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Transocean Ltd. (NYSE: RIG) Defies Bearish Expectations and Displays Strong Future Potential

In the last trading session, 15.99 million Transocean Ltd. (NYSE:RIG) shares changed hands as the company’s beta touched 2.99. With the company’s per share price at $8.30 changed hands at -$0.01 or -0.12% during last session, the market valuation stood at $6.63B. RIG’s last price was a discount, traded about -6.99% off its 52-week high of $8.88. The share price had its 52-week low at $2.33, which suggests the last value was 71.93% up since then. When we look at Transocean Ltd.’s average trading volume, we note the 10-day average is 17.62 million shares, with the 3-month average coming to 15.26 million.

Analysts gave the Transocean Ltd. (RIG) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.60. If we narrow down to specifics, the data shows that 2 out of 16 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 5 recommended RIG as a Hold, 8 felt it is a Buy and 1 rated the stock as Underweight. Transocean Ltd.’s EPS for the current quarter is expected to be -$0.22.

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Transocean Ltd. (NYSE:RIG) trade information

Instantly RIG was in red as seen at the end of in last trading. With action 2.22%, the performance over the past five days has been green. The drop to weekly highs of 8.88 on Monday, 09/18/23 subtracted -0.12% to the stock’s daily price. The company’s shares are showing year-to-date upside of 82.02%, with the 5-day performance at 2.22% in the green. However, in the 30-day time frame, Transocean Ltd. (NYSE:RIG) is 3.11% up. Looking at the short shares, we see there were 137.79 million shares sold at short interest cover period of 10.27 days.

The consensus price target for the stock as assigned by Wall Street analysts is $8.89, meaning bulls need an upside of 6.64% from its current market value. According to analyst projections, RIG’s forecast low is $6.00 with $12.00 as the target high. To hit the forecast high, the stock’s price needs a -44.58% plunge from its current level, while the stock would need to tank 27.71% for it to hit the projected low.

Transocean Ltd. (RIG) estimates and forecasts

Data shows that the Transocean Ltd. share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 47.42% over the past 6 months, a 17.20% in annual growth rate that is considerably lower than the industry average of 33.70%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Transocean Ltd. will fall -266.70%, while the growth in revenue is estimated to hit 91.80% for the next quarter. Year-over-year growth is forecast to reach 15.60% up from the last financial year.

Consensus estimates given by 10 financial analysts project the company’s revenue in the current quarter to hit an average of $727.81 million. 10 analysts are of the opinion that Transocean Ltd.’s revenue for the quarter ending Dec 2023 will be $840.41 million. The company’s revenue for the corresponding quarters a year ago was $670.37 million and $606 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 8.60%. The estimates for the next quarter sales put growth at 38.70%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 35.30%. The 2023 estimates are for Transocean Ltd. earnings to increase by 4.40%.

RIG Dividends

Transocean Ltd. is expected to release its next quarterly earnings report between November 01 and November 04.

Transocean Ltd. (NYSE:RIG)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 7.24% of Transocean Ltd. shares while 70.19% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 75.67%. There are 70.19% institutions holding the Transocean Ltd. stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 8.49% of the shares, roughly 65.08 million RIG shares worth $540.18 million.

Primecap Management Company holds the second largest percentage of outstanding shares, with 5.93% or 45.47 million shares worth $377.36 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard Small-Cap Index Fund. With 21.58 million shares estimated at $179.08 million under it, the former controlled 2.81% of total outstanding shares. On the other hand, Vanguard Small-Cap Index Fund held about 2.32% of the shares, roughly 17.81 million shares worth around $147.81 million.

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