Scotiabank reaffirmed their buy rating on shares of Transocean LTD (NYSE:RIG) in a research report sent to investors on Wednesday morning. The brokerage currently has a $21.00 price objective on the offshore drilling services provider’s stock.
Several other brokerages have also issued reports on RIG. Vetr lowered shares of Transocean LTD from a strong-buy rating to a buy rating and set a $14.89 price target on the stock. in a report on Thursday, December 1st. Raymond James Financial, Inc. reissued an underperform rating on shares of Transocean LTD in a report on Monday, February 27th. Jefferies Group LLC lowered their price target on shares of Transocean LTD from $14.50 to $13.00 and set a hold rating on the stock in a report on Tuesday, March 21st. Credit Suisse Group AG raised shares of Transocean LTD from a neutral rating to an outperform rating and lowered their price target for the company from $18.00 to $12.85 in a report on Friday, February 3rd. Finally, Zacks Investment Research raised shares of Transocean LTD from a hold rating to a buy rating and set a $17.00 price target on the stock in a report on Thursday, December 22nd. Fourteen research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and ten have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $13.50.
Shares of Transocean LTD (NYSE:RIG) opened at 12.05 on Wednesday. The stock’s 50 day moving average is $13.05 and its 200 day moving average is $12.40. Transocean LTD has a 1-year low of $8.34 and a 1-year high of $16.66. The stock has a market capitalization of $4.69 billion, a price-to-earnings ratio of 5.79 and a beta of 1.87.
Transocean LTD (NYSE:RIG) last announced its quarterly earnings results on Thursday, February 23rd. The offshore drilling services provider reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.55. Transocean LTD had a net margin of 23.14% and a return on equity of 6.80%. On average, equities analysts forecast that Transocean LTD will post ($0.56) EPS for the current year.
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Hedge funds have recently made changes to their positions in the stock. Federated Investors Inc. PA bought a new stake in shares of Transocean LTD during the fourth quarter worth approximately $101,000. CIBC World Markets Inc. bought a new stake in shares of Transocean LTD during the third quarter worth approximately $108,000. Catalyst Capital Advisors LLC bought a new stake in shares of Transocean LTD during the third quarter worth approximately $112,000. Public Employees Retirement Association of Colorado boosted its stake in shares of Transocean LTD by 0.4% in the third quarter. Public Employees Retirement Association of Colorado now owns 11,126 shares of the offshore drilling services provider’s stock worth $119,000 after buying an additional 45 shares during the period. Finally, RBF Capital LLC bought a new stake in shares of Transocean LTD during the third quarter worth approximately $128,000. 63.84% of the stock is owned by institutional investors.
About Transocean LTD
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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