Capital One Financial Comments on Transocean Ltd.’s Q2 2024 Earnings (NYSE:RIG)

Transocean Ltd. (NYSE:RIG) – Capital One Financial dropped their Q2 2024 earnings per share estimates for shares of Transocean in a note issued to investors on Wednesday, May 1st. Capital One Financial analyst D. Becker now anticipates that the offshore drilling services provider will post earnings of ($0.10) per share for the quarter, down from their prior estimate of ($0.04). The consensus estimate for Transocean’s current full-year earnings is $0.01 per share. Capital One Financial also issued estimates for Transocean’s Q3 2024 earnings at ($0.03) EPS, Q4 2024 earnings at $0.01 EPS, FY2024 earnings at ($0.14) EPS, Q3 2025 earnings at $0.06 EPS and FY2025 earnings at $0.17 EPS.

Several other research firms have also weighed in on RIG. StockNews.com upgraded Transocean to a “sell” rating in a research report on Tuesday, February 20th. Evercore ISI dropped their price target on Transocean from $9.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Susquehanna upgraded Transocean from a “neutral” rating to a “positive” rating and upped their price objective for the company from $5.50 to $9.00 in a research report on Monday, April 8th. Barclays reduced their price target on Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a report on Thursday, February 22nd. Finally, Benchmark reaffirmed a “buy” rating and set a $8.00 target price 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 issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $7.70.

Transocean Stock Performance

NYSE:RIG opened at $5.67 on Monday. The firm has a market cap of $4.65 billion, a PE ratio of -10.90 and a beta of 2.83. The business has a 50 day moving average price of $5.77 and a 200-day moving average price of $5.92. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.04 and a current ratio of 1.35. Transocean has a fifty-two week low of $4.45 and a fifty-two week high of $8.88.

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

Hedge Funds Weigh In On Transocean

A number of institutional investors have recently modified their holdings of the stock. Pekin Hardy Strauss Inc. increased its stake in shares of Transocean by 949.5% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 126,006 shares of the offshore drilling services provider’s stock valued at $1,035,000 after purchasing an additional 114,000 shares in the last quarter. Lisanti Capital Growth LLC lifted its holdings in Transocean by 299.9% in the third quarter. Lisanti Capital Growth LLC now owns 1,770,822 shares of the offshore drilling services provider’s stock valued at $14,538,000 after acquiring an additional 1,328,032 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in Transocean by 180.5% in the third quarter. Janney Montgomery Scott LLC now owns 32,535 shares of the offshore drilling services provider’s stock valued at $267,000 after acquiring an additional 20,935 shares during the last quarter. Hosking Partners LLP raised its position in Transocean by 342.7% in the third quarter. Hosking Partners LLP now owns 1,112,543 shares of the offshore drilling services provider’s stock valued at $9,134,000 after purchasing an additional 861,209 shares during the period. Finally, B. Riley Wealth Advisors Inc. increased its position in shares of Transocean by 16.2% during the third quarter. B. Riley Wealth Advisors Inc. now owns 14,371 shares of the offshore drilling services provider’s stock worth $118,000 after acquiring an additional 2,000 shares during the period. Hedge funds and other institutional investors own 67.73% 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.