Transocean LTD (NYSE:RIG) – Stock analysts at Capital One Financial raised their Q3 2018 earnings estimates for shares of Transocean in a report issued on Monday. Capital One Financial analyst J. Gibney now anticipates that the offshore drilling services provider will post earnings of ($0.03) per share for the quarter, up from their previous forecast of ($0.07). Capital One Financial also issued estimates for Transocean’s Q4 2018 earnings at ($0.18) EPS and FY2018 earnings at ($0.37) EPS.
A number of other research analysts have also commented on RIG. ValuEngine upgraded shares of Transocean from a “hold” rating to a “buy” rating in a research note on Thursday, November 2nd. Jefferies Group increased their target price on Transocean from $10.50 to $11.00 and gave the stock a “hold” rating in a research note on Friday, November 3rd. TheStreet lowered Transocean from a “c-” rating to a “d” rating in a research note on Friday, November 3rd. Royal Bank of Canada set a $11.00 target price on Transocean and gave the stock a “hold” rating in a research note on Sunday, November 12th. Finally, Piper Jaffray Companies set a $11.00 price target on Transocean and gave the company a “hold” rating in a research note on Wednesday, January 10th. Nine equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $12.12.
Transocean (NYSE:RIG) last posted its quarterly earnings data on Tuesday, February 20th. The offshore drilling services provider reported ($0.24) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($0.03). Transocean had a negative net margin of 105.18% and a negative return on equity of 0.17%. The company had revenue of $629.00 million for the quarter, compared to analyst estimates of $619.66 million. During the same quarter in the prior year, the business earned $0.69 EPS. Transocean’s revenue was down 35.4% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently modified their holdings of RIG. FMR LLC lifted its holdings in shares of Transocean by 11.2% during the second quarter. FMR LLC now owns 242,096 shares of the offshore drilling services provider’s stock worth $1,992,000 after purchasing an additional 24,420 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in Transocean by 0.5% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 49,298 shares of the offshore drilling services provider’s stock valued at $406,000 after acquiring an additional 226 shares during the period. State Treasurer State of Michigan lifted its holdings in Transocean by 15.1% in the third quarter. State Treasurer State of Michigan now owns 147,100 shares of the offshore drilling services provider’s stock valued at $1,583,000 after acquiring an additional 19,252 shares during the period. Nationwide Fund Advisors lifted its holdings in Transocean by 61.3% in the third quarter. Nationwide Fund Advisors now owns 955,007 shares of the offshore drilling services provider’s stock valued at $10,276,000 after acquiring an additional 362,890 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Transocean by 29.8% in the third quarter. First Trust Advisors LP now owns 1,613,054 shares of the offshore drilling services provider’s stock valued at $17,356,000 after acquiring an additional 370,203 shares during the period. 62.76% of the stock is owned by institutional investors and hedge funds.
In other Transocean news, SVP David A. Tonnel sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $9.39, for a total value of $84,510.00. Following the completion of the sale, the senior vice president now owns 75,349 shares of the company’s stock, valued at $707,527.11. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.33% of the stock is currently owned by company insiders.
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Transocean Company Profile
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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