Q2 2024 Earnings Estimate for Transocean Ltd. (NYSE:RIG) Issued By Capital One Financial

Transocean Ltd. (NYSE:RIG) – Equities researchers at Capital One Financial dropped their Q2 2024 earnings per share (EPS) estimates for Transocean in a research report issued on Wednesday, May 1st. Capital One Financial analyst D. Becker now expects that the offshore drilling services provider will post earnings of ($0.10) per share for the quarter, down from their previous forecast of ($0.04). The consensus estimate for Transocean’s current full-year earnings is $0.01 per share. Capital One Financial also issued estimates for Transocean’s Q3 2024 earnings at ($0.03) EPS, Q4 2024 earnings at $0.01 EPS, FY2024 earnings at ($0.14) EPS, Q3 2025 earnings at $0.06 EPS and FY2025 earnings at $0.17 EPS.

Transocean (NYSE:RIG) last posted its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.10. Transocean had a negative return on equity of 4.67% and a negative net margin of 13.27%. The business had revenue of $767.00 million during the quarter, compared to analysts’ expectations of $781.86 million. During the same period in the previous year, the business earned ($0.38) earnings per share. The firm’s revenue was up 18.2% on a year-over-year basis.

Other equities research analysts have also issued research reports about the company. Citigroup dropped 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. Evercore ISI dropped their price target on Transocean from $9.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Morgan Stanley lowered their target price 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. Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of Transocean in a research note on Tuesday, April 30th. Finally, Bank of America boosted their target price on Transocean from $5.50 to $6.00 and gave the company an “underperform” rating in a research note on Monday, April 15th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $7.70.

Transocean Trading Up 1.0 %

Shares of RIG stock opened at $5.73 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.35 and a debt-to-equity ratio of 0.65. The business has a 50-day moving average price of $5.81 and a two-hundred day moving average price of $5.90. Transocean has a 12-month low of $4.45 and a 12-month high of $8.88. The firm has a market cap of $4.69 billion, a P/E ratio of -11.01 and a beta of 2.83.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Commonwealth Equity Services LLC grew its holdings in shares of Transocean by 8.8% during the 3rd quarter. Commonwealth Equity Services LLC now owns 222,448 shares of the offshore drilling services provider’s stock worth $1,826,000 after acquiring an additional 17,961 shares during the period. Raymond James & Associates grew its holdings in shares of Transocean by 35.1% during the 3rd quarter. Raymond James & Associates now owns 381,124 shares of the offshore drilling services provider’s stock worth $3,129,000 after acquiring an additional 98,987 shares during the period. Independent Advisor Alliance grew its holdings in shares of Transocean by 150.4% during the 3rd quarter. Independent Advisor Alliance now owns 28,565 shares of the offshore drilling services provider’s stock worth $235,000 after acquiring an additional 17,158 shares during the period. Verdence Capital Advisors LLC grew its holdings in shares of Transocean by 146.6% during the 3rd quarter. Verdence Capital Advisors LLC now owns 25,235 shares of the offshore drilling services provider’s stock worth $207,000 after acquiring an additional 15,000 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Transocean by 22.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 145,543 shares of the offshore drilling services provider’s stock worth $1,195,000 after acquiring an additional 26,494 shares during the period. 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.