Transocean (NYSE:RIG) Releases Quarterly Earnings Results, Misses Expectations By $0.11 EPS

Transocean (NYSE:RIG - Get Free Report) issued its quarterly earnings data on Monday. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.11), Zacks reports. Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. The company had revenue of $952.00 million during the quarter, compared to analysts' expectations of $962.28 million.

Transocean Trading Down 5.5 %

NYSE:RIG traded down $0.20 on Friday, hitting $3.37. 39,071,793 shares of the stock were exchanged, compared to its average volume of 27,131,292. The stock has a market cap of $2.96 billion, a PE ratio of -4.61, a PEG ratio of 0.86 and a beta of 2.70. The company has a current ratio of 1.47, a quick ratio of 1.34 and a debt-to-equity ratio of 0.60. The stock has a fifty day moving average of $3.79 and a 200-day moving average of $4.20. Transocean has a fifty-two week low of $3.35 and a fifty-two week high of $6.88.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RIG. Susquehanna reduced their price objective on Transocean from $7.00 to $6.50 and set a "positive" rating on the stock in a research report on Friday, November 1st. StockNews.com upgraded Transocean to a "sell" rating in a research report on Tuesday, November 12th. TD Cowen dropped their target price on Transocean from $6.50 to $5.50 and set a "hold" rating for the company in a research note on Wednesday, January 8th. Benchmark reiterated a "hold" rating on shares of Transocean in a research note on Tuesday, December 3rd. Finally, Barclays upgraded Transocean from an "equal weight" rating to an "overweight" rating and set a $4.50 target price for the company in a research note on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Transocean presently has a consensus rating of "Hold" and a consensus target price of $5.81.

Insiders Place Their Bets

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the company's stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $3.85, for a total transaction of $84,700.00. Following the completion of the sale, the executive vice president now directly owns 313,072 shares in the company, valued at $1,205,327.20. This represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 13.16% of the stock is currently owned by insiders.

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.