Zacks Research Forecasts Higher Earnings for Transocean

Transocean Ltd. (NYSE:RIG) – Equities researchers at Zacks Research boosted their FY2024 earnings per share estimates for Transocean in a research report issued on Wednesday, November 20th. Zacks Research analyst N. Choudhury now forecasts that the offshore drilling services provider will earn ($0.17) per share for the year, up from their prior estimate of ($0.20). The consensus estimate for Transocean’s current full-year earnings is ($0.16) per share. Zacks Research also issued estimates for Transocean’s FY2026 earnings at $0.22 EPS.

A number of other research firms also recently issued reports on RIG. StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Barclays cut their price objective on shares of Transocean from $6.00 to $4.50 and set an “equal weight” rating for the company in a research report on Wednesday, October 23rd. Benchmark downgraded Transocean from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. Morgan Stanley upped their price target on Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Finally, Susquehanna lowered their price objective on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research report on Friday, November 1st. Two 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 company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $6.63.

Transocean Trading Up 3.0 %

Shares of NYSE:RIG opened at $4.47 on Monday. Transocean has a 52-week low of $3.85 and a 52-week high of $6.88. The stock has a market capitalization of $3.91 billion, a price-to-earnings ratio of -5.96 and a beta of 2.78. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64. The stock’s 50-day simple moving average is $4.34 and its two-hundred day simple moving average is $4.94.

Hedge Funds Weigh In On Transocean

Several institutional investors have recently bought and sold shares of RIG. Vanguard Group Inc. raised its position in Transocean by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 68,982,142 shares of the offshore drilling services provider’s stock worth $433,208,000 after purchasing an additional 429,950 shares during the period. Primecap Management Co. CA boosted its stake in shares of Transocean by 0.4% during the third quarter. Primecap Management Co. CA now owns 56,342,169 shares of the offshore drilling services provider’s stock valued at $239,454,000 after purchasing an additional 222,680 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Transocean by 19.0% during the second quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock valued at $196,484,000 after buying an additional 5,856,414 shares during the period. State Street Corp raised its stake in Transocean by 11.0% in the third quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock worth $83,275,000 after buying an additional 1,944,723 shares in the last quarter. Finally, Pilgrim Global Advisors LLC purchased a new stake in Transocean during the third quarter worth $77,473,000. Institutional investors own 67.73% of the company’s stock.

Insider Activity at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.29, for a total transaction 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 $1,333,576.53. This represents a 6.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Perestroika acquired 1,500,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were purchased at an average price of $4.13 per share, with a total value of $6,195,000.00. Following the transaction, the director now owns 91,074,894 shares of the company’s stock, 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. 13.16% 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.