Transocean Ltd. to Post Q1 2024 Earnings of ($0.10) Per Share, Zacks Research Forecasts (NYSE:RIG)

Transocean Ltd. (NYSE:RIG) – Investment analysts at Zacks Research boosted their Q1 2024 earnings estimates for shares of Transocean in a research report issued to clients and investors on Monday, April 8th. Zacks Research analyst N. Choudhury now forecasts that the offshore drilling services provider will post earnings of ($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 $0.09 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) last issued its earnings results 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 net margin of 33.69% and a negative return on equity of 7.13%. The business had revenue of $741.00 million for the quarter, compared to analyst estimates of $779.17 million. During the same period in the previous year, the business earned ($0.49) EPS.

Several other equities analysts also recently commented on RIG. Susquehanna upgraded Transocean from a “neutral” rating to a “positive” rating and raised their target price for the stock from $5.50 to $9.00 in a research report on Monday. Citigroup cut 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. Morgan Stanley lowered their target price 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. Barclays cut their price target on shares of Transocean from $7.00 to $6.00 and set an “equal weight” rating for the company in a report on Thursday, February 22nd. Finally, StockNews.com raised shares of Transocean to a “sell” rating in a research note on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $8.50.

Transocean Stock Up 0.8 %

NYSE RIG opened at $6.43 on Thursday. Transocean has a 1-year low of $4.45 and a 1-year high of $8.88. The company has a market capitalization of $5.27 billion, a price-to-earnings ratio of -5.06 and a beta of 2.78. The stock’s 50 day moving average is $5.53 and its two-hundred day moving average is $6.18. The company has a current ratio of 1.52, a quick ratio of 1.22 and a debt-to-equity ratio of 0.68.

Institutional Investors Weigh In On Transocean

A number of hedge funds have recently added to or reduced their stakes in RIG. LaFleur & Godfrey LLC increased its stake in shares of Transocean by 13.3% in the 3rd quarter. LaFleur & Godfrey LLC now owns 15,300 shares of the offshore drilling services provider’s stock valued at $126,000 after buying an additional 1,800 shares during the period. B. Riley Wealth Advisors Inc. boosted its holdings in Transocean by 16.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 14,371 shares of the offshore drilling services provider’s stock valued at $118,000 after acquiring an additional 2,000 shares during the last quarter. 180 Wealth Advisors LLC increased its position in Transocean by 7.4% in the fourth quarter. 180 Wealth Advisors LLC now owns 31,496 shares of the offshore drilling services provider’s stock worth $197,000 after purchasing an additional 2,170 shares during the period. IHT Wealth Management LLC lifted its position in Transocean by 13.7% during the 4th quarter. IHT Wealth Management LLC now owns 19,212 shares of the offshore drilling services provider’s stock valued at $88,000 after purchasing an additional 2,317 shares during the period. Finally, Snowden Capital Advisors LLC boosted its stake in shares of Transocean by 6.4% in the 1st quarter. Snowden Capital Advisors LLC now owns 41,657 shares of the offshore drilling services provider’s stock valued at $265,000 after purchasing an additional 2,500 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

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.