NEW YORK (TheStreet) -- Shares of Transocean (RIG - Get Report) are falling 3.02% to $9.94 early afternoon as the company prepares to report 2016 second quarter financial results after the market close on Wednesday.
Analysts surveyed by Thomson Reuters are looking for the Swiss offshore driller to report no earnings on revenue of $920.7 million.
For the 2015 second quarter, Transocean reported earnings of $1.11 per share on revenue of $1.88 billion.
Yesterday, Transocean announced it had purchased all outstanding stock of affiliate company Transocean Partners (RIGP) for $250 million. Transocean hopes the move to combine the two companies will simplify its cost structure and bring in more cash.
The deal is expected to close in the fourth quarter.
"The contemplated all-equity transaction is entirely consistent with Transocean's current liquidity objectives," said CEO Jeremy Thigpen in a statement.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C-.
The company's strengths can be seen in multiple areas, such as its compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, TheStreet Ratings finds that the stock has had a generally disappointing performance in the past year.
You can view the full analysis from the report here: RIG