Zacks Research Equities Analysts Decrease Earnings Estimates for Transocean Ltd. (NYSE:RIG)

Transocean Ltd. (NYSE:RIG) – Research analysts at Zacks Research reduced their Q3 2024 EPS estimates for Transocean in a report issued on Monday, May 20th. Zacks Research analyst N. Choudhury now anticipates that the offshore drilling services provider will earn $0.01 per share for the quarter, down from their prior estimate of $0.06. The consensus estimate for Transocean’s current full-year earnings is $0.01 per share.

Transocean (NYSE:RIG) last issued its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.10. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. The firm had revenue of $767.00 million for the quarter, compared to analyst estimates of $781.86 million. During the same quarter last year, the business posted ($0.38) earnings per share. The company’s quarterly revenue was up 18.2% on a year-over-year basis.

Several other equities analysts have also recently issued reports on RIG. StockNews.com upgraded shares of Transocean to a “sell” rating in a research report on Tuesday, February 20th. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Transocean in a research note on Tuesday, April 30th. Susquehanna raised shares of Transocean from a “neutral” rating to a “positive” rating and increased their target price for the company from $5.50 to $9.00 in a research report on Monday, April 8th. Evercore ISI dropped their price target on shares of Transocean from $9.00 to $7.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Finally, Barclays lowered their target price on shares of Transocean from $7.00 to $6.00 and set an “equal weight” rating for the company in a research note on Thursday, February 22nd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.70.

Transocean Stock Performance

Transocean stock opened at $5.93 on Tuesday. The business has a 50 day moving average of $5.98 and a 200-day moving average of $5.84. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.35 and a quick ratio of 1.04. Transocean has a 1 year low of $4.45 and a 1 year high of $8.88. The company has a market capitalization of $4.86 billion, a P/E ratio of -11.39 and a beta of 2.83.

Insider Activity

In other news, Director (Cyprus) Ltd Perestroika bought 2,000,000 shares of Transocean stock in a transaction dated Wednesday, May 15th. The stock was bought at an average cost of $6.01 per share, for a total transaction of $12,020,000.00. Following the purchase, the director now directly owns 87,574,894 shares in the company, valued at approximately $526,325,112.94. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 12.54% of the company’s stock.

Hedge Funds Weigh In On Transocean

Large investors have recently modified their holdings of the company. Capital World Investors increased its position in shares of Transocean by 34.7% during the fourth quarter. Capital World Investors now owns 39,014,318 shares of the offshore drilling services provider’s stock worth $247,741,000 after acquiring an additional 10,049,077 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Transocean by 23.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 35,690,620 shares of the offshore drilling services provider’s stock worth $226,641,000 after purchasing an additional 6,719,483 shares in the last quarter. Primecap Management Co. CA raised its stake in shares of Transocean by 11.4% in the fourth quarter. Primecap Management Co. CA now owns 50,699,389 shares of the offshore drilling services provider’s stock worth $321,941,000 after purchasing an additional 5,168,000 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Transocean by 6.4% during the fourth quarter. Vanguard Group Inc. now owns 68,552,192 shares of the offshore drilling services provider’s stock valued at $435,306,000 after buying an additional 4,107,956 shares during the last quarter. Finally, Keybank National Association OH bought a new stake in Transocean during the third quarter worth $29,946,000. 67.73% of the stock is currently owned by institutional investors.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.