Transocean LTD (NYSE:RIG) Expected to Post Quarterly Sales of $766.24 Million

Equities research analysts predict that Transocean LTD (NYSE:RIG) will announce sales of $766.24 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Transocean’s earnings, with estimates ranging from $740.00 million to $781.93 million. Transocean posted sales of $758.00 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 1.1%. The business is scheduled to issue its next quarterly earnings results on Monday, August 3rd.

On average, analysts expect that Transocean will report full-year sales of $3.00 billion for the current financial year, with estimates ranging from $2.85 billion to $3.15 billion. For the next year, analysts forecast that the business will report sales of $2.78 billion, with estimates ranging from $2.61 billion to $3.07 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Transocean.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Wednesday, April 29th. The offshore drilling services provider reported ($0.30) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.01). Transocean had a negative net margin of 47.72% and a negative return on equity of 7.44%. The business had revenue of $759.00 million during the quarter, compared to analyst estimates of $791.17 million.

A number of analysts have weighed in on the company. Piper Sandler cut their price target on Transocean from $2.00 to $1.45 and set a “neutral” rating on the stock in a research note on Wednesday, April 15th. Wells Fargo & Co cut Transocean from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $8.00 to $2.00 in a research note on Friday, March 13th. R. F. Lafferty cut their price target on Transocean from $5.00 to $3.00 and set a “buy” rating on the stock in a research note on Friday, March 27th. BTIG Research cut Transocean from a “buy” rating to a “neutral” rating in a research note on Tuesday, March 31st. Finally, DNB Markets lowered Transocean from a “hold” rating to a “sell” rating in a report on Wednesday, April 29th. Seven equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company’s stock. Transocean presently has an average rating of “Hold” and an average target price of $4.43.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Contrarius Investment Management Ltd grew its holdings in shares of Transocean by 63.7% during the first quarter. Contrarius Investment Management Ltd now owns 42,752,604 shares of the offshore drilling services provider’s stock worth $49,593,000 after buying an additional 16,638,922 shares during the last quarter. State Street Corp boosted its holdings in Transocean by 7.9% in the 1st quarter. State Street Corp now owns 15,932,229 shares of the offshore drilling services provider’s stock valued at $18,481,000 after purchasing an additional 1,161,943 shares in the last quarter. Morgan Stanley boosted its holdings in Transocean by 369.6% in the 1st quarter. Morgan Stanley now owns 14,575,492 shares of the offshore drilling services provider’s stock valued at $16,908,000 after purchasing an additional 11,471,457 shares in the last quarter. Luminus Management LLC boosted its holdings in Transocean by 25.1% in the 1st quarter. Luminus Management LLC now owns 13,961,593 shares of the offshore drilling services provider’s stock valued at $16,195,000 after purchasing an additional 2,805,283 shares in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Transocean by 26.9% in the 1st quarter. Van ECK Associates Corp now owns 10,071,246 shares of the offshore drilling services provider’s stock valued at $11,683,000 after purchasing an additional 2,135,587 shares in the last quarter. 69.71% of the stock is currently owned by hedge funds and other institutional investors.

Transocean stock traded down $0.15 during midday trading on Friday, reaching $1.78. The company’s stock had a trading volume of 62,559,290 shares, compared to its average volume of 39,531,848. Transocean has a fifty-two week low of $0.76 and a fifty-two week high of $7.28. The company has a quick ratio of 1.78, a current ratio of 2.06 and a debt-to-equity ratio of 0.75. The company has a market cap of $1.19 billion, a P/E ratio of -0.74 and a beta of 2.41. The business has a 50-day simple moving average of $1.79 and a 200-day simple moving average of $3.23.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Earnings History and Estimates for Transocean (NYSE:RIG)

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