Transocean LTD (NYSE:RIG) Expected to Announce Quarterly Sales of $766.24 Million

Equities analysts forecast that Transocean LTD (NYSE:RIG) will announce $766.24 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Transocean’s earnings. The lowest sales estimate is $740.00 million and the highest is $781.93 million. Transocean reported sales of $758.00 million in the same quarter last year, which indicates a positive year over year growth rate of 1.1%. The company is scheduled to report its next quarterly earnings results on Monday, August 3rd.

On average, analysts expect that Transocean will report full-year sales of $3.00 billion for the current financial year, with estimates ranging from $2.85 billion to $3.15 billion. For the next fiscal year, analysts forecast that the company will post sales of $2.78 billion, with estimates ranging from $2.61 billion to $3.07 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Transocean.

Transocean (NYSE:RIG) last announced its earnings results on Wednesday, April 29th. The offshore drilling services provider reported ($0.30) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.01). Transocean had a negative net margin of 47.72% and a negative return on equity of 7.44%. The business had revenue of $759.00 million during the quarter, compared to analyst estimates of $791.17 million.

RIG has been the subject of a number of research analyst reports. Barclays downgraded Transocean from an “overweight” rating to an “equal weight” rating and set a $1.50 price target for the company. in a report on Thursday, March 19th. Clarkson Capital cut Transocean from a “buy” rating to a “neutral” rating and set a $2.40 price target for the company. in a research note on Monday, June 15th. Bank of America cut Transocean from a “neutral” rating to an “underperform” rating in a research note on Monday, March 9th. Morgan Stanley cut their price objective on Transocean from $7.50 to $2.00 and set an “overweight” rating for the company in a report on Monday, March 16th. Finally, Royal Bank of Canada restated a “sell” rating on shares of Transocean in a report on Sunday, May 3rd. Seven equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $4.43.

Shares of RIG traded down $0.15 during trading on Friday, reaching $1.78. The company’s stock had a trading volume of 62,559,290 shares, compared to its average volume of 39,531,848. The company has a fifty day moving average of $1.79 and a two-hundred day moving average of $3.23. Transocean has a twelve month low of $0.76 and a twelve month high of $7.28. The company has a market cap of $1.19 billion, a price-to-earnings ratio of -0.74 and a beta of 2.41. The company has a quick ratio of 1.78, a current ratio of 2.06 and a debt-to-equity ratio of 0.75.

A number of hedge funds have recently modified their holdings of RIG. Orion Portfolio Solutions LLC acquired a new position in shares of Transocean during the 4th quarter valued at about $33,000. PSI Advisors LLC acquired a new position in shares of Transocean during the 4th quarter valued at about $42,000. CIBC World Markets Inc. acquired a new position in shares of Transocean during the 4th quarter valued at about $70,000. Banque Cantonale Vaudoise acquired a new position in shares of Transocean during the 4th quarter valued at about $76,000. Finally, Jeereddi Investments LP acquired a new position in shares of Transocean during the 4th quarter valued at about $86,000. 69.71% of the stock is currently owned by institutional investors.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Earnings History and Estimates for Transocean (NYSE:RIG)

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