Zacks Research Weighs in on Transocean Ltd.’s Q1 2024 Earnings (NYSE:RIG)

Transocean Ltd. (NYSE:RIG) – Zacks Research increased their Q1 2024 EPS estimates for shares of Transocean in a report issued on Monday, April 8th. Zacks Research analyst N. Choudhury now anticipates that the offshore drilling services provider will earn ($0.10) per share for the quarter, up from their previous forecast of ($0.11). The consensus estimate for Transocean’s current full-year earnings is $0.06 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.

A number of other brokerages also recently issued reports on RIG. Morgan Stanley lowered their price target on shares of Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Monday, February 26th. Susquehanna raised shares of Transocean from a “neutral” rating to a “positive” rating and increased their price target for the stock from $5.50 to $9.00 in a report on Monday, April 8th. StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, February 20th. Barclays reduced their price objective on shares of Transocean from $7.00 to $6.00 and set an “equal weight” rating for the company in a research report on Thursday, February 22nd. Finally, Citigroup reduced their price objective on shares of Transocean from $9.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $8.50.

Transocean Stock Performance

Shares of NYSE RIG opened at $6.19 on Thursday. The company’s fifty day moving average price is $5.57 and its 200 day moving average price is $6.17. Transocean has a 1 year low of $4.45 and a 1 year high of $8.88. The company has a market capitalization of $5.07 billion, a PE ratio of -4.87 and a beta of 2.78. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.22 and a current ratio of 1.52.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Monday, February 19th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.12. Transocean had a negative net margin of 33.69% and a negative return on equity of 7.13%. The firm had revenue of $741.00 million for the quarter, compared to the consensus estimate of $779.17 million. During the same period in the prior year, the firm posted ($0.49) earnings per share.

Institutional Investors Weigh In On Transocean

A number of hedge funds have recently modified their holdings of RIG. OLD Point Trust & Financial Services N A acquired a new stake in shares of Transocean in the fourth quarter valued at about $25,000. Tower Research Capital LLC TRC grew its holdings in shares of Transocean by 446.5% in the third quarter. Tower Research Capital LLC TRC now owns 10,996 shares of the offshore drilling services provider’s stock valued at $27,000 after purchasing an additional 8,984 shares during the period. VisionPoint Advisory Group LLC purchased a new stake in shares of Transocean in the fourth quarter valued at about $28,000. IHT Wealth Management LLC grew its holdings in shares of Transocean by 38.8% in the third quarter. IHT Wealth Management LLC now owns 16,895 shares of the offshore drilling services provider’s stock valued at $42,000 after purchasing an additional 4,719 shares during the period. Finally, National Bank of Canada FI grew its holdings in shares of Transocean by 3,800.0% in the third quarter. National Bank of Canada FI now owns 5,850 shares of the offshore drilling services provider’s stock valued at $46,000 after purchasing an additional 5,700 shares during the period. 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.