Transocean Ltd. (NYSE:RIG) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report issued on Thursday. They currently have a $11.27 price objective on the offshore drilling services provider’s stock. Vetr‘s price objective suggests a potential upside of 6.02% from the stock’s previous close.
Several other analysts have also recently commented on the stock. Jefferies Group set a $9.00 target price on shares of Transocean and gave the stock a “hold” rating in a research note on Wednesday. Nomura reiterated a “sell” rating and issued a $7.00 price objective on shares of Transocean in a research note on Monday. Goldman Sachs Group Inc. reiterated a “sell” rating on shares of Transocean in a research note on Friday, September 23rd. Credit Suisse Group AG upgraded shares of Transocean from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $5.00 to $8.00 in a research note on Friday, September 23rd. Finally, Zephirin Group upgraded shares of Transocean from a “hold” rating to a “buy” rating in a research note on Monday, September 19th. Ten investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have issued a buy rating to the company. Transocean presently has a consensus rating of “Hold” and an average target price of $10.20.
Transocean (NYSE:RIG) traded up 6.09% during trading on Thursday, reaching $10.63. 31,640,997 shares of the company’s stock traded hands. Transocean has a 1-year low of $7.67 and a 1-year high of $17.19. The firm has a market capitalization of $3.88 billion, a PE ratio of 3.10 and a beta of 1.90. The firm has a 50 day moving average of $9.82 and a 200 day moving average 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 net margin of 21.91% and a return on equity of 8.46%. The company earned $943 million during the quarter. During the same quarter last year, the business posted $1.11 EPS. The firm’s revenue was down 49.9% on a year-over-year basis. Equities analysts forecast that Transocean will post $0.95 EPS for the current year.
Several institutional investors have recently added to or reduced their stakes in RIG. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Transocean during the second quarter valued at approximately $165,000. Kentucky Retirement Systems purchased a new position in Transocean during the second quarter valued at approximately $347,000. Nomura Holdings Inc. raised its position in Transocean by 413.2% in the second quarter. Nomura Holdings Inc. now owns 193,009 shares of the offshore drilling services provider’s stock valued at $2,286,000 after buying an additional 155,397 shares in the last quarter. Mason Street Advisors LLC purchased a new position in Transocean during the second quarter valued at approximately $550,000. Finally, Schwab Charles Investment Management Inc. raised its position in Transocean by 46.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,000,125 shares of the offshore drilling services provider’s stock valued at $23,782,000 after buying an additional 637,016 shares in the last quarter. Institutional investors and hedge funds own 71.55% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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