Revenue Update on Transocean Partners LLC(NYSE:RIGP)

Transocean Partners LLC(NYSE:RIGP) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during After-hours on Aug 3, 2016. Company reported revenue of $155.00M. Analysts estimated a revenue of $148.05M. Earnings per share were $0.52. Analysts had estimated an EPS of $0.51.

In a different note, On Aug 1, 2016, Sidoti & Co. said it Downgrades its rating on Transocean Partners LLC. The shares have been rated ‘Neutral’ by the firm. On Jul 26, 2016, Morgan Stanley said it Downgrades its rating on Transocean Partners LLC. The shares have been rated ‘Equal-weight’ by the firm. On Jul 11, 2016, Citigroup said it Maintains its rating on Transocean Partners LLC. In the research note, the firm Raises the price-target to $8.00 per share. The shares have been rated ‘Neutral’ by the firm.

Transocean Partners LLC (RIGP) shares turned negative on Fridays trading session with the shares closing down -0.25 points or -2.08% at a volume of 2,17,967. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $12.2443. The peak price level was also seen at $12.2443 while the days lowest was $11.44. Finally the shares closed at $11.75. The 52-week high of the shares is $13.47 while the 52-week low is $5.89. According to the latest information available, the market cap of the company is $805 M.

Several Insider Transactions has been reported to the SEC. On Mar 7, 2016, Norman J Szydlowski (director) purchased 1,500 shares at $9.15 per share price.Also, 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.

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