Transocean Ltd. (NYSE:RIG - Free Report) - Investment analysts at Zacks Research raised their Q1 2024 earnings per share estimates for shares of Transocean in a report issued on Monday, April 8th. Zacks Research analyst N. Choudhury now forecasts that the offshore drilling services provider will post earnings per share of ($0.10) for the quarter, up from their previous estimate of ($0.11). The consensus estimate for Transocean's current full-year earnings is $0.09 per share. Zacks Research also issued estimates for Transocean's Q4 2024 earnings at $0.07 EPS, FY2024 earnings at $0.02 EPS, Q2 2025 earnings at $0.10 EPS, Q4 2025 earnings at $0.10 EPS and FY2025 earnings at $0.34 EPS.
Transocean (NYSE:RIG - Get Free Report) last issued its quarterly earnings data on Monday, February 19th. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.12. Transocean had a negative return on equity of 7.13% and a negative net margin of 33.69%. The business had revenue of $741.00 million for the quarter, compared to analysts' expectations of $779.17 million. During the same period last year, the business earned ($0.49) EPS.
Several other brokerages have also issued reports on RIG. Barclays decreased their target price on Transocean from $7.00 to $6.00 and set an "equal weight" rating for the company in a research report on Thursday, February 22nd. Susquehanna raised Transocean from a "neutral" rating to a "positive" rating and raised their target price for the company from $5.50 to $9.00 in a research report on Monday. StockNews.com raised Transocean to a "sell" rating in a report on Tuesday, February 20th. Citigroup decreased their price objective on Transocean from $9.00 to $7.00 and set a "buy" rating for the company in a report on Wednesday, February 21st. Finally, Morgan Stanley decreased their price objective on Transocean from $8.00 to $7.00 and set an "equal weight" rating for the company in a report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $8.50.
Get Our Latest Stock Analysis on Transocean
Transocean Stock Performance
Shares of Transocean stock traded down $0.20 during trading hours on Thursday, hitting $6.23. 19,813,912 shares of the company's stock traded hands, compared to its average volume of 17,929,908. Transocean has a 12-month low of $4.45 and a 12-month high of $8.88. The stock has a market capitalization of $5.11 billion, a price-to-earnings ratio of -4.91 and a beta of 2.78. The company has a fifty day simple moving average of $5.54 and a 200-day simple moving average of $6.18. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.22.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in RIG. Bank of New York Mellon Corp grew its holdings in Transocean by 1.1% during the 1st quarter. Bank of New York Mellon Corp now owns 754,540 shares of the offshore drilling services provider's stock valued at $3,449,000 after buying an additional 7,953 shares in the last quarter. Cetera Advisor Networks LLC grew its holdings in Transocean by 53.7% during the 1st quarter. Cetera Advisor Networks LLC now owns 39,687 shares of the offshore drilling services provider's stock valued at $181,000 after buying an additional 13,867 shares in the last quarter. BlackRock Inc. boosted its position in shares of Transocean by 15.4% during the 1st quarter. BlackRock Inc. now owns 14,750,703 shares of the offshore drilling services provider's stock valued at $67,413,000 after acquiring an additional 1,972,278 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Transocean by 50.3% during the 1st quarter. Great West Life Assurance Co. Can now owns 94,062 shares of the offshore drilling services provider's stock valued at $457,000 after acquiring an additional 31,461 shares during the last quarter. Finally, Cibc World Market Inc. bought a new stake in shares of Transocean during the 1st quarter valued at about $86,000. Hedge funds and other institutional investors own 67.73% of the company's stock.
Transocean Company Profile
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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.
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