Q3 2024 EPS Estimates for Transocean Ltd. Decreased by Analyst (NYSE:RIG)

Transocean Ltd. (NYSE:RIGFree Report) – Analysts at Zacks Research decreased their Q3 2024 EPS estimates for Transocean in a research note issued to investors on Monday, May 20th. Zacks Research analyst N. Choudhury now expects that the offshore drilling services provider will post earnings of $0.01 per share for the quarter, down from their previous forecast of $0.06. The consensus estimate for Transocean’s current full-year earnings is $0.01 per share.

Transocean (NYSE:RIGGet Free Report) last released its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.10. The business had revenue of $767.00 million during the quarter, compared to analyst estimates of $781.86 million. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. Transocean’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.38) EPS.

Other equities research analysts have also issued reports about the company. Evercore ISI reduced their target price on Transocean from $9.00 to $7.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Barclays lowered their target price on shares of Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. StockNews.com raised shares of Transocean to a “sell” rating in a research report on Tuesday, February 20th. Morgan Stanley lowered their price target on Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Monday, February 26th. Finally, Benchmark reissued a “buy” rating and set a $8.00 price objective on shares of Transocean in a research report on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, Transocean presently has an average rating of “Hold” and a consensus price target of $7.70.

Read Our Latest Stock Report on RIG

Transocean Price Performance

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

Insider Activity

In other news, Director (Cyprus) Ltd Perestroika bought 2,000,000 shares of Transocean stock in a transaction that occurred on Wednesday, May 15th. The stock was purchased at an average cost of $6.01 per share, with a total value of $12,020,000.00. Following the completion of the transaction, the director now directly owns 87,574,894 shares in the company, valued at $526,325,112.94. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Transocean

A number of institutional investors have recently added to or reduced their stakes in RIG. Rokos Capital Management LLP bought a new position in shares of Transocean during the 1st quarter worth approximately $3,114,000. Jaffetilchin Investment Partners LLC acquired a new position in Transocean during the first quarter worth $193,000. Castleark Management LLC lifted its holdings in shares of Transocean by 823.5% during the first quarter. Castleark Management LLC now owns 417,600 shares of the offshore drilling services provider’s stock valued at $2,623,000 after acquiring an additional 372,380 shares during the period. California State Teachers Retirement System boosted its stake in shares of Transocean by 4.1% in the 1st quarter. California State Teachers Retirement System now owns 654,772 shares of the offshore drilling services provider’s stock valued at $4,112,000 after purchasing an additional 25,537 shares in the last quarter. Finally, Capital World Investors grew its holdings in shares of Transocean by 18.8% in the 1st quarter. Capital World Investors now owns 46,334,990 shares of the offshore drilling services provider’s stock worth $290,984,000 after purchasing an additional 7,320,672 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

About Transocean

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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.

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Earnings History and Estimates for Transocean (NYSE:RIG)

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