Transocean Ltd. (NYSE:RIG) Expected to Post Q3 2024 Earnings of $0.01 Per Share

Transocean Ltd. (NYSE:RIG - Free Report) - Investment analysts at Zacks Research lowered their Q3 2024 earnings per share (EPS) estimates for Transocean in a note issued to investors on Monday, May 20th. Zacks Research analyst N. Choudhury now expects that the offshore drilling services provider will post earnings per share of $0.01 for the quarter, down from their prior estimate of $0.06. The consensus estimate for Transocean's current full-year earnings is $0.01 per share.

Transocean (NYSE:RIG - Get Free Report) last announced its quarterly earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.10. The firm had revenue of $767.00 million during the quarter, compared to analysts' expectations of $781.86 million. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. The company's revenue was up 18.2% on a year-over-year basis. During the same period in the prior year, the company posted ($0.38) EPS.

A number of other equities analysts have also commented on RIG. Bank of America lifted their price objective on Transocean from $5.50 to $6.00 and gave the stock an "underperform" rating in a research note on Monday, April 15th. Citigroup lowered their target price on shares of Transocean from $9.00 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, February 21st. Barclays lowered their target price on shares of Transocean from $7.00 to $6.00 and set an "equal weight" rating for the company in a research note on Thursday, February 22nd. Susquehanna raised shares of Transocean from a "neutral" rating to a "positive" rating and lifted their target price for the stock from $5.50 to $9.00 in a research note on Monday, April 8th. Finally, Evercore ISI lowered their target price on shares of Transocean from $9.00 to $7.00 and set an "outperform" rating for the company in a research note on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $7.70.

Transocean Trading Down 1.4 %

NYSE RIG traded down $0.08 on Tuesday, reaching $6.16. The company had a trading volume of 10,611,527 shares, compared to its average volume of 17,731,148. The firm has a market cap of $5.04 billion, a price-to-earnings ratio of -11.85 and a beta of 2.83. Transocean has a fifty-two week low of $4.45 and a fifty-two week high of $8.88. The business has a 50 day moving average of $5.96 and a two-hundred day moving average of $5.84. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.35 and a quick ratio of 1.04.

Insider Buying and Selling at Transocean

In other Transocean news, Director (Cyprus) Ltd Perestroika acquired 2,000,000 shares of Transocean stock in a transaction dated Wednesday, May 15th. The stock was purchased at an average cost of $6.01 per share, for a total transaction of $12,020,000.00. Following the completion of the acquisition, the director now directly owns 87,574,894 shares of the company's stock, valued at $526,325,112.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 12.54% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RIG. Raymond James & Associates boosted its holdings in Transocean by 35.1% during the third quarter. Raymond James & Associates now owns 381,124 shares of the offshore drilling services provider's stock worth $3,129,000 after purchasing an additional 98,987 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Transocean during the third quarter worth about $138,000. Allspring Global Investments Holdings LLC purchased a new position in Transocean during the third quarter worth about $1,838,000. Daiwa Securities Group Inc. boosted its holdings in Transocean by 73.1% during the third quarter. Daiwa Securities Group Inc. now owns 175,255 shares of the offshore drilling services provider's stock worth $1,439,000 after purchasing an additional 73,992 shares during the last quarter. Finally, Csenge Advisory Group purchased a new position in Transocean during the third quarter worth about $83,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

About Transocean

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.