$639.10 Million in Sales Expected for Transocean Ltd. (NYSE:RIG) This Quarter


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Wall Street analysts expect that Transocean Ltd. (NYSE:RIG) will announce sales of $639.10 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Transocean’s earnings, with the lowest sales estimate coming in at $596.00 million and the highest estimate coming in at $682.20 million. Transocean reported sales of $759.00 million in the same quarter last year, which would suggest a negative year over year growth rate of 15.8%. The company is expected to announce its next quarterly earnings results on Wednesday, May 5th.

According to Zacks, analysts expect that Transocean will report full-year sales of $2.63 billion for the current financial year, with estimates ranging from $2.52 billion to $2.78 billion. For the next year, analysts anticipate that the business will report sales of $2.68 billion, with estimates ranging from $2.49 billion to $2.77 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Transocean.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Sunday, February 21st. The offshore drilling services provider reported ($0.34) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.19) by ($0.15). The business had revenue of $690.00 million during the quarter, compared to analysts’ expectations of $695.28 million. Transocean had a negative net margin of 17.85% and a negative return on equity of 4.55%. Transocean’s revenue for the quarter was down 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.43) EPS.

RIG has been the subject of a number of research analyst reports. Barclays reaffirmed an “underweight” rating and issued a $2.00 target price (up from $1.00) on shares of Transocean in a research note on Thursday, March 11th. Morgan Stanley increased their target price on shares of Transocean from $2.50 to $3.50 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Royal Bank of Canada reissued a “sell” rating and issued a $3.00 price objective on shares of Transocean in a research report on Friday, December 25th. Four analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Transocean presently has an average rating of “Hold” and a consensus target price of $2.33.

Several large investors have recently bought and sold shares of RIG. BlackRock Inc. increased its position in shares of Transocean by 8.9% during the fourth quarter. BlackRock Inc. now owns 43,406,217 shares of the offshore drilling services provider’s stock worth $100,269,000 after purchasing an additional 3,529,403 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Transocean by 16.1% during the 4th quarter. Van ECK Associates Corp now owns 14,051,217 shares of the offshore drilling services provider’s stock worth $32,458,000 after acquiring an additional 1,946,256 shares in the last quarter. Norges Bank purchased a new stake in shares of Transocean during the 4th quarter worth approximately $18,448,000. Renaissance Technologies LLC purchased a new stake in shares of Transocean during the 4th quarter worth approximately $15,211,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Transocean by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,088,197 shares of the offshore drilling services provider’s stock valued at $14,064,000 after buying an additional 237,671 shares in the last quarter. 46.56% of the stock is owned by hedge funds and other institutional investors.

Shares of Transocean stock opened at $3.42 on Friday. Transocean has a twelve month low of $0.65 and a twelve month high of $4.81. The firm has a market cap of $2.11 billion, a P/E ratio of -3.35 and a beta of 3.75. The firm’s 50-day simple moving average is $3.73 and its 200-day simple moving average is $2.51. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.75 and a current ratio of 2.05.

Transocean Company Profile

Transocean Ltd. engages in the provision of offshore contract drilling services for oil and gas wells. It also owns and operates offshore drilling fleet such as ultra-deepwater, harsh-environment, deepwater, and midwater rigs. The company was founded in 1953 and is headquartered in Steinhausen, Switzerland.

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Earnings History and Estimates for Transocean (NYSE:RIG)

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