Capital One Financial Corporation Equities Analysts Increase Earnings Estimates for Transocean Ltd. (NYSE:RIG)
Transocean Ltd. (NYSE:RIG) – Stock analysts at Capital One Financial Corporation lifted their Q2 2017 earnings per share (EPS) estimates for shares of Transocean in a research note issued to investors on Wednesday. Capital One Financial Corporation analyst J. Gibney now expects that the offshore drilling services provider will post earnings per share of ($0.10) for the quarter, up from their prior estimate of ($0.12). Capital One Financial Corporation also issued estimates for Transocean’s Q3 2017 earnings at ($0.09) EPS, Q4 2017 earnings at ($0.14) EPS, FY2017 earnings at ($0.32) EPS and FY2018 earnings at ($1.19) EPS.
Transocean (NYSE:RIG) last posted 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. Transocean had a net margin of 17.28% and a return on equity of 2.57%. The company had revenue of $785 million for the quarter, compared to analysts’ expectations of $737.51 million.
Several other analysts have also recently commented on RIG. Jefferies Group LLC restated a “hold” rating and issued a $14.00 price target (up previously from $13.00) on shares of Transocean in a report on Tuesday, April 11th. Deutsche Bank AG lowered their price target on Transocean from $8.00 to $7.00 and set a “hold” rating for the company in a report on Tuesday, April 18th. BMO Capital Markets restated a “sell” rating and issued a $10.00 price target on shares of Transocean in a report on Tuesday, April 18th. Credit Suisse Group set a $18.00 price target on Transocean and gave the company a “buy” rating in a report on Thursday, April 20th. Finally, Royal Bank Of Canada restated an “underperform” rating and issued a $15.00 price target on shares of Transocean in a report on Tuesday, April 25th. Sixteen analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have given a buy rating to the company. Transocean has a consensus rating of “Hold” and an average target price of $12.86.
Transocean (NYSE:RIG) opened at 8.65 on Friday. Transocean has a 52-week low of $7.67 and a 52-week high of $16.66. The firm has a 50-day moving average of $8.39 and a 200-day moving average of $11.39. The firm has a market cap of $3.38 billion, a PE ratio of 5.20 and a beta of 1.67. Transocean also saw some unusual options trading on Tuesday. Traders bought 47,393 call options on the stock. This represents an increase of approximately 683% compared to the typical volume of 6,049 call options.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new position in shares of Transocean during the fourth quarter worth about $874,000. Federated Investors Inc. PA acquired a new position in shares of Transocean during the fourth quarter worth about $101,000. FMR LLC raised its position in shares of Transocean by 14.4% in the fourth quarter. FMR LLC now owns 168,393 shares of the offshore drilling services provider’s stock worth $2,482,000 after buying an additional 21,218 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Transocean by 20.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 13,470 shares of the offshore drilling services provider’s stock worth $199,000 after buying an additional 2,270 shares during the period. Finally, Quadrature Capital Ltd raised its position in shares of Transocean by 15.1% in the fourth quarter. Quadrature Capital Ltd now owns 527,955 shares of the offshore drilling services provider’s stock worth $7,779,000 after buying an additional 69,214 shares during the period. Institutional investors own 67.53% 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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