Transocean Ltd. Expected to Earn Q3 2024 Earnings of ($0.03) Per Share (NYSE:RIG)

Transocean Ltd. (NYSE:RIG) – Investment analysts at Zacks Research issued their Q3 2024 EPS estimates for Transocean in a research note issued on Wednesday, August 21st. Zacks Research analyst N. Choudhury expects that the offshore drilling services provider will post earnings of ($0.03) per share for the quarter. The consensus estimate for Transocean’s current full-year earnings is ($0.10) per share. Zacks Research also issued estimates for Transocean’s FY2024 earnings at ($0.19) EPS, Q2 2026 earnings at $0.14 EPS and FY2026 earnings at $0.59 EPS.

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

Several other research firms have also issued reports on RIG. Evercore ISI lowered their target price on shares of Transocean from $9.00 to $7.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Benchmark reissued a “buy” rating and set a $8.00 target price on shares of Transocean in a research report on Friday, August 2nd. Finally, StockNews.com raised shares of Transocean to a “sell” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $7.25.

Transocean Stock Performance

RIG opened at $4.97 on Monday. Transocean has a fifty-two week low of $4.45 and a fifty-two week high of $8.88. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.08 and a current ratio of 1.36. The company has a fifty day moving average of $5.25 and a 200 day moving average of $5.52. The stock has a market capitalization of $4.68 billion, a price-to-earnings ratio of -9.56 and a beta of 2.85.

Institutional Investors Weigh In On Transocean

Several hedge funds have recently modified their holdings of RIG. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Transocean by 6.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 155,306 shares of the offshore drilling services provider’s stock worth $986,000 after purchasing an additional 9,763 shares during the period. State of New Jersey Common Pension Fund D lifted its holdings in shares of Transocean by 6.0% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 420,961 shares of the offshore drilling services provider’s stock worth $2,673,000 after purchasing an additional 23,997 shares during the period. Headlands Technologies LLC lifted its holdings in shares of Transocean by 8,233.8% during the fourth quarter. Headlands Technologies LLC now owns 41,669 shares of the offshore drilling services provider’s stock worth $265,000 after purchasing an additional 41,169 shares during the period. Sargent Investment Group LLC lifted its holdings in Transocean by 16.5% in the fourth quarter. Sargent Investment Group LLC now owns 74,130 shares of the offshore drilling services provider’s stock valued at $471,000 after acquiring an additional 10,500 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in Transocean by 11.3% in the fourth quarter. Van ECK Associates Corp now owns 15,908,217 shares of the offshore drilling services provider’s stock valued at $101,017,000 after acquiring an additional 1,616,690 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Transocean

In other Transocean news, Director (Cyprus) Ltd Perestroika bought 2,000,000 shares of the stock in a transaction dated Friday, August 2nd. The shares were acquired at an average cost of $5.23 per share, for a total transaction of $10,460,000.00. Following the completion of the transaction, the director now owns 89,574,894 shares in the company, valued at approximately $468,476,695.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 13.16% of the stock is currently owned by insiders.

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.