Transocean Partners LLC (RIGP) was Downgraded by Morgan Stanley to ” Equal-Weight”. Earlier the firm had a rating of “Overweight ” on the company shares. Morgan Stanley advised their investors in a research report released on Jul 26, 2016.
On the company’s financial health, Transocean Partners LLC reported $0.45 EPS for the quarter, missing the analyst consensus estimate by $ -0.05 based on the information available during the earnings call on May 6, 2016. Analyst had a consensus of $0.50. The company had revenue of $144.00 million for the quarter, compared to analysts expectations of $149.25 million. The company’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 EPS.
Transocean Partners LLC closed down -0.34 points or -2.78% at $11.91 with 1,00,889 shares getting traded on Wednesday. Post opening the session at $12.1, the shares hit an intraday low of $11.76 and an intraday high of $12.16 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.
In a different news, on Mar 7, 2016, Norman J Szydlowski (director) purchased 1,500 shares at $9.15 per share price. According to the SEC, on Sep 8, 2015, Michael David Lynch-bell (director) purchased 1,500 shares at $11.10 per share price.
Transocean Partners LLC is a limited liability company. The Company is formed by Transocean Partners Holdings Limited a wholly owned subsidiary of Transocean Ltd. (Transocean). The Company owns operates and acquires technologically advanced offshore drilling rigs. The Company’s assets consist of 51% interests in the RigCos that own and operate three ultra-deep water drilling rigs that are operating in the United States Gulf of Mexico. Transocean owns the remaining 49% non-controlling interest in each of the RigCos. The Company contracts drilling services which involve contracting mobile offshore drilling fleet related equipment and work crews on a day rate basis to international energy companies to drill oil and gas wells. Transocean Partners drilling rigs operate under long-term contracts with Chevron Corporation and BP plc two international energy companies.