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

Transocean (NYSE:RIG) posted its quarterly earnings results on Monday. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11), Zacks reports. The company had revenue of $952.00 million for the quarter, compared to analyst estimates of $962.28 million. Transocean had a negative net margin of 18.81% and a negative return on equity of 1.48%.

Transocean Price Performance

RIG stock traded down $0.07 on Wednesday, hitting $3.49. 7,281,660 shares of the company’s stock traded hands, compared to its average volume of 25,814,695. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of -4.65, a P/E/G ratio of 0.85 and a beta of 2.70. Transocean has a 1-year low of $3.38 and a 1-year high of $6.88. The company has a current ratio of 1.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.64. The stock has a fifty day moving average of $3.82 and a 200-day moving average of $4.23.

Analysts Set New Price Targets

A number of analysts recently commented on RIG shares. Susquehanna dropped their price objective on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research report on Friday, November 1st. Evercore ISI downgraded Transocean from an “outperform” rating to an “in-line” rating and lowered their price target for the company from $6.00 to $5.00 in a research report on Wednesday, January 15th. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price on the stock in a research note on Wednesday, December 18th. TD Cowen lowered their price objective on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. upgraded 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. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.94.

Insider Transactions at Transocean

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $4.05, for a total value of $89,100.00. Following the completion of the sale, the executive vice president now owns 229,596 shares in the company, valued at approximately $929,863.80. This represents a 8.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.16% of the stock is owned by 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.