RBC Capital is Negative On Transocean (RIG), Slashes EPS Estimates

RBC Capital maintains Underperform on Transocean (NYSE: RIG) price target of $15.00.

Analyst Kurt Hallead is negative on Transocean noting primarily that appearance of a bifurcated offshore drilling market with jack up demand stabilizing and deepwater activity continuing to trend lower through the remainder of the year.

Hallead lowers FY 2017 EPS estimate from a loss of $0.02 to a loss of $0.05 and lowers FY 2018 EPS estimate from a loss of $0.03 to a loss of $0.06

Finally, Hallead comments "[d]espite the positive developments for jackup demand, pricing is unlikely to improve given substantial excess supply. Pricing for deepwater rigs is likely to remain suppressed into 2019" in a morning research note.

For an analyst ratings summary and ratings history on Transocean click here. For more ratings news on Transocean click here.

Shares of Transocean closed at $11.37 yesterday.

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