Analysts Offer Predictions for Transocean FY2024 Earnings

Transocean Ltd. (NYSE:RIG) – Stock analysts at Capital One Financial upped their FY2024 earnings estimates for shares of Transocean in a research report issued to clients and investors on Thursday, February 13th. Capital One Financial analyst D. Becker now forecasts that the offshore drilling services provider will earn ($0.09) per share for the year, up from their previous estimate of ($0.16). The consensus estimate for Transocean’s current full-year earnings is ($0.11) per share. Capital One Financial also issued estimates for Transocean’s Q4 2024 earnings at $0.00 EPS, Q1 2025 earnings at ($0.05) EPS, Q4 2025 earnings at $0.05 EPS and FY2025 earnings at $0.02 EPS.

Other analysts have also recently issued research reports about the stock. Evercore ISI cut shares of Transocean from an “outperform” rating to an “in-line” rating and dropped their price target for the company from $6.00 to $5.00 in a research note on Wednesday, January 15th. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target for the company in a research note on Wednesday, December 18th. Benchmark reissued a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. Susquehanna dropped their price target on shares of Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research note on Friday, November 1st. Finally, TD Cowen dropped their price target on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research note on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Transocean presently has an average rating of “Hold” and an average price target of $5.94.

Transocean Stock Up 0.4 %

Shares of NYSE RIG opened at $3.55 on Monday. The company has a 50-day moving average of $3.82 and a 200 day moving average of $4.23. Transocean has a 12-month low of $3.38 and a 12-month high of $6.88. The company has a current ratio of 1.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.64. The stock has a market cap of $3.10 billion, a PE ratio of -4.73, a P/E/G ratio of 0.75 and a beta of 2.70.

Insider Transactions at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total transaction of $84,700.00. Following the sale, the executive vice president now directly owns 313,072 shares in the company, valued at $1,205,327.20. This represents a 6.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 13.16% of the company’s stock.

Institutional Investors Weigh In On Transocean

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Transocean by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 78,811,863 shares of the offshore drilling services provider’s stock worth $295,544,000 after buying an additional 931,684 shares in the last quarter. Primecap Management Co. CA lifted its holdings in Transocean by 0.4% during the 3rd quarter. Primecap Management Co. CA now owns 56,342,169 shares of the offshore drilling services provider’s stock worth $239,454,000 after buying an additional 222,680 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Transocean by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 40,008,596 shares of the offshore drilling services provider’s stock worth $150,029,000 after buying an additional 809,864 shares in the last quarter. State Street Corp lifted its holdings in Transocean by 11.0% during the 3rd quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock worth $83,275,000 after buying an additional 1,944,723 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Transocean by 51.5% during the 4th quarter. American Century Companies Inc. now owns 19,257,437 shares of the offshore drilling services provider’s stock worth $72,215,000 after buying an additional 6,542,271 shares in the last quarter. 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.