Analysts Set Expectations for Transocean FY2024 Earnings

Transocean Ltd. (NYSE:RIG - Free Report) - Equities research analysts at Capital One Financial raised their FY2024 earnings per share (EPS) estimates for shares of Transocean in a report released on Thursday, February 13th. Capital One Financial analyst D. Becker now expects that the offshore drilling services provider will post earnings of ($0.09) per share for the year, up from their previous 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.

Transocean (NYSE:RIG - Get Free Report) last posted its earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.11). The business had revenue of $952.00 million for the quarter, compared to analysts' expectations of $962.28 million. Transocean had a negative net margin of 14.53% and a negative return on equity of 0.51%.

Other analysts have also issued research reports about the company. TD Cowen decreased their price objective on Transocean from $6.50 to $5.50 and set a "hold" rating on the stock in a research note on Wednesday, January 8th. Barclays upgraded shares of Transocean from an "equal weight" rating to an "overweight" rating and set a $4.50 price target for the company in a report on Wednesday, December 18th. Susquehanna reduced their price target on Transocean from $7.00 to $6.50 and set a "positive" rating on the stock in a research note on Friday, November 1st. Evercore ISI cut Transocean from an "outperform" rating to an "in-line" rating and lowered their price target for the company from $6.00 to $5.00 in a report on Wednesday, January 15th. Finally, StockNews.com raised shares of Transocean to a "sell" rating in a research report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Transocean presently has a consensus rating of "Hold" and a consensus target price of $5.94.

Transocean Price Performance

RIG stock traded up $0.13 on Monday, reaching $3.57. The company had a trading volume of 42,737,050 shares, compared to its average volume of 27,179,266. The company's fifty day moving average is $3.80 and its 200 day moving average is $4.23. The company has a market cap of $3.12 billion, a P/E ratio of -4.88, a PEG ratio of 0.85 and a beta of 2.70. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64. Transocean has a 1 year low of $3.38 and a 1 year high of $6.88.

Insider Activity

In other news, EVP Roderick James Mackenzie sold 22,000 shares of the business's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total transaction of $84,700.00. Following the transaction, the executive vice president now directly owns 313,072 shares of the company's stock, valued at approximately $1,205,327.20. The trade was a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 13.16% of the company's stock.

Hedge Funds Weigh In On Transocean

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Transocean by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 78,811,863 shares of the offshore drilling services provider's stock worth $295,544,000 after acquiring an additional 931,684 shares during the last quarter. Primecap Management Co. CA increased its holdings in Transocean by 0.4% during the 3rd quarter. Primecap Management Co. CA now owns 56,342,169 shares of the offshore drilling services provider's stock worth $239,454,000 after purchasing an additional 222,680 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Transocean by 2.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 40,008,596 shares of the offshore drilling services provider's stock valued at $150,029,000 after purchasing an additional 809,864 shares in the last quarter. State Street Corp boosted its stake in shares of Transocean by 11.0% during the 3rd quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider's stock valued at $83,275,000 after buying an additional 1,944,723 shares during the last quarter. Finally, American Century Companies Inc. grew its position in shares of Transocean by 51.5% during the fourth quarter. American Century Companies Inc. now owns 19,257,437 shares of the offshore drilling services provider's stock worth $72,215,000 after buying an additional 6,542,271 shares in the last quarter. Institutional investors and hedge funds 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.