Zacks Research Comments on Transocean Ltd.’s Q3 2024 Earnings (NYSE:RIG)

Transocean Ltd. (NYSE:RIG) – Research analysts at Zacks Research reduced their Q3 2024 earnings per share (EPS) estimates for Transocean in a report released on Wednesday, September 11th. Zacks Research analyst N. Choudhury now forecasts that the offshore drilling services provider will post earnings per share of ($0.05) for the quarter, down from their prior estimate of ($0.03). The consensus estimate for Transocean’s current full-year earnings is ($0.19) per share. Zacks Research also issued estimates for Transocean’s FY2024 earnings at ($0.20) EPS, Q2 2025 earnings at $0.04 EPS and FY2025 earnings at $0.18 EPS.

RIG has been the topic of a number of other research reports. Citigroup cut Transocean from a “buy” rating to a “neutral” rating in a research note on Thursday. DNB Markets raised Transocean from a “hold” rating to a “buy” rating in a research note on Tuesday, September 3rd. StockNews.com raised Transocean to a “sell” rating in a research note on Monday, August 5th. Finally, Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of Transocean in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $7.25.

Transocean Stock Down 0.5 %

RIG opened at $4.13 on Friday. The stock has a market cap of $3.62 billion, a PE ratio of -7.94 and a beta of 2.79. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 0.63. Transocean has a 52 week low of $3.85 and a 52 week high of $8.88. The business’s fifty day simple moving average is $5.02 and its 200 day simple moving average is $5.46.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). The business had revenue of $861.00 million during the quarter, compared to analysts’ expectations of $862.25 million. Transocean had a negative return on equity of 4.76% and a negative net margin of 11.34%. The company’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.15) EPS.

Insider Buying and Selling

In related news, Director Perestroika acquired 1,500,000 shares of the stock in a transaction on Thursday, September 12th. The stock was acquired at an average cost of $4.13 per share, for a total transaction of $6,195,000.00. Following the completion of the acquisition, the director now directly owns 91,074,894 shares of the company’s stock, valued at approximately $376,139,312.22. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Transocean news, Director (Cyprus) Ltd Perestroika bought 2,000,000 shares of the stock in a transaction dated Friday, August 2nd. The stock was purchased at an average cost of $5.23 per share, for a total transaction of $10,460,000.00. Following the completion of the acquisition, the director now owns 89,574,894 shares of the company’s stock, valued at $468,476,695.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Perestroika bought 1,500,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were acquired at an average price of $4.13 per share, with a total value of $6,195,000.00. Following the completion of the acquisition, the director now directly owns 91,074,894 shares of the company’s stock, valued at approximately $376,139,312.22. The disclosure for this purchase can be found here. 13.16% of the stock is owned by insiders.

Institutional Investors Weigh In On Transocean

Institutional investors and hedge funds have recently made changes to their positions in the company. OLD Point Trust & Financial Services N A bought a new stake in shares of Transocean during the fourth quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. grew its position in Transocean by 138.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock worth $25,000 after purchasing an additional 2,693 shares during the period. Nisa Investment Advisors LLC bought a new stake in Transocean in the 2nd quarter worth approximately $30,000. Fiducient Advisors LLC bought a new stake in Transocean in the 1st quarter worth approximately $63,000. Finally, SG Americas Securities LLC bought a new stake in Transocean in the 2nd quarter worth approximately $64,000. 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.