Zacks Research Brokers Lower Earnings Estimates for Transocean Ltd. (NYSE:RIG)

Transocean Ltd. (NYSE:RIG - Free Report) - Investment analysts at Zacks Research dropped their Q2 2024 earnings per share estimates for shares of Transocean in a research report issued to clients and investors on Monday, May 20th. Zacks Research analyst N. Choudhury now anticipates that the offshore drilling services provider will post earnings per share of ($0.07) for the quarter, down from their previous forecast of ($0.01). The consensus estimate for Transocean's current full-year earnings is $0.01 per share. Zacks Research also issued estimates for Transocean's Q4 2024 earnings at $0.02 EPS, FY2024 earnings at ($0.07) EPS, Q1 2025 earnings at $0.04 EPS, Q2 2025 earnings at $0.02 EPS, Q3 2025 earnings at $0.07 EPS, Q4 2025 earnings at $0.05 EPS, FY2025 earnings at $0.19 EPS and Q1 2026 earnings at $0.13 EPS.

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

Several other research analysts have also weighed in on RIG. StockNews.com upgraded Transocean to a "sell" rating in a report on Tuesday, February 20th. Benchmark reiterated a "buy" rating and set a $8.00 target price on shares of Transocean in a report on Tuesday, April 30th. Barclays reduced their target price on Transocean from $7.00 to $6.00 and set an "equal weight" rating on the stock in a report on Thursday, February 22nd. Morgan Stanley cut their price target on Transocean from $8.00 to $7.00 and set an "equal weight" rating on the stock in a report on Monday, February 26th. Finally, Citigroup cut their price target on Transocean from $9.00 to $7.00 and set a "buy" rating on the stock in a report on Wednesday, February 21st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Transocean presently has an average rating of "Hold" and an average price target of $7.70.

Transocean Trading Down 3.8 %

RIG stock traded down $0.24 during midday trading on Wednesday, hitting $5.93. 12,956,504 shares of the company's stock were exchanged, compared to its average volume of 17,683,053. The stock's fifty day moving average price is $5.98 and its 200-day moving average price is $5.84. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.04 and a current ratio of 1.35. The company has a market cap of $4.86 billion, a PE ratio of -11.39 and a beta of 2.83. Transocean has a one year low of $4.45 and a one year high of $8.88.

Institutional Trading of Transocean

Several institutional investors and hedge funds have recently bought and sold shares of the business. OLD Point Trust & Financial Services N A bought a new position in shares of Transocean during the fourth quarter worth approximately $25,000. VisionPoint Advisory Group LLC bought a new position in shares of Transocean during the fourth quarter worth approximately $28,000. Private Trust Co. NA increased its stake in shares of Transocean by 1,489.8% during the fourth quarter. Private Trust Co. NA now owns 8,537 shares of the offshore drilling services provider's stock worth $54,000 after purchasing an additional 8,000 shares during the period. Fiducient Advisors LLC bought a new position in shares of Transocean during the first quarter worth approximately $63,000. Finally, Fermata Advisors LLC bought a new position in shares of Transocean during the first quarter worth approximately $75,000. Institutional investors own 67.73% of the company's stock.

Insider Activity at Transocean

In related news, Director (Cyprus) Ltd Perestroika bought 2,000,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were acquired at an average price of $6.01 per share, with a total value of $12,020,000.00. Following the completion of the transaction, the director now owns 87,574,894 shares in the company, valued at $526,325,112.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 12.54% of the stock is owned by company insiders.

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.