Gabelli & Company maintained its Transocean RIG Buy rating, lowered its 2011 Transocean estimate, and raised Transocean's 2012 estimate.
In the report, Gabelli states, "We are maintaining our 2010 EPS estimate of $6.20, lowering our 2011 estimate to $6.30 from $6.65 to reflect increased out of service days, and raising our 2012 estimate to $8.30 from $8.25."
Later in the report, Gabelli notes, "We are encouraged by contract awards and extensions for Transocean's midwater and harsh environment rigs as well as the sale of the Trident XX at a very attractive price."
Shares of Transocean were trading at $77.08 at the time of posting, down 2.13% from Thursday's market close.
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