Transocean (NYSE:RIG) Issues Earnings Results, Beats Expectations By $0.02 EPS

Transocean (NYSE:RIG - Get Free Report) posted its earnings results on Monday. The offshore drilling services provider reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.02, Zacks reports. The firm had revenue of $906.00 million during the quarter, compared to analysts' expectations of $884.92 million. Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The company's revenue was up 18.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.03) earnings per share.

Transocean Stock Up 1.3 %

NYSE RIG traded up $0.03 during trading hours on Friday, hitting $2.37. 33,054,555 shares of the company traded hands, compared to its average volume of 24,811,125. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.34 and a current ratio of 1.47. The business's 50-day moving average is $2.67 and its 200-day moving average is $3.53. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of -3.25, a P/E/G ratio of 0.86 and a beta of 2.52. Transocean has a twelve month low of $1.97 and a twelve month high of $6.38.

Analyst Upgrades and Downgrades

RIG has been the subject of a number of research reports. Barclays lowered their target price on Transocean from $4.00 to $3.50 and set an "overweight" rating for the company in a research note on Monday, April 7th. SEB Equity Research set a $2.80 price objective on shares of Transocean in a report on Wednesday, March 5th. TD Cowen reduced their target price on shares of Transocean from $6.50 to $5.50 and set a "hold" rating for the company in a research note on Wednesday, January 8th. Citigroup dropped their price target on Transocean from $4.50 to $3.50 and set a "neutral" rating on the stock in a research note on Wednesday, March 19th. Finally, Susquehanna reduced their price objective on Transocean from $5.00 to $4.00 and set a "positive" rating for the company in a research report on Monday, April 14th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $4.59.

Insiders Place Their Bets

In other news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $2.23, for a total value of $49,060.00. Following the completion of the transaction, the executive vice president now owns 362,841 shares of the company's stock, valued at $809,135.43. This trade represents a 5.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 12.27% of the company's stock.

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.