Transocean (NYSE:RIG) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Transocean (NYSE:RIG) announced its quarterly earnings data on Monday. The offshore drilling services provider reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.10, RTT News reports. The company had revenue of $767.00 million during the quarter, compared to the consensus estimate of $781.86 million. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. The company’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.38) EPS.

Transocean Trading Up 0.9 %

RIG stock opened at $5.27 on Thursday. The company has a quick ratio of 1.22, a current ratio of 1.35 and a debt-to-equity ratio of 0.65. Transocean has a twelve month low of $4.45 and a twelve month high of $8.88. The stock has a 50-day simple moving average of $5.74 and a two-hundred day simple moving average of $5.96.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on RIG shares. StockNews.com upgraded Transocean to a “sell” rating in a report on Tuesday, February 20th. Barclays dropped their price objective on Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. Morgan Stanley dropped their price objective on Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Monday, February 26th. Citigroup dropped their price objective on Transocean from $9.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, February 21st. Finally, Bank of America raised their price objective on Transocean from $5.50 to $6.00 and gave the company an “underperform” rating in a research note on Monday, April 15th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Transocean presently has an average rating of “Hold” and a consensus target price of $7.70.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.