Transocean: Stock Sells Off On Underwhelming Results And Guidance - Hold [Seeking Alpha]
Transocean Ltd (Switzerland) (RIG)
Last transocean ltd (switzerland) earnings: 4/29 04:24 pm
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Source: Seeking Alpha
and bottom line outperformance mostly the result of a large non-cash tax benefit. The company attributed the underperformance to delayed contract commencements, adverse weather conditions and operational issues. On the conference call, management issued Q2/2024 guidance below consensus expectations and reduced full-year projections for the second time within just two months. However, not all is bad as leading drillship rates have reached new recovery highs above $500,000 per day. With more rigs about to commence new high-margin contracts, the company's financial performance should improve materially going forward. While I still expect 2025 to be the year of earnings inflection for Transocean and the industry as a whole, the company's premium valuation is keeping me sidelined even after Tuesday's 10% selloff. Reiterating "Hold" while reducing my price target to $5.50. Note: I have covered Transocean Ltd. NYSE: RIG ) previously, so investors should view this as an update to
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RIG
News
- SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Transocean Ltd. - RIGAccesswire
- Transocean Ltd. Is Being Looked Into By The Schall Law Firm For Defrauding The Public And Impacted Shareholders Should Reach OutAccesswire
- Investors Are Invited To Help The Schall Law Firm Investigate Transocean Ltd For Securities Law Violations Accesswire
- Transocean Ltd. (NYSE: RIG) was upgraded by analysts at StockNews.com to a "sell" rating.MarketBeat
- SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Transocean Ltd. - RIGPR Newswire
RIG
Earnings
- 7/31/24 - Miss
RIG
Sec Filings
- 9/13/24 - Form 4
- 9/13/24 - Form 4
- 9/13/24 - Form 4
- RIG's page on the SEC website