Transocean Ltd. (NYSE:RIG) issued its earnings results on Wednesday. The offshore drilling services provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.20, Briefing.com reports. The company had revenue of $808.00 million for the quarter, compared to the consensus estimate of $703.13 million. Transocean had a positive return on equity of 2.20% and a negative net margin of 33.52%. The firm’s quarterly revenue was down 10.8% on a year-over-year basis. During the same quarter last year, the company earned $0.25 EPS.
In other news, CAO Howard E. Davis purchased 40,000 shares of the stock in a transaction dated Thursday, August 17th. The stock was acquired at an average cost of $7.32 per share, for a total transaction of $292,800.00. Following the completion of the transaction, the chief accounting officer now directly owns 21,793 shares in the company, valued at approximately $159,524.76. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.33% of the company’s stock.
Several analysts recently issued reports on the company. Jefferies Group LLC set a $9.00 target price on Transocean and gave the company a “hold” rating in a research note on Wednesday, August 16th. Nomura decreased their target price on Transocean from $8.00 to $7.00 and set a “reduce” rating on the stock in a research note on Thursday, August 17th. ValuEngine raised Transocean from a “hold” rating to a “buy” rating in a research note on Thursday, August 17th. Pareto Securities raised Transocean from a “hold” rating to a “buy” rating in a research note on Friday, August 18th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $11.00 target price on shares of Transocean in a research note on Friday, September 1st. Ten equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $12.18.
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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