FY2024 EPS Estimates for Transocean Reduced by Analyst

Transocean Ltd. (NYSE:RIG) – Equities researchers at Capital One Financial cut their FY2024 earnings estimates for Transocean in a report released on Thursday, October 31st. Capital One Financial analyst D. Becker now expects that the offshore drilling services provider will post earnings per share of ($0.16) for the year, down from their previous forecast of ($0.14). The consensus estimate for Transocean’s current full-year earnings is ($0.18) per share. Capital One Financial also issued estimates for Transocean’s Q4 2024 earnings at $0.05 EPS.

Several other equities analysts have also weighed in on the company. Morgan Stanley lifted their price target on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. Benchmark downgraded Transocean from a “buy” rating to a “hold” rating in a research note on Tuesday, October 15th. Barclays decreased their target price on Transocean from $6.00 to $4.50 and set an “equal weight” rating on the stock in a research report on Wednesday, October 23rd. Citigroup lowered shares of Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. Finally, DNB Markets raised Transocean from a “hold” rating to a “buy” rating in a research note on Tuesday, September 3rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Transocean presently has an average rating of “Hold” and a consensus price target of $6.63.

Transocean Trading Up 4.0 %

NYSE RIG opened at $4.41 on Monday. The company has a market capitalization of $3.86 billion, a PE ratio of -5.88 and a beta of 2.78. Transocean has a 1 year low of $3.85 and a 1 year high of $6.94. The company has a fifty day moving average of $4.34 and a 200 day moving average of $5.07. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.08.

Insider Buying and Selling

In other news, Director Perestroika bought 1,500,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were bought at an average cost of $4.13 per share, for a total transaction of $6,195,000.00. Following the acquisition, the director now directly owns 91,074,894 shares of the company’s stock, valued at $376,139,312.22. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 13.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Transocean

Several large investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC increased its position in shares of Transocean by 1,748.6% during the first quarter. Janney Montgomery Scott LLC now owns 245,861 shares of the offshore drilling services provider’s stock worth $1,544,000 after acquiring an additional 232,561 shares during the period. Capstone Investment Advisors LLC acquired a new position in Transocean during the 1st quarter worth approximately $197,000. GSA Capital Partners LLP increased its position in shares of Transocean by 23.9% in the 1st quarter. GSA Capital Partners LLP now owns 506,105 shares of the offshore drilling services provider’s stock valued at $3,178,000 after purchasing an additional 97,676 shares during the last quarter. General American Investors Co. Inc. acquired a new stake in shares of Transocean in the 1st quarter valued at $3,768,000. Finally, Empowered Funds LLC lifted its position in shares of Transocean by 20.6% during the 1st quarter. Empowered Funds LLC now owns 149,785 shares of the offshore drilling services provider’s stock worth $941,000 after purchasing an additional 25,555 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other 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.