FY2024 EPS Estimates for Transocean Raised by Zacks Research

Transocean Ltd. (NYSE:RIG) – Stock analysts at Zacks Research upped their FY2024 earnings per share estimates for shares of Transocean in a report issued on Wednesday, November 20th. Zacks Research analyst N. Choudhury now expects that the offshore drilling services provider will earn ($0.17) per share for the year, up from their previous 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 research firms have also recently commented on RIG. Susquehanna cut their price target on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a report on Friday, November 1st. DNB Markets upgraded Transocean from a “hold” rating to a “buy” rating in a research note on Tuesday, September 3rd. Citigroup cut shares of Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Benchmark downgraded Transocean from a “buy” rating to a “hold” rating in a report on Tuesday, October 15th. Finally, Morgan Stanley lifted their price objective on shares of Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Two equities research 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.com, the company has an average rating of “Hold” and an average target price of $6.63.

Transocean Stock Down 2.0 %

Shares of RIG opened at $4.38 on Monday. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of -5.84 and a beta of 2.78. The stock’s 50-day moving average price is $4.33 and its 200-day moving average price is $4.93. The company has a quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64. Transocean has a 52 week low of $3.85 and a 52 week high of $6.88.

Insider Buying and Selling

In related news, EVP Roderick James Mackenzie sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.29, for a total value of $85,800.00. Following the completion of the transaction, the executive vice president now owns 310,857 shares of the company’s stock, valued at approximately $1,333,576.53. This trade represents a 6.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Perestroika bought 1,500,000 shares of the 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. This represents a 1.67 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 13.16% of the company’s stock.

Hedge Funds Weigh In On Transocean

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its holdings in Transocean by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock worth $73,307,000 after purchasing an additional 680,242 shares during the last quarter. Abel Hall LLC acquired a new stake in shares of Transocean in the third quarter worth $65,000. Barclays PLC raised its stake in Transocean by 60.1% during the 3rd quarter. Barclays PLC now owns 1,623,924 shares of the offshore drilling services provider’s stock valued at $6,902,000 after purchasing an additional 609,681 shares during the last quarter. Orion Portfolio Solutions LLC acquired a new position in shares of Transocean during the third quarter valued at about $46,000. Finally, XTX Topco Ltd lifted its stake in shares of Transocean by 555.6% in the third quarter. XTX Topco Ltd now owns 652,578 shares of the offshore drilling services provider’s stock valued at $2,773,000 after buying an additional 553,033 shares during the period. Institutional investors own 67.73% of the company’s stock.

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.