FY2024 EPS Estimates for Transocean Lifted by Zacks Research

Transocean Ltd. (NYSE:RIG - Free Report) - Research analysts at Zacks Research lifted their FY2024 earnings estimates for Transocean in a report released on Wednesday, November 20th. Zacks Research analyst N. Choudhury now forecasts that the offshore drilling services provider will post earnings per share of ($0.17) for the year, up from their previous estimate of ($0.20). The consensus estimate for Transocean's current full-year earnings is ($0.15) per share. Zacks Research also issued estimates for Transocean's FY2026 earnings at $0.22 EPS.

A number of other research analysts have also recently weighed in on the company. Morgan Stanley lifted their target price on Transocean from $5.00 to $6.00 and gave the company an "equal weight" rating in a report on Thursday, October 3rd. Citigroup cut Transocean from a "buy" rating to a "neutral" rating in a report on Thursday, September 12th. Susquehanna cut their price target on shares of Transocean from $7.00 to $6.50 and set a "positive" rating on the stock in a report on Friday, November 1st. StockNews.com upgraded shares of Transocean to a "sell" rating in a research note on Tuesday, November 12th. Finally, Barclays cut their target price on shares of Transocean from $6.00 to $4.50 and set an "equal weight" rating on the stock in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $6.63.

Transocean Price Performance

Shares of RIG traded down $0.09 during mid-day trading on Monday, reaching $4.38. The company had a trading volume of 16,488,513 shares, compared to its average volume of 18,527,707. Transocean has a fifty-two week low of $3.85 and a fifty-two week high of $6.88. The firm has a fifty day simple moving average of $4.34 and a 200-day simple moving average of $4.94. The company has a quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RIG. Northwestern Mutual Wealth Management Co. lifted its stake in Transocean by 138.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider's stock valued at $25,000 after buying an additional 2,693 shares during the last quarter. Nisa Investment Advisors LLC bought a new stake in Transocean in the 2nd quarter valued at about $30,000. Orion Portfolio Solutions LLC acquired a new position in Transocean during the 3rd quarter valued at about $46,000. Atria Investments Inc bought a new position in Transocean in the 3rd quarter worth about $51,000. Finally, Kovitz Investment Group Partners LLC increased its stake in shares of Transocean by 34.0% in the third quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider's stock valued at $62,000 after purchasing an additional 4,027 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Transocean

In other news, Director Perestroika acquired 1,500,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was purchased at an average cost of $4.13 per share, with a total value of $6,195,000.00. Following the completion of the acquisition, the director now directly owns 91,074,894 shares in the company, valued at $376,139,312.22. This represents a 1.67 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.29, for a total value of $85,800.00. Following the transaction, the executive vice president now directly owns 310,857 shares in the company, valued at approximately $1,333,576.53. This represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. 12.54% of the stock is currently owned by corporate insiders.

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.