Credit Suisse Group AG upgraded shares of Transocean Ltd. (NYSE:RIG) from an underperform rating to a neutral rating in a research report released on Friday morning. The brokerage currently has $8.00 price objective on the offshore drilling services provider’s stock, up from their prior price objective of $5.00.
Several other research analysts have also recently commented on RIG. Jefferies Group reissued a hold rating on shares of Transocean in a research note on Sunday, July 10th. Canaccord Genuity raised Transocean from a sell rating to a hold rating in a research note on Thursday, September 15th. Zacks Investment Research raised Transocean from a hold rating to a buy rating and set a $12.00 price objective for the company in a research report on Wednesday, June 29th. Royal Bank Of Canada lowered their price objective on Transocean from $14.00 to $11.00 and set a sector perform rating for the company in a research report on Friday, August 12th. Finally, Vetr cut Transocean from a buy rating to a hold rating and set a $10.74 price objective for the company. in a research report on Monday, August 15th. Ten research analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $10.18.
Transocean (NYSE:RIG) opened at 10.02 on Friday. Transocean has a one year low of $7.67 and a one year high of $17.19. The firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of 2.92 and a beta of 1.90. The stock has a 50 day moving average price of $9.81 and a 200-day moving average price of $10.37.
Transocean (NYSE:RIG) last released its earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.18. Transocean had a return on equity of 8.46% and a net margin of 21.91%. The firm earned $943 million during the quarter. During the same period in the previous year, the firm earned $1.11 earnings per share. The company’s revenue for the quarter was down 49.9% compared to the same quarter last year. On average, analysts predict that Transocean will post $0.95 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Transocean by 17.5% in the second quarter. Vanguard Group Inc. now owns 35,169,159 shares of the offshore drilling services provider’s stock worth $418,160,000 after buying an additional 5,238,910 shares in the last quarter. State Street Corp raised its position in shares of Transocean by 26.1% in the first quarter. State Street Corp now owns 15,962,503 shares of the offshore drilling services provider’s stock worth $145,896,000 after buying an additional 3,301,654 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Transocean by 50.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 9,647,477 shares of the offshore drilling services provider’s stock worth $114,708,000 after buying an additional 3,225,526 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Transocean by 8.2% in the second quarter. Dimensional Fund Advisors LP now owns 7,929,429 shares of the offshore drilling services provider’s stock worth $94,275,000 after buying an additional 601,808 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Transocean during the fourth quarter worth $92,919,000. 71.55% of the stock is currently owned by institutional investors.
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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