Transocean Ltd. (NYSE:RIG) Forecasted to Earn Q1 2024 Earnings of ($0.11) Per Share

Transocean Ltd. (NYSE:RIGFree Report) – Research analysts at Zacks Research reduced their Q1 2024 earnings per share (EPS) estimates for Transocean in a report issued on Monday, March 18th. Zacks Research analyst N. Choudhury now anticipates that the offshore drilling services provider will post earnings of ($0.11) per share for the quarter, down from their prior forecast of ($0.07). The consensus estimate for Transocean’s current full-year earnings is $0.09 per share. Zacks Research also issued estimates for Transocean’s Q1 2025 earnings at $0.13 EPS.

Transocean (NYSE:RIGGet Free Report) last issued its earnings results on Monday, February 19th. The offshore drilling services provider reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.12. Transocean had a negative return on equity of 7.13% and a negative net margin of 33.69%. The firm had revenue of $741.00 million for the quarter, compared to the consensus estimate of $779.17 million. During the same quarter in the previous year, the company posted ($0.49) earnings per share.

RIG has been the subject of several other research reports. Citigroup decreased their price target on Transocean from $9.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. Barclays decreased their price target on Transocean from $7.00 to $6.00 and set an “equal weight” rating for the company in a research note on Thursday, February 22nd. Morgan Stanley decreased their price target on Transocean from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Monday, February 26th. StockNews.com upgraded Transocean to a “sell” rating in a research note on Tuesday, February 20th. Finally, Capital One Financial assumed coverage on Transocean in a research note on Tuesday, November 28th. They set an “equal weight” rating and a $8.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $7.95.

Check Out Our Latest Analysis on RIG

Transocean Stock Performance

RIG opened at $6.11 on Wednesday. The company has a market cap of $4.94 billion, a PE ratio of -4.81 and a beta of 2.75. The stock has a 50-day moving average of $5.29 and a 200-day moving average of $6.38. Transocean has a 52-week low of $4.45 and a 52-week high of $8.88. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.22 and a current ratio of 1.52.

Hedge Funds Weigh In On Transocean

Several large investors have recently made changes to their positions in RIG. OLD Point Trust & Financial Services N A acquired a new position in Transocean in the 2nd quarter valued at approximately $28,000. VisionPoint Advisory Group LLC acquired a new position in Transocean in the 2nd quarter valued at approximately $31,000. National Bank of Canada FI raised its holdings in Transocean by 3,800.0% in the 3rd quarter. National Bank of Canada FI now owns 5,850 shares of the offshore drilling services provider’s stock valued at $46,000 after acquiring an additional 5,700 shares in the last quarter. Harbour Investments Inc. raised its holdings in Transocean by 28,076.9% in the 4th quarter. Harbour Investments Inc. now owns 7,326 shares of the offshore drilling services provider’s stock valued at $47,000 after acquiring an additional 7,300 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new position in Transocean in the 1st quarter valued at approximately $52,000. Institutional investors and hedge funds own 66.70% of the company’s stock.

Transocean Company Profile

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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.

See Also

Earnings History and Estimates for Transocean (NYSE:RIG)

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