Transocean FY2024 EPS Estimate Increased by Zacks Research

Transocean Ltd. (NYSE:RIG) – Equities research analysts at Zacks Research upped their FY2024 earnings per share (EPS) estimates for Transocean in a report released on Wednesday, November 20th. Zacks Research analyst N. Choudhury now forecasts that the offshore drilling services provider will post earnings of ($0.17) per share for the year, up from their prior forecast of ($0.20). The consensus estimate for Transocean’s current full-year earnings is ($0.15) per share. Zacks Research also issued estimates for Transocean’s FY2026 earnings at $0.22 EPS.

Several other equities analysts also recently commented on the company. DNB Markets upgraded Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Citigroup cut shares of Transocean from a “buy” rating to a “neutral” rating in a research note on Thursday, September 12th. StockNews.com raised Transocean to a “sell” rating in a research note on Tuesday, November 12th. Susquehanna cut their price objective on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research note on Friday, November 1st. Finally, Morgan Stanley increased their target price on shares of Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Transocean currently has a consensus rating of “Hold” and a consensus target price of $6.63.

Transocean Stock Down 2.2 %

NYSE RIG opened at $4.29 on Monday. Transocean has a fifty-two week low of $3.85 and a fifty-two week high of $6.88. The business has a fifty day moving average price of $4.33 and a two-hundred day moving average price of $4.93. 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 stock has a market capitalization of $3.75 billion, a PE ratio of -5.71 and a beta of 2.78.

Insider Activity

In related news, Director Perestroika acquired 1,500,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were acquired at an average cost of $4.13 per share, for a total transaction of $6,195,000.00. Following the purchase, the director now owns 91,074,894 shares in the company, valued at approximately $376,139,312.22. The trade was a 1.67 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Roderick James Mackenzie sold 20,000 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.29, for a total transaction of $85,800.00. Following the transaction, the executive vice president now owns 310,857 shares in the company, valued at approximately $1,333,576.53. This trade represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 13.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Transocean

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. increased its position in shares of Transocean by 138.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock valued at $25,000 after buying an additional 2,693 shares during the period. Nisa Investment Advisors LLC purchased a new position in shares of Transocean in the 2nd quarter worth about $30,000. Orion Portfolio Solutions LLC bought a new stake in shares of Transocean during the third quarter valued at approximately $46,000. Atria Investments Inc purchased a new stake in Transocean during the 3rd quarter valued at $51,000. Finally, Kovitz Investment Group Partners LLC boosted its position in shares of Transocean by 34.0% during the third quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider’s stock valued at $62,000 after buying an additional 4,027 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

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.