Transocean Ltd. (NYSE:RIG) was upgraded by stock analysts at Howard Weil from a “sector perform” rating to a “sector outperform” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $14.00 target price on the offshore drilling services provider’s stock, up from their prior target price of $12.00. Howard Weil’s price target would indicate a potential upside of 38.89% from the company’s current price.
Several other research firms also recently weighed in on RIG. Zacks Investment Research raised Transocean from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a report on Tuesday, July 5th. KLR Group reissued a “buy” rating and issued a $19.00 price objective on shares of Transocean in a report on Wednesday, June 15th. Vetr raised Transocean from a “hold” rating to a “buy” rating and set a $10.68 price objective for the company in a report on Monday, August 1st. Zephirin Group raised Transocean from a “hold” rating to a “buy” rating in a report on Monday, September 19th. Finally, Evercore ISI raised Transocean from a “sell” rating to a “hold” rating and increased their price objective for the company from $11.00 to $12.00 in a report on Wednesday, June 29th. Ten analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company. Transocean has an average rating of “Hold” and a consensus target price of $10.34.
Shares of Transocean (NYSE:RIG) opened at 10.08 on Tuesday. The company has a 50-day moving average of $9.80 and a 200 day moving average of $10.33. Transocean has a one year low of $7.67 and a one year high of $17.19. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of 2.94 and a beta of 1.91.
Transocean (NYSE:RIG) last announced its quarterly earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.18. The company had revenue of $943 million for the quarter. Transocean had a net margin of 21.91% and a return on equity of 8.46%. The business’s revenue for the quarter was down 49.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.11 earnings per share. On average, equities analysts forecast that Transocean will post $0.95 earnings per share for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. bought a new position in Transocean during the first quarter valued at approximately $108,000. Simmons Bank acquired a new stake in Transocean during the first quarter valued at about $110,000. Lee Danner & Bass Inc. acquired a new stake in Transocean during the second quarter valued at about $119,000. Mariner Wealth Advisors LLC acquired a new stake in Transocean during the second quarter valued at about $120,000. Finally, Capstone Investment Advisors LLC acquired a new stake in Transocean during the second quarter valued at about $121,000. 71.55% of the stock is currently owned by hedge funds and other institutional investors.
Transocean Company Profile
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.
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