Zacks Research Weighs in on Transocean Ltd.’s Q3 2024 Earnings (NYSE:RIG)

Transocean Ltd. (NYSE:RIG) – Equities research analysts at Zacks Research lowered their Q3 2024 earnings estimates for shares of Transocean in a report released on Wednesday, September 11th. Zacks Research analyst N. Choudhury now forecasts that the offshore drilling services provider will post earnings of ($0.05) per share for the quarter, down from their prior estimate of ($0.03). The consensus estimate for Transocean’s current full-year earnings is ($0.19) per share. Zacks Research also issued estimates for Transocean’s FY2024 earnings at ($0.20) EPS, Q2 2025 earnings at $0.04 EPS and FY2025 earnings at $0.18 EPS.

A number of other research analysts also recently issued reports on the company. Benchmark reiterated a “buy” rating and set a $8.00 price objective on shares of Transocean in a research note on Friday, August 2nd. DNB Markets upgraded Transocean from a “hold” rating to a “buy” rating in a research note on Tuesday, September 3rd. StockNews.com upgraded Transocean to a “sell” rating in a research note on Monday, August 5th. Finally, Citigroup downgraded Transocean from a “buy” rating to a “neutral” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $7.25.

Transocean Stock Performance

Shares of NYSE:RIG opened at $4.16 on Friday. Transocean has a fifty-two week low of $3.85 and a fifty-two week high of $8.88. The business has a 50-day simple moving average of $5.04 and a two-hundred day simple moving average of $5.46. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.36 and a quick ratio of 1.08.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.07). The company had revenue of $861.00 million during the quarter, compared to analysts’ expectations of $862.25 million. Transocean had a negative return on equity of 4.76% and a negative net margin of 11.34%. Transocean’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.15) EPS.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. OLD Point Trust & Financial Services N A acquired a new position in shares of Transocean during the 4th quarter worth approximately $25,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Transocean by 138.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock worth $25,000 after buying an additional 2,693 shares during the period. Nisa Investment Advisors LLC acquired a new position in shares of Transocean during the 2nd quarter worth approximately $30,000. Fiducient Advisors LLC acquired a new position in shares of Transocean during the 1st quarter worth approximately $63,000. Finally, SG Americas Securities LLC acquired a new position in shares of Transocean during the 2nd quarter worth approximately $64,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Transocean

In other news, Director (Cyprus) Ltd Perestroika bought 2,000,000 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was purchased at an average price of $5.23 per share, with a total value of $10,460,000.00. Following the completion of the acquisition, the director now directly owns 89,574,894 shares of the company’s stock, valued at approximately $468,476,695.62. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 13.16% of the company’s stock.

About Transocean

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.