Transocean (NYSE:RIG) issued its quarterly earnings data on Sunday. The offshore drilling services provider reported ($0.34) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.19) by ($0.15), MarketWatch Earnings reports. The company had revenue of $690.00 million for the quarter, compared to analyst estimates of $695.28 million. Transocean had a negative return on equity of 4.55% and a negative net margin of 17.85%. The company’s revenue was down 12.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.43) earnings per share.
Transocean stock traded down $0.36 during mid-day trading on Tuesday, hitting $3.16. The stock had a trading volume of 571,488 shares, compared to its average volume of 33,073,063. Transocean has a 12 month low of $0.65 and a 12 month high of $4.19. The stock has a market capitalization of $1.94 billion, a PE ratio of -3.40 and a beta of 3.75. The stock has a 50-day simple moving average of $3.21 and a two-hundred day simple moving average of $1.89. The company has a current ratio of 2.05, a quick ratio of 1.75 and a debt-to-equity ratio of 0.68.
A number of analysts have weighed in on RIG shares. Royal Bank of Canada reaffirmed a “sell” rating and set a $3.00 target price on shares of Transocean in a research note on Friday, December 25th. Zacks Investment Research cut shares of Transocean from a “buy” rating to a “hold” rating and set a $2.00 target price on the stock. in a research report on Tuesday, December 1st. Finally, Wells Fargo & Company lowered shares of Transocean from an “equal weight” rating to an “underweight” rating in a report on Monday, December 7th. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has issued a buy rating to the company. Transocean presently has a consensus rating of “Hold” and an average target price of $2.08.
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its drilling rigs, related equipment, and work crews to drill oil and gas wells. As of October 27, 2020, the company owned or had partial ownership interests in and operated 38 mobile offshore drilling units, including 27 ultra-deepwater floaters and 11 harsh environment floaters.
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