Transocean (NYSE:RIG) Posts Earnings Results

Transocean (NYSE:RIG) issued its earnings results on Monday. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10), FiscalAI reports. Transocean had a negative net margin of 73.52% and a positive return on equity of 0.41%.

Transocean Price Performance

Shares of Transocean stock traded up $0.01 during trading on Monday, reaching $6.85. The company’s stock had a trading volume of 34,159,549 shares, compared to its average volume of 42,788,863. The stock has a 50-day moving average price of $6.41 and a two-hundred day moving average price of $5.09. The stock has a market capitalization of $7.58 billion, a P/E ratio of -2.17 and a beta of 1.34. The company has a current ratio of 1.56, a quick ratio of 1.27 and a debt-to-equity ratio of 0.64. Transocean has a one year low of $2.27 and a one year high of $7.14.

Insider Buying and Selling

In other Transocean news, EVP Roderick James Mackenzie sold 78,370 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $6.36, for a total value of $498,433.20. Following the completion of the sale, the executive vice president owned 268,025 shares in the company, valued at approximately $1,704,639. This trade represents a 22.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 9.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Transocean

A number of large investors have recently modified their holdings of RIG. Integrated Wealth Concepts LLC increased its holdings in shares of Transocean by 12.1% in the first quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider’s stock valued at $221,000 after purchasing an additional 7,520 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Transocean by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 434,031 shares of the offshore drilling services provider’s stock valued at $1,376,000 after buying an additional 18,957 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Transocean by 88.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock valued at $38,521,000 after buying an additional 5,719,637 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of Transocean by 5.7% in the 2nd quarter. Cetera Investment Advisers now owns 233,984 shares of the offshore drilling services provider’s stock valued at $606,000 after buying an additional 12,532 shares during the period. Finally, Invesco Ltd. raised its position in shares of Transocean by 29.2% during the second quarter. Invesco Ltd. now owns 1,032,774 shares of the offshore drilling services provider’s stock worth $2,675,000 after acquiring an additional 233,458 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RIG. BTIG Research increased their target price on shares of Transocean from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Monday, February 9th. Pareto Securities cut shares of Transocean from a “hold” rating to a “sell” rating and set a $5.25 price objective on the stock. in a research note on Tuesday, February 10th. Susquehanna raised their price objective on shares of Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a report on Tuesday, April 7th. Fearnley Fonds cut shares of Transocean from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Finally, Barclays downgraded Transocean from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $4.50 to $6.00 in a report on Wednesday, February 18th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Transocean currently has a consensus rating of “Reduce” and an average price target of $6.79.

About Transocean

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.