Zacks: Brokerages Expect Transocean Ltd. (NYSE:RIG) Will Announce Quarterly Sales of $648.20 Million

Equities analysts expect Transocean Ltd. (NYSE:RIG) to report sales of $648.20 million for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Transocean’s earnings. The highest sales estimate is $679.40 million and the lowest is $617.00 million. Transocean posted sales of $773.00 million in the same quarter last year, which indicates a negative year over year growth rate of 16.1%. The business is scheduled to announce its next quarterly earnings report on Monday, November 1st.

On average, analysts expect that Transocean will report full-year sales of $2.65 billion for the current year, with estimates ranging from $2.53 billion to $2.76 billion. For the next fiscal year, analysts forecast that the firm will post sales of $2.55 billion, with estimates ranging from $2.47 billion to $2.67 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Transocean.

Transocean (NYSE:RIG) last issued its earnings results on Monday, August 2nd. The offshore drilling services provider reported ($0.18) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.03). The business had revenue of $713.00 million during the quarter, compared to the consensus estimate of $683.33 million. Transocean had a negative return on equity of 4.43% and a net margin of 4.33%. The company’s quarterly revenue was down 27.5% compared to the same quarter last year.

Separately, Morgan Stanley lifted their target price on Transocean from $3.50 to $4.00 and gave the stock an “equal weight” rating in a report on Friday, July 9th. Three analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $3.00.

RIG stock traded down $0.01 during mid-day trading on Thursday, reaching $3.19. The company’s stock had a trading volume of 17,085,408 shares, compared to its average volume of 24,009,383. The company has a market cap of $2.08 billion, a price-to-earnings ratio of 26.58 and a beta of 3.65. The business’s 50 day moving average price is $3.48 and its 200 day moving average price is $3.74. The company has a current ratio of 1.98, a quick ratio of 1.66 and a debt-to-equity ratio of 0.62. Transocean has a 12 month low of $0.65 and a 12 month high of $5.13.

In other news, Director Perestroika acquired 1,000,000 shares of Transocean stock in a transaction on Thursday, June 24th. The stock was purchased at an average price of $4.51 per share, with a total value of $4,510,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 12.29% of the company’s stock.

A number of institutional investors have recently made changes to their positions in RIG. State of New Jersey Common Pension Fund D purchased a new position in shares of Transocean during the first quarter valued at approximately $2,337,000. Envestnet Asset Management Inc. purchased a new position in shares of Transocean during the first quarter valued at approximately $38,000. Edgestream Partners L.P. purchased a new position in shares of Transocean during the first quarter valued at approximately $5,526,000. Alliancebernstein L.P. boosted its position in shares of Transocean by 1.4% during the first quarter. Alliancebernstein L.P. now owns 854,987 shares of the offshore drilling services provider’s stock valued at $3,035,000 after buying an additional 11,593 shares during the last quarter. Finally, Prospera Financial Services Inc purchased a new position in shares of Transocean during the first quarter valued at approximately $41,000. 51.45% of the stock is owned by hedge funds and other institutional investors.

About Transocean

Transocean Ltd. engages in the provision of offshore contract drilling services for oil and gas wells. It also owns and operates offshore drilling fleet such as ultra-deepwater, harsh-environment, deepwater, and midwater rigs. The company was founded in 1953 and is headquartered in Steinhausen, Switzerland.

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