Q2 2024 EPS Estimates for Transocean Ltd. (NYSE:RIG) Lowered by Capital One Financial

Transocean Ltd. (NYSE:RIG) – Stock analysts at Capital One Financial lowered their Q2 2024 earnings per share (EPS) estimates for Transocean in a research note issued to investors on Wednesday, May 1st. Capital One Financial analyst D. Becker now anticipates that the offshore drilling services provider will post earnings per share of ($0.10) for the quarter, down from their prior estimate 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 issued its quarterly earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.10. The firm had revenue of $767.00 million for the quarter, compared to analyst estimates of $781.86 million. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. The business’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.38) EPS.

Several other equities analysts have also recently issued reports on the stock. Benchmark reiterated a “buy” rating and set a $8.00 price target on shares of Transocean in a research report on Tuesday, April 30th. Barclays decreased their price objective on Transocean from $7.00 to $6.00 and set an “equal weight” rating for the company in a report on Thursday, February 22nd. Morgan Stanley reduced their target price on shares of Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Monday, February 26th. Evercore ISI lowered their price target on shares of Transocean from $9.00 to $7.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. Finally, StockNews.com raised shares of Transocean to a “sell” rating in a research note on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $7.70.

Transocean Trading Up 3.7 %

Shares of RIG stock opened at $5.57 on Monday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.35 and a quick ratio of 1.22. The business has a 50-day moving average of $5.77 and a 200 day moving average of $5.93. The stock has a market capitalization of $4.57 billion, a PE ratio of -10.71 and a beta of 2.83. Transocean has a 1-year low of $4.45 and a 1-year high of $8.88.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Transocean by 6.4% during the 4th quarter. Vanguard Group Inc. now owns 68,552,192 shares of the offshore drilling services provider’s stock valued at $435,306,000 after purchasing an additional 4,107,956 shares during the last quarter. Primecap Management Co. CA increased its holdings in Transocean by 11.4% in the 4th quarter. Primecap Management Co. CA now owns 50,699,389 shares of the offshore drilling services provider’s stock worth $321,941,000 after buying an additional 5,168,000 shares during the period. Capital World Investors raised its position in Transocean by 34.7% during the 4th quarter. Capital World Investors now owns 39,014,318 shares of the offshore drilling services provider’s stock worth $247,741,000 after buying an additional 10,049,077 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Transocean by 23.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 35,690,620 shares of the offshore drilling services provider’s stock valued at $226,641,000 after acquiring an additional 6,719,483 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in shares of Transocean by 7.0% in the 1st quarter. Van ECK Associates Corp now owns 17,013,964 shares of the offshore drilling services provider’s stock valued at $106,848,000 after acquiring an additional 1,105,747 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.