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

Transocean Ltd. (NYSE:RIG) – Research analysts at Zacks Research lifted their Q1 2024 earnings per share estimates for Transocean in a report released on Monday, April 8th. Zacks Research analyst N. Choudhury now expects 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.

Several other brokerages have also weighed in on RIG. Citigroup decreased their target price on shares of Transocean from $9.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. Barclays dropped their target price on Transocean from $7.00 to $6.00 and set an “equal weight” rating for the company in a report on Thursday, February 22nd. Susquehanna raised Transocean from a “neutral” rating to a “positive” rating and boosted their price target for the company from $5.50 to $9.00 in a research note on Monday. Morgan Stanley lowered their price target on Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Monday, February 26th. Finally, StockNews.com raised Transocean to a “sell” rating in a report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.50.

Transocean Stock Up 0.8 %

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

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

Institutional Trading of Transocean

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

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.