$633.70 Million in Sales Expected for Transocean LTD (RIG) This Quarter
Brokerages forecast that Transocean LTD (NYSE:RIG) will announce $633.70 million in sales for the current quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Transocean’s earnings. The lowest sales estimate is $611.81 million and the highest is $701.00 million. Transocean reported sales of $974.00 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 34.9%. The company is expected to issue its next quarterly earnings report after the market closes on Tuesday, February 20th.
According to Zacks, analysts expect that Transocean will report full year sales of $633.70 million for the current year, with estimates ranging from $2.72 billion to $2.98 billion. For the next fiscal year, analysts anticipate that the company will post sales of $2.79 billion per share, with estimates ranging from $2.12 billion to $3.23 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Transocean.
Several equities analysts have commented on the company. ValuEngine raised Transocean from a “hold” rating to a “buy” rating in a report on Thursday, November 2nd. Cowen set a $11.00 price target on Transocean and gave the company a “hold” rating in a report on Thursday, January 11th. Susquehanna Bancshares set a $10.00 price target on Transocean and gave the company a “hold” rating in a report on Friday. Jefferies Group raised Transocean from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a report on Thursday, January 4th. Finally, Royal Bank of Canada set a $11.00 price target on Transocean and gave the company a “hold” rating in a report on Sunday, November 12th. Eleven analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have assigned a buy rating to the stock. Transocean has an average rating of “Hold” and an average price target of $12.08.
Several institutional investors and hedge funds have recently modified their holdings of RIG. Alyeska Investment Group L.P. acquired a new stake in Transocean during the 3rd quarter valued at $26,661,000. Orbis Allan Gray Ltd acquired a new stake in Transocean during the 4th quarter valued at $20,610,000. Principal Financial Group Inc. increased its holdings in Transocean by 310.7% during the 3rd quarter. Principal Financial Group Inc. now owns 2,536,811 shares of the offshore drilling services provider’s stock valued at $27,296,000 after purchasing an additional 1,919,171 shares in the last quarter. Horseman Capital Management Ltd acquired a new stake in Transocean during the 3rd quarter valued at $19,456,000. Finally, Schroder Investment Management Group increased its holdings in Transocean by 132.5% during the 4th quarter. Schroder Investment Management Group now owns 2,802,851 shares of the offshore drilling services provider’s stock valued at $29,935,000 after purchasing an additional 1,597,440 shares in the last quarter. 74.78% of the stock is owned by institutional investors and hedge funds.
Transocean (NYSE RIG) traded down $0.14 during trading on Friday, reaching $9.09. The company’s stock had a trading volume of 15,652,451 shares, compared to its average volume of 15,110,000. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.13 and a current ratio of 2.36. The firm has a market cap of $3,560.00, a PE ratio of -1.27 and a beta of 1.55. Transocean has a 12-month low of $7.20 and a 12-month high of $14.33.
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Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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