Brokerages Expect Transocean LTD (NYSE:RIG) Will Post Quarterly Sales of $766.24 Million

Brokerages expect Transocean LTD (NYSE:RIG) to report $766.24 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Transocean’s earnings. The highest sales estimate is $781.93 million and the lowest is $740.00 million. Transocean posted sales of $758.00 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.1%. The company is scheduled to announce its next quarterly earnings results on Monday, August 3rd.

According to Zacks, analysts expect that Transocean will report full-year sales of $3.00 billion for the current fiscal year, with estimates ranging from $2.85 billion to $3.15 billion. For the next fiscal year, analysts forecast that the company will post sales of $2.78 billion, with estimates ranging from $2.61 billion to $3.07 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Transocean.

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

Several brokerages have weighed in on RIG. Morgan Stanley dropped their target price on Transocean from $7.50 to $2.00 and set an “overweight” rating on the stock in a research report on Monday, March 16th. Bank of America lowered Transocean from a “neutral” rating to an “underperform” rating in a report on Monday, March 9th. Citigroup lowered their price objective on Transocean from $8.00 to $1.25 and set a “neutral” rating on the stock in a report on Monday, March 23rd. Clarkson Capital lowered Transocean from a “buy” rating to a “neutral” rating and set a $2.40 price objective on the stock. in a report on Monday, June 15th. Finally, Credit Suisse Group lowered their price objective on Transocean from $2.00 to $1.75 and set a “neutral” rating on the stock in a report on Friday, May 1st. Seven analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $4.43.

RIG stock traded down $0.15 during mid-day trading on Friday, hitting $1.78. The stock had a trading volume of 62,559,290 shares, compared to its average volume of 39,531,848. The company has a current ratio of 2.06, a quick ratio of 1.78 and a debt-to-equity ratio of 0.75. Transocean has a 1-year low of $0.76 and a 1-year high of $7.28. The company has a fifty day moving average of $1.79 and a 200 day moving average of $3.23. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of -0.74 and a beta of 2.41.

Hedge funds have recently made changes to their positions in the business. National Asset Management Inc. bought a new stake in shares of Transocean in the 1st quarter worth approximately $26,000. Marathon Trading Investment Management LLC bought a new position in shares of Transocean during the 1st quarter worth approximately $27,000. Sheaff Brock Investment Advisors LLC lifted its position in shares of Transocean by 72.4% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 26,200 shares of the offshore drilling services provider’s stock worth $30,000 after buying an additional 11,000 shares during the period. Private Advisor Group LLC lifted its position in shares of Transocean by 103.0% during the 1st quarter. Private Advisor Group LLC now owns 26,816 shares of the offshore drilling services provider’s stock worth $31,000 after buying an additional 13,604 shares during the period. Finally, Orion Portfolio Solutions LLC bought a new position in shares of Transocean during the 4th quarter worth approximately $33,000. Institutional investors own 69.71% of the company’s stock.

About Transocean

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.

Featured Article: Support Level

Get a free copy of the Zacks research report on Transocean (RIG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Transocean (NYSE:RIG)

Receive News & Ratings for Transocean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transocean and related companies with MarketBeat.com's FREE daily email newsletter.