Transocean Ltd. (NYSE:RIG) Forecasted to Post FY2024 Earnings of $0.11 Per Share

Transocean Ltd. (NYSE:RIG) – Capital One Financial lifted their FY2024 earnings estimates for Transocean in a research report issued on Tuesday, April 30th. Capital One Financial analyst D. Becker now anticipates that the offshore drilling services provider will post earnings of $0.11 per share for the year, up from their previous forecast of $0.07. The consensus estimate for Transocean’s current full-year earnings is $0.05 per share. Capital One Financial also issued estimates for Transocean’s Q4 2024 earnings at $0.10 EPS, Q1 2025 earnings at $0.08 EPS, Q2 2025 earnings at $0.08 EPS, Q3 2025 earnings at $0.11 EPS and FY2025 earnings at $0.39 EPS.

Several other brokerages also recently weighed in on RIG. Benchmark restated a “buy” rating and issued a $8.00 target price on shares of Transocean in a research note on Tuesday. Morgan Stanley decreased their target price on shares of Transocean from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Monday, February 26th. Susquehanna raised shares of Transocean from a “neutral” rating to a “positive” rating and upped their price target for the company from $5.50 to $9.00 in a report on Monday, April 8th. Barclays cut their price target on shares of Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a report on Thursday, February 22nd. Finally, StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Transocean currently has an average rating of “Hold” and an average target price of $7.70.

Transocean Price Performance

Shares of RIG stock opened at $5.58 on Thursday. The company has a market capitalization of $4.57 billion, a PE ratio of -10.73 and a beta of 2.83. The firm has a fifty day simple moving average of $5.76 and a 200-day simple moving average of $5.95. The company has a current ratio of 1.35, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. Transocean has a twelve month low of $4.45 and a twelve month high of $8.88.

Transocean (NYSE:RIG) 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, topping the consensus estimate of ($0.13) by $0.10. The company had revenue of $767.00 million during the quarter, compared to the consensus estimate of $781.86 million. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. Transocean’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.38) earnings per share.

Institutional Trading of Transocean

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings 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 worth $435,306,000 after purchasing an additional 4,107,956 shares during the period. Primecap Management Co. CA raised its holdings in shares of Transocean by 11.4% during 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 period. Capital World Investors raised its holdings 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 purchasing an additional 10,049,077 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Transocean by 23.2% during the fourth 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 during the period. Finally, Van ECK Associates Corp raised its holdings in shares of Transocean by 7.0% during the first quarter. Van ECK Associates Corp now owns 17,013,964 shares of the offshore drilling services provider’s stock worth $106,848,000 after purchasing an additional 1,105,747 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

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.