Transocean (NYSE:RIG) Announces Earnings Results, Misses Estimates By $0.06 EPS

Transocean (NYSE:RIG – Get Rating) posted its quarterly earnings results on Monday. The offshore drilling services provider reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.06), MarketWatch Earnings reports. Transocean had a negative return on equity of 4.20% and a negative net margin of 23.16%. During the same quarter last year, the business earned ($0.19) EPS.

Shares of RIG opened at $3.72 on Tuesday. Transocean has a fifty-two week low of $2.63 and a fifty-two week high of $5.56. The firm’s 50 day moving average price is $4.29 and its 200 day moving average price is $3.68. The company has a quick ratio of 1.57, a current ratio of 1.88 and a debt-to-equity ratio of 0.59.

In other Transocean news, COO Keelan Adamson sold 349,418 shares of the stock in a transaction that occurred on Monday, March 7th. The shares were sold at an average price of $5.00, for a total value of $1,747,090.00. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 13.26% of the company’s stock.

Several large investors have recently made changes to their positions in RIG. Morgan Stanley increased its position in shares of Transocean by 175.3% in the 2nd quarter. Morgan Stanley now owns 7,843,462 shares of the offshore drilling services provider’s stock valued at $35,452,000 after purchasing an additional 4,994,272 shares during the last quarter. Allianz Asset Management GmbH grew its position in shares of Transocean by 63.4% in the 4th quarter. Allianz Asset Management GmbH now owns 4,258,364 shares of the offshore drilling services provider’s stock valued at $11,753,000 after buying an additional 1,651,705 shares during the last quarter. BlackRock Inc. grew its position in shares of Transocean by 5.3% in the 4th quarter. BlackRock Inc. now owns 12,778,425 shares of the offshore drilling services provider’s stock valued at $35,270,000 after buying an additional 643,025 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Transocean in the 4th quarter valued at $812,000. Finally, State Street Corp grew its position in shares of Transocean by 2.5% in the 4th quarter. State Street Corp now owns 7,078,847 shares of the offshore drilling services provider’s stock valued at $19,538,000 after buying an additional 174,412 shares during the last quarter. 47.88% of the stock is currently owned by institutional investors.

Several equities analysts have weighed in on RIG shares. Piper Sandler boosted their target price on shares of Transocean from $3.00 to $3.85 and gave the company a “neutral” rating in a report on Monday, April 18th. Pareto Securities upgraded shares of Transocean from a “sell” rating to a “hold” rating and set a $5.00 target price on the stock in a report on Thursday, March 24th. Capital One Financial reiterated an “equal weight” rating on shares of Transocean in a report on Wednesday, February 23rd. Finally, StockNews.com lowered shares of Transocean from a “hold” rating to a “sell” rating in a report on Tuesday, April 26th. One investment analyst has rated the stock with a sell rating and seven have given a hold rating to the company’s stock. Based on data from MarketBeat.com, Transocean presently has a consensus rating of “Hold” and an average price target of $3.98.

Transocean Company Profile (Get Rating)

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. As of February 14, 2022, the company had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deep water and 10 harsh environment floaters.

Featured Articles