Brokers Issue Forecasts for Transocean FY2024 Earnings

Transocean Ltd. (NYSE:RIG - Free Report) - Stock analysts at Capital One Financial lifted their FY2024 earnings estimates for Transocean in a report issued on Thursday, February 13th. Capital One Financial analyst D. Becker now anticipates that the offshore drilling services provider will earn ($0.09) per share for the year, up from their prior forecast of ($0.16). The consensus estimate for Transocean's current full-year earnings is $0.14 per share. Capital One Financial also issued estimates for Transocean's Q4 2024 earnings at $0.00 EPS, Q1 2025 earnings at ($0.05) EPS, Q4 2025 earnings at $0.05 EPS and FY2025 earnings at $0.02 EPS.

A number of other equities research analysts also recently issued reports on the stock. Barclays raised shares of Transocean from an "equal weight" rating to an "overweight" rating and set a $4.50 price target on the stock in a research note on Wednesday, December 18th. Susquehanna decreased their price target on shares of Transocean from $7.00 to $6.50 and set a "positive" rating on the stock in a research note on Friday, November 1st. StockNews.com raised shares of Transocean to a "sell" rating in a research note on Tuesday, November 12th. JPMorgan Chase & Co. raised shares of Transocean from an "underweight" rating to a "neutral" rating and set a $5.00 price target on the stock in a research note on Friday, December 6th. Finally, TD Cowen decreased their price target on shares of Transocean from $6.50 to $5.50 and set a "hold" rating on the stock in a research note on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $5.94.

Transocean Price Performance

Shares of NYSE:RIG traded down $0.20 during midday trading on Monday, reaching $3.37. 39,056,334 shares of the company were exchanged, compared to its average volume of 27,529,846. The company has a current ratio of 1.47, a quick ratio of 1.34 and a debt-to-equity ratio of 0.60. The business's fifty day moving average is $3.80 and its two-hundred day moving average is $4.22. Transocean has a one year low of $3.35 and a one year high of $6.88. The stock has a market cap of $2.96 billion, a PE ratio of -4.61, a price-to-earnings-growth ratio of 0.83 and a beta of 2.70.

Transocean (NYSE:RIG - Get Free Report) last issued its earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates of $0.02 by ($0.11). Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The company had revenue of $952.00 million for the quarter, compared to the consensus estimate of $962.28 million.

Insider Activity

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the firm's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $4.05, for a total value of $89,100.00. Following the transaction, the executive vice president now owns 229,596 shares of the company's stock, valued at $929,863.80. This trade represents a 8.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 13.16% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Transocean by 7.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,289,576 shares of the offshore drilling services provider's stock worth $4,836,000 after buying an additional 85,660 shares during the period. Wexford Capital LP bought a new position in Transocean during the 4th quarter worth about $95,000. Two Sigma Advisers LP grew its holdings in Transocean by 118.3% during the 4th quarter. Two Sigma Advisers LP now owns 1,577,454 shares of the offshore drilling services provider's stock worth $5,915,000 after acquiring an additional 854,800 shares in the last quarter. State of Wyoming grew its holdings in Transocean by 33.1% during the 4th quarter. State of Wyoming now owns 53,770 shares of the offshore drilling services provider's stock worth $202,000 after acquiring an additional 13,370 shares in the last quarter. Finally, Sagefield Capital LP grew its holdings in Transocean by 42.3% during the 4th quarter. Sagefield Capital LP now owns 1,710,176 shares of the offshore drilling services provider's stock worth $6,413,000 after acquiring an additional 507,988 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

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.