Transocean (NYSE: RIG) announced its earnings results on Monday. The company reported $0.91 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.80 by $0.11. The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the prior year, the company posted $0.18 earnings per share. The company’s quarterly revenue was up 9.0% on a year-over-year basis.
RIG has been the subject of a number of recent research reports. Analysts at Macquarie downgraded shares of Transocean from an “outperform” rating to a “neutral” rating in a research note to investors on Tuesday, February 26th. They now have a $58.00 price target on the stock, down previously from $63.00. On a related note, analysts at JPMorgan Chase cut their price target on shares of Transocean from $64.00 to $58.00 in a research note to investors on Tuesday, February 19th. They now have a “neutral” rating on the stock. Finally, analysts at DNB Markets downgraded shares of Transocean from a “buy” rating to a “hold” rating in a research note to investors on Tuesday, February 19th.
Transocean (RIG) opened at 52.15 on Monday. Transocean (RIG) has a 1-year low of $39.32 and a 1-year high of $59.50. The stock’s 50-day moving average is currently $55.40. The company’s market cap is $18.748 billion.
Transocean Ltd. (Transocean) is an international provider of offshore contract drilling services for oil and gas wells.
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