Transocean Ltd. to Post Q2 2024 Earnings of ($0.10) Per Share, Capital One Financial Forecasts (NYSE:RIG)

Transocean Ltd. (NYSE:RIG) – Analysts at Capital One Financial lowered their Q2 2024 EPS estimates for Transocean in a note issued to investors on Wednesday, May 1st. Capital One Financial analyst D. Becker now anticipates that the offshore drilling services provider will earn ($0.10) per share for the quarter, down from their prior estimate of ($0.04). The consensus estimate for Transocean’s current full-year earnings is $0.01 per share. Capital One Financial also issued estimates for Transocean’s Q3 2024 earnings at ($0.03) EPS, Q4 2024 earnings at $0.01 EPS, FY2024 earnings at ($0.14) EPS, Q3 2025 earnings at $0.06 EPS and FY2025 earnings at $0.17 EPS.

Several other research analysts also recently issued reports on RIG. Benchmark reaffirmed a “buy” rating and set a $8.00 price target on shares of Transocean in a research note on Tuesday, April 30th. StockNews.com raised Transocean to a “sell” rating in a research note on Tuesday, February 20th. Evercore ISI cut their price target on Transocean from $9.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Bank of America lifted their price target on Transocean from $5.50 to $6.00 and gave the stock an “underperform” rating in a research note on Monday, April 15th. Finally, Morgan Stanley cut their target price on shares of Transocean from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Monday, February 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $7.70.

Transocean Stock Performance

NYSE:RIG opened at $5.73 on Monday. The firm’s fifty day moving average price is $5.81 and its 200 day moving average price is $5.90. Transocean has a 1-year low of $4.45 and a 1-year high of $8.88. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.35 and a quick ratio of 1.04. The firm has a market cap of $4.69 billion, a price-to-earnings ratio of -11.01 and a beta of 2.83.

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

Institutional Investors Weigh In On Transocean

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Transocean by 6.4% in the 4th quarter. Vanguard Group Inc. now owns 68,552,192 shares of the offshore drilling services provider’s stock valued at $435,306,000 after buying an additional 4,107,956 shares in the last quarter. Primecap Management Co. CA raised its holdings in Transocean by 11.4% during the fourth quarter. Primecap Management Co. CA now owns 50,699,389 shares of the offshore drilling services provider’s stock valued at $321,941,000 after buying an additional 5,168,000 shares in the last quarter. Capital World Investors boosted its stake in shares of Transocean by 34.7% during the 4th quarter. Capital World Investors now owns 39,014,318 shares of the offshore drilling services provider’s stock worth $247,741,000 after acquiring an additional 10,049,077 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Transocean by 23.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 35,690,620 shares of the offshore drilling services provider’s stock valued at $226,641,000 after acquiring an additional 6,719,483 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in Transocean by 7.0% during the first quarter. Van ECK Associates Corp now owns 17,013,964 shares of the offshore drilling services provider’s stock worth $106,848,000 after purchasing an additional 1,105,747 shares during the period. 67.73% of the stock is currently owned by institutional investors.

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.