$695.54 Million in Sales Expected for Transocean Ltd. (RIG) This Quarter
Wall Street brokerages expect that Transocean Ltd. (NYSE:RIG) will report sales of $695.54 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Transocean’s earnings, with the lowest sales estimate coming in at $684.00 million and the highest estimate coming in at $717.00 million. Transocean reported sales of $903.00 million in the same quarter last year, which indicates a negative year over year growth rate of 23%. The firm is expected to announce its next quarterly earnings results on Wednesday, November 1st.
On average, analysts expect that Transocean will report full year sales of $695.54 million for the current year, with estimates ranging from $2.72 billion to $2.88 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $2.54 billion per share, with estimates ranging from $2.07 billion to $3.01 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Transocean.
Several equities analysts recently commented on RIG shares. BidaskClub raised shares of Transocean from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Morgan Stanley decreased their price objective on shares of Transocean from $13.00 to $12.00 and set an “underweight” rating for the company in a research report on Friday, June 16th. Jefferies Group LLC set a $12.00 price objective on shares of Transocean and gave the company a “hold” rating in a research report on Saturday, July 1st. Sanford C. Bernstein lowered shares of Transocean from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $16.50 to $9.00 in a research report on Thursday, July 6th. Finally, Credit Suisse Group reaffirmed a “buy” rating on shares of Transocean in a research report on Wednesday, July 19th. Ten investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fourteen have issued a buy rating to the company. Transocean presently has an average rating of “Hold” and a consensus target price of $12.21.
Transocean (NYSE RIG) traded up 2.64% on Tuesday, hitting $9.32. 16,036,779 shares of the stock traded hands. The firm has a 50-day moving average price of $8.40 and a 200-day moving average price of $9.81. Transocean has a 12 month low of $7.20 and a 12 month high of $16.66. The company’s market capitalization is $3.65 billion.
In other Transocean news, CAO Howard E. Davis bought 40,000 shares of the stock in a transaction on Thursday, August 17th. The shares were bought at an average price of $7.32 per share, with a total value of $292,800.00. Following the purchase, the chief accounting officer now directly owns 21,793 shares in the company, valued at approximately $159,524.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.33% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Prudential Financial Inc. boosted its stake in Transocean by 53.1% during the 2nd quarter. Prudential Financial Inc. now owns 2,290,673 shares of the offshore drilling services provider’s stock worth $18,853,000 after purchasing an additional 794,927 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Transocean by 6.5% during the 1st quarter. Principal Financial Group Inc. now owns 626,397 shares of the offshore drilling services provider’s stock worth $7,798,000 after purchasing an additional 38,355 shares during the last quarter. Thompson Siegel & Walmsley LLC boosted its stake in Transocean by 129.6% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 6,299,461 shares of the offshore drilling services provider’s stock worth $51,844,000 after purchasing an additional 3,556,281 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Transocean by 21.6% during the 1st quarter. Wells Fargo & Company MN now owns 481,855 shares of the offshore drilling services provider’s stock worth $6,000,000 after purchasing an additional 85,486 shares during the last quarter. Finally, WFG Advisors LP boosted its stake in Transocean by 40.7% during the 1st quarter. WFG Advisors LP now owns 8,856 shares of the offshore drilling services provider’s stock worth $110,000 after purchasing an additional 2,562 shares during the last quarter. 67.81% of the stock is currently owned by institutional investors.
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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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