NEW YORK (TheStreet) -- Shares of Transocean (RIG) are up 2.96% to $39.28 in pre-market trade after the provider of offshore contract drilling services reported second quarter profit surged 91% as the company cut expenses.
The company reported a profit of $587 million, or $1.61 per share, up from $307 million, or 84 cents per share, a year ago.
Adjusted earnings from continuing operations was up to $1.61 a share from $1.08. Revenue declined 1.5% to $2.33 billion.
Analysts surveyed by Thomson Reuters expected a profit of $1.02 a share on $2.27 billion in revenue.
TheStreet Ratings team rates TRANSOCEAN LTD as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TRANSOCEAN LTD (RIG) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, attractive valuation levels and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."
- You can view the full analysis from the report here: RIG Ratings Report