FY2024 EPS Estimates for Transocean Cut by Analyst

Transocean Ltd. (NYSE:RIG) – Equities research analysts at Capital One Financial cut their FY2024 EPS estimates for shares of Transocean in a research report issued to clients and investors on Thursday, October 31st. Capital One Financial analyst D. Becker now forecasts that the offshore drilling services provider will post earnings per share of ($0.16) for the year, down from their prior estimate 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 research firms have also weighed in on RIG. DNB Markets raised shares of Transocean from a “hold” rating to a “buy” rating in a report on Tuesday, September 3rd. Barclays cut their target price on shares of Transocean from $6.00 to $4.50 and set an “equal weight” rating for the company in a report on Wednesday, October 23rd. Benchmark lowered shares of Transocean from a “buy” rating to a “hold” rating in a report on Tuesday, October 15th. Morgan Stanley lifted their target price on shares of Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. Finally, Citigroup lowered shares of Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $6.63.

Transocean Price Performance

NYSE:RIG opened at $4.46 on Monday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.34. The firm has a market cap of $3.90 billion, a price-to-earnings ratio of -5.93 and a beta of 2.78. The company has a 50 day moving average price of $4.33 and a 200-day moving average price of $5.07. Transocean has a 1-year low of $3.85 and a 1-year high of $6.94.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Transocean by 138.8% during 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 acquiring an additional 2,693 shares during the period. Nisa Investment Advisors LLC purchased a new position in shares of Transocean during the 2nd quarter worth $30,000. Atria Investments Inc purchased a new position in shares of Transocean during the 3rd quarter worth $51,000. Fiducient Advisors LLC purchased a new stake in Transocean in the 1st quarter valued at about $63,000. Finally, SG Americas Securities LLC purchased a new stake in Transocean in the 2nd quarter valued at about $64,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Activity at Transocean

In other Transocean news, Director Perestroika bought 1,500,000 shares of the stock in a transaction on Thursday, September 12th. The shares were bought at an average price of $4.13 per share, with a total value of $6,195,000.00. Following the purchase, the director now directly owns 91,074,894 shares in the company, valued at $376,139,312.22. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 12.54% of the stock is owned by corporate 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.