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

Transocean (NYSE:RIG) announced 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. Transocean had a negative net margin of 18.81% and a negative return on equity of 1.48%. The company had revenue of $952.00 million during the quarter, compared to analysts’ expectations of $962.28 million.

Transocean Price Performance

Shares of RIG stock traded down $0.00 during trading hours on Wednesday, reaching $3.55. The company had a trading volume of 3,093,434 shares, compared to its average volume of 25,704,400. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of -4.78, a PEG ratio of 0.85 and a beta of 2.70. Transocean has a 12-month low of $3.38 and a 12-month high of $6.88. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64. The stock has a fifty day moving average of $3.82 and a 200-day moving average of $4.23.

Analyst Ratings Changes

RIG has been the topic of a number of analyst reports. TD Cowen cut their price target on Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a report on Wednesday, January 8th. Barclays upgraded 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. Benchmark restated a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. Evercore ISI cut Transocean from an “outperform” rating to an “in-line” rating and lowered their price target for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. Finally, StockNews.com raised Transocean to a “sell” rating in a research report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Transocean currently has an average rating of “Hold” and an average target price of $5.94.

Insider Buying and Selling

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 313,072 shares in the company, valued at approximately $1,205,327.20. This represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 13.16% of the stock is currently owned by company insiders.

About Transocean

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.