & international copyright & trademark legislation. The correct version of this piece can be viewed at https://www.americanbankingnews.com/2017/06/29/equities-analysts-set-expectations-for-transocean-ltd-s-q2-2017-earnings-rig.html.
A number of other research analysts also recently issued reports on the company. R. F. Lafferty dropped their price target on Transocean from $21.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, May 8th. Royal Bank Of Canada restated a “sell” rating and set a $13.00 price target on shares of Transocean in a research note on Monday, May 15th. Tudor Pickering started coverage on Transocean in a research note on Thursday, March 23rd. They set a “hold” rating on the stock. Odeon Capital Group LLC started coverage on Transocean in a research note on Wednesday, May 17th. They set a “sell” rating and a $8.00 price target on the stock. Finally, B. Riley dropped their price target on Transocean from $21.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, May 9th. Sixteen equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the stock. Transocean currently has an average rating of “Hold” and an average price target of $13.06.
Shares of Transocean (NYSE:RIG) opened at 8.20 on Thursday. The company has a 50-day moving average price of $9.79 and a 200-day moving average price of $12.59. Transocean has a 12 month low of $8.02 and a 12 month high of $16.66. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of 4.93 and a beta of 1.70.
Several institutional investors have recently added to or reduced their stakes in RIG. Federated Investors Inc. PA bought a new position in Transocean during the fourth quarter worth $101,000. FNY Partners Fund LP bought a new position in Transocean during the first quarter worth $108,000. WFG Advisors LP boosted its position in Transocean by 40.7% in the first quarter. WFG Advisors LP now owns 8,856 shares of the offshore drilling services provider’s stock worth $110,000 after buying an additional 2,562 shares during the period. Ameritas Investment Partners Inc. bought a new position in Transocean during the first quarter worth $116,000. Finally, Ronald Blue & Co. LLC bought a new position in Transocean during the first quarter worth $125,000. 68.16% of the stock is owned by institutional investors.
In other news, SVP David A. Tonnel sold 9,450 shares of the business’s stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $11.28, for a total value of $106,596.00. Following the completion of the transaction, the senior vice president now directly owns 54,845 shares of the company’s stock, valued at $618,651.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.33% of the company’s stock.
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 on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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