Transocean (NYSE:RIG) Releases Earnings Results, Misses Expectations By $0.06 EPS

Transocean (NYSE:RIG – Get Rating) released its quarterly earnings data on Monday. The offshore drilling services provider reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.06), MarketWatch Earnings reports. Transocean had a negative return on equity of 4.80% and a negative net margin of 26.84%. During the same quarter in the previous year, the company earned ($0.19) EPS.

Shares of NYSE:RIG traded down $0.10 during midday trading on Thursday, hitting $4.21. 872,264 shares of the stock were exchanged, compared to its average volume of 14,257,603. The company has a market capitalization of $2.87 billion, a PE ratio of -4.06 and a beta of 2.99. Transocean has a 52-week low of $2.63 and a 52-week high of $5.56. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.57 and a current ratio of 1.88. The business’s fifty day simple moving average is $4.32 and its two-hundred day simple moving average is $3.68.

In related news, COO Keelan Adamson sold 349,418 shares of Transocean stock in a transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.29% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the stock. Allianz Asset Management GmbH lifted its position in Transocean by 63.4% during the 4th quarter. Allianz Asset Management GmbH now owns 4,258,364 shares of the offshore drilling services provider’s stock worth $11,753,000 after acquiring an additional 1,651,705 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Transocean by 8.1% during the fourth quarter. California State Teachers Retirement System now owns 534,431 shares of the offshore drilling services provider’s stock valued at $1,475,000 after purchasing an additional 39,974 shares during the period. Sei Investments Co. raised its stake in shares of Transocean by 3.4% in the fourth quarter. Sei Investments Co. now owns 300,966 shares of the offshore drilling services provider’s stock valued at $831,000 after purchasing an additional 9,760 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Transocean in the fourth quarter worth $812,000. Finally, Renaissance Technologies LLC acquired a new stake in Transocean during the fourth quarter worth $386,000. Institutional investors and hedge funds own 47.88% of the company’s stock.

RIG has been the topic of a number of recent research reports. Pareto Securities upgraded shares of Transocean from a “sell” rating to a “hold” rating and set a $5.00 price target on the stock in a research report on Thursday, March 24th. StockNews.com upgraded shares of Transocean from a “sell” rating to a “hold” rating in a research report on Wednesday. Capital One Financial reaffirmed an “equal weight” rating on shares of Transocean in a report on Wednesday, February 23rd. Finally, Piper Sandler increased their price target on Transocean from $3.00 to $3.85 and gave the stock a “neutral” rating in a research note on Monday, April 18th. Eight investment analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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 Stories