Shares of Transocean Slide in Pre-Market Trade on Soft Earnings (RIG)

Despite "weaker than expected" 1Q11 earnings results, Dahlman Rose & Co. maintains its Buy rating on shares of Transocean Ltd. RIG Thursday. Transocean reported 1Q11 EPS of $0.59, falling short of Dahlman's expectations of $0.82 and the Street forecast of $0.77. Revenues raised to $2.127 billion. Transocean is an international provider of offshore contract drilling services for oil and gas wells. The company operates in two segments: contract drilling services and other operations. Dahlman Rose & Co. maintains a $98 price target on the stock. Dalhman holds its "Buy rating on RIG is based on on the company's market leadership in the deepwater segment and our positive outlook for that segment." Shares of Transocean are lower by $2.62, or 3.8%, in Thursday pre-market trade to $65.84.