Transocean (NYSE:RIG) Stock

Transocean

Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. Its segment involves contracting mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells.

The first quarter of the most important earnings season of the year is in full steam right now, giving investors a direct insight into the momentum that some of the best and biggest companies in the market can count on

After Earnings, Is Transocean Stock the Best Energy Play?

SDRL


President Trump’s “Drill, baby, drill” initiatives may cause a demand spike for offshore drillers. Trump signed an executive order attempting to remove former President Biden’s permanent offshore

3 Stocks to Gain From the Rising Demand in Offshore Drilling

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The first quarter of 2025 is already underway, and investors across the market are probably wondering where the best place to put their capital to work is. With this in mind, a few economic and fundamental themes will

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Shares of oil and gas companies are trading lower amid a rise in US crude inventories.

News

Management

Transocean COO Keelan Adamson To Become CEO, Succeeding Jeremy Thigpen

Transocean (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) reported quarterly losses of $(0.09) per share. This is unchanged from the same period last year. The company reported quarterly sales of $952.00 million which missed the analyst consensus estimate of $960.55 million by 0.89 percent. This is a 28.48 percent increase over sales of $741.00 million the same period last year.

Earnings

Earnings Misses

Transocean Q4 Adj $(0.09), Same YoY, Sales $952.00M Miss $960.55M Estimate

<h3>Companies Reporting Before The Bell</h3>
<h3>Companies Reporting After The Bell</h3>
• Tennant (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNC#NYSE">TNC</a>) is expected to report quarterly earnings at $1.37 per share on revenue of $323.27 million. 
• UFP Industries (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UFPI#NASDAQ">UFPI</a>) is expected to report quarterly earnings at $1.24 per share on revenue of $1.43 billion. 
• Noble Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NE#NYSE">NE</a>) is estimated to report quarterly earnings at $0.65 per share on revenue of $874.53 million. 
• Otter Tail (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OTTR#NASDAQ">OTTR</a>) is projected to report quarterly earnings at $1.27 per share on revenue of $314.75 million. 
• Transocean (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) is likely to report quarterly earnings at $0.01 per share on revenue of $962.85 million. 
• BHP Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) is projected to report earnings for its first quarter. 
• Huntsman (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUN#NYSE">HUN</a>) is projected to report quarterly loss at $0.07 per share on revenue of $1.46 billion. 
• JELD-WEN Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JELD#NYSE">JELD</a>) is estimated to report quarterly loss at $0.06 per share on revenue of $862.41 million. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

JELD

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Earnings Scheduled For February 17, 2025

Transocean Reports Total Backlog Of ~$8.3B As Of February 12, 2025

Evercore ISI Group analyst James West downgrades Transocean (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) from Outperform to In-Line and lowers the price target from $6 to $5.

Downgrades

Price Target

Analyst Ratings

Evercore ISI Group Downgrades Transocean to In-Line, Lowers Price Target to $5

TD Cowen analyst Marc Bianchi maintains Transocean (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) with a Hold and lowers the price target from $6.5 to $5.5.

TD Cowen Maintains Hold on Transocean, Lowers Price Target to $5.5

KOLD

President-Elect Trump Says I Will Revoke Offshore Oil, Gas Drilling Ban In Vast Areas On Day One

Trading Ideas

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President Joe Biden intends to ban offshore drilling along most of the U.S. coast before <a href="https://www.benzinga.com/25/01/42813324/trumps-universal-tariff-plans-take-shape-analysts-expect-stronger-for-longer-greenback">leaving the White House</a>.
The Details: Biden <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2025/01/06/statement-from-president-joe-biden-on-protecting-americas-ocean-and-coasts-from-offshore-oil-and-gas-drilling/">said</a> Monday he will protect more than 625 million acres of the ocean from future offshore oil and gas drilling. This includes the Atlantic and Pacific coasts, the Gulf of Mexico and portions of the Bering Sea.
"My decision reflects what coastal communities, businesses, and beachgoers have known for a long time: that drilling off these coasts could cause irreversible damage to places we hold dear and is unnecessary to meet our nation's energy needs," Biden said in the statement.&nbsp;
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Biden will use powers given under the 1953 Outer Continental Shelf Lands Act which allows the president to indefinitely withdraw unleased lands from the outer continental shelf.&nbsp; The withdrawal of the lands has no expiration date and President-elect Donald Trump will likely not be able to reverse the protections without an act of Congress.&nbsp;
Trump pledged to increase domestic energy and fossil fuel production during his campaign and Karoline Leavitt, a spokesperson for the Trump Vance transition team, took to social media to speak out against President Biden's decision.&nbsp;
"This is a disgraceful decision designed to exact political revenge on the American people who gave President Trump a mandate to increase drilling and lower gas prices. Rest assured, Joe Biden will fail, and we will drill, baby, drill," Leavitt posted on X.&nbsp;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This is a disgraceful decision designed to exact political revenge on the American people who gave President Trump a mandate to increase drilling and lower gas prices. Rest assured, Joe Biden will fail, and we will drill, baby, drill. <a href="https://t.co/NvWx7oA2vU">https://t.co/NvWx7oA2vU</a>
&mdash; Karoline Leavitt (@karolineleavitt) <a href="https://twitter.com/karolineleavitt/status/1876228351028858932?ref_src=twsrc%5Etfw">January 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Why It Matters: Biden&#8217;s offshore drilling ban could have significant impacts on several companies in the oil and gas sector.
Companies with offshore operations include Transocean Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) and Noble Corp. plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NE#NYSE">NE</a>), which provide contract drilling services. 
Other names to watch in the oil industry include Halliburton Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) and Baker Hughes Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) which both have modest exposure to the offshore drilling industry. 
The Range Global Offshore Oil Services Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OFOS#NYSE">OFOS</a>) is focused specifically on offshore drilling services. The SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XES#NYSE">XES</a>) includes companies involved in oil and gas equipment and services. 
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Biden Set To Ban Future Offshore Oil Drilling: 4 Stocks, 2 ETFs To Watch

Barclays analyst David Anderson upgrades Transocean (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) from Equal-Weight to Overweight and maintains the price target from $4.5 to $4.5.

Upgrades

Barclays Upgrades Transocean to Overweight, Maintains Price Target to $4.5

The estimated 270-day program is expected to commence in direct continuation of the rig's&nbsp;firm term with Reliance and contribute approximately $111 million in backlog, excluding additional services.

Contracts

Transocean Secures $111M Ultra-Deepwater Drillship Contract For Dhirubhai Deepwater KG1 With Reliance Industries Limited In India

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
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<li>Loop Capital analyst Anthony Chukumba upgraded the rating for Shopify Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHOP#NYSE">SHOP</a>) from Hold to Buy and announced a $140 price target. Shopify shares closed at $114.09 on Thursday. <a href="https://www.benzinga.com/quote/shop/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Raymond James analyst Daniel Tamayo upgraded WesBanco, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WSBC#NASDAQ">WSBC</a>) from Outperform to Strong Buy and raised the price target from $35 to $44. Wesbanco shares closed at $35.52 on Thursday. <a href="https://www.benzinga.com/quote/wsbc/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Jefferies analyst Stephen Volkmann upgraded The Timken Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TKR#NYSE">TKR</a>) from Hold to Buy and raised the price target from $80 to $95. Timken shares closed at $76.11 on Thursday. See how other analysts view this stock.</li>
<li>JP Morgan analyst Arun Jayaram upgraded the rating for Transocean Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) from Underweight to Neutral and announced a $5 price target. Transocean shares closed at $4.17 on Thursday. <a href="https://www.benzinga.com/quote/rig/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Jefferies analyst Stephen Volkmann upgraded the rating for SiteOne Landscape Supply, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SITE#NYSE">SITE</a>) from Hold to Buy and boosted the price target from $145 to $175. SiteOne Landscape Supply shares closed at $144.86 on Thursday. <a href="https://www.benzinga.com/quote/site/analyst-ratings">See how other analysts view this stock.</a></li>
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Pre-Market Outlook

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JP Morgan analyst Arun Jayaram upgrades Transocean (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) from Underweight to Neutral and announces $5 price target.

JP Morgan Upgrades Transocean to Neutral, Announces $5 Price Target

Benchmark analyst Kurt Hallead reiterates Transocean (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) with a Hold.

Reiteration

Benchmark Reiterates Hold on Transocean

Susquehanna analyst Charles Minervino maintains Transocean (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) with a Positive and lowers the price target from $7 to $6.5.

Susquehanna Maintains Positive on Transocean, Lowers Price Target to $6.5

Transocean shares are trading higher after the company reported Q3 sales that beat analyst estimates.

Transocean (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) reported quarterly sales of $948.000 million which beat the analyst consensus estimate of $943.833 million by 0.44 percent. This is a 32.96 percent increase over sales of $713.000 million the same period last year.

Earnings Beats

Transocean Q3 Sales $948.000M Beat $943.833M Estimate

Transocean (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIG#NYSE">RIG</a>) is gearing up to announce its quarterly earnings on Wednesday, 2024-10-30. Here's a quick overview of what investors should know before the release.
Analysts are estimating that Transocean will report an earnings per share (EPS) of $-0.04.
Anticipation surrounds Transocean's announcement, with investors hoping to hear about both surpassing estimates and receiving positive guidance for the next quarter.
New investors should understand that while earnings performance is important, market reactions are often driven by guidance.
<h3>Historical Earnings Performance</h3>
In the previous earnings release, the company missed EPS by $0.05, leading to a 5.7% drop in the share price the following trading session.
Here's a look at Transocean's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>-0.10</td>
<td>-0.14</td>
<td>-0.23</td>
<td>-0.23</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>-0.15</td>
<td>-0.03</td>
<td>-0.09</td>
<td>-0.36</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-6.0%</td>
<td>-10.0%</td>
<td>-4.0%</td>
<td>-0.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1730224864_0.png" alt="eps graph" />
<h3>Transocean Share Price Analysis</h3>
Shares of Transocean were trading at $4.03 as of October 28. Over the last 52-week period, shares are down 40.81%. Given that these returns are generally negative, long-term shareholders are likely bearish going into this earnings release. 
<a href="https://www.benzinga.com/quote/RIG/earnings">To track all earnings releases for Transocean visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

What's Next: Transocean's Earnings Preview

Transocean Provides Fleet Status Report; Reports $9.3B Total Backlog As Of October 24, 2024

Press Releases

DEADLINE ALERT for CPRI, AZN, RIG: Law Offices of Howard G. Smith Reminds Investors of Opportunity to Lead Securities Fraud Class Actions

Contact The Gross Law Firm by February 24, 2025 Deadline to Join Class Action Against Transocean Ltd. (RIG)

RIG INVESTOR ALERT: Bronstein, Gewirtz & Grossman LLC Announces that Transocean Ltd. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit

RIG Deadline: RIG Investors Have Opportunity to Lead Transocean Ltd. Securities Fraud Lawsuit

Levi & Korsinsky Reminds Transocean Ltd. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of February 24, 2025 - RIG

RIG DEADLINE NOTICE: ROSEN, SKILLED INVESTOR COUNSEL, Encourages Transocean Ltd. Investors with Losses in Excess of $100K to Secure Counsel Before Important February 24 Deadline in Securities Class Action – RIG

Transocean Ltd. (RIG) Investors Who Lost Money Have Opportunity to Lead Securities Fraud Lawsuit

Transocean Ltd. Class Action: Levi & Korsinsky Reminds Transocean Ltd. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of February 24, 2025 – RIG

TRANSOCEAN 72 HOUR DEADLINE ALERT: Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors With Losses in Excess of $100,000 of Deadline in Class Action Lawsuits Against Transocean Ltd. - RIG

MONDAY INVESTOR DEADLINE: Robbins Geller Rudman & Dowd LLP Announces that Transocean Ltd. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit - RIG

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