Transocean Ltd. (NYSE:RIG) received a $9.00 price target from stock analysts at Jefferies Group in a report released on Wednesday. The brokerage presently has a a “hold” rating on the offshore drilling services provider’s stock. Jefferies Group’s price target points to a potential downside of 15.33% from the stock’s previous close.
Several other brokerages also recently commented on RIG. Canaccord Genuity upgraded Transocean from a “sell” rating to a “hold” rating in a research note on Thursday, September 15th. Clarkson Capital reiterated a “neutral” rating and set a $12.00 target price on shares of Transocean in a research note on Thursday, August 4th. Goldman Sachs Group Inc. reiterated a “sell” rating on shares of Transocean in a research note on Friday, September 23rd. Vetr reiterated a “buy” rating and set a $10.74 target price on shares of Transocean in a research note on Thursday, August 18th. Finally, Nomura set a $7.00 target price on Transocean and gave the stock a “sell” rating in a research note on Tuesday, August 16th. 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’s stock. Transocean has an average rating of “Hold” and a consensus target price of $10.20.
Transocean (NYSE:RIG) opened at 10.63 on Wednesday. The firm’s 50-day moving average price is $9.82 and its 200 day moving average price is $10.37. 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 price-to-earnings ratio of 3.10 and a beta of 1.90.
Transocean (NYSE:RIG) last posted its quarterly earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.18. The firm had revenue of $943 million for the quarter. Transocean had a return on equity of 8.46% and a net margin of 21.91%. The firm’s revenue for the quarter was down 49.9% compared to the same quarter last year. During the same period last year, the firm earned $1.11 EPS. On average, analysts predict that Transocean will post $0.95 EPS for the current year.
A number of institutional investors have recently modified their holdings of RIG. Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of Transocean during the first quarter worth about $108,000. Simmons Bank purchased a new position in shares of Transocean during the first quarter worth about $110,000. Lee Danner & Bass Inc. purchased a new position in shares of Transocean during the second quarter worth about $119,000. Mariner Wealth Advisors LLC purchased a new position in shares of Transocean during the second quarter worth about $120,000. Finally, Capstone Investment Advisors LLC purchased a new position in shares of Transocean during the second quarter worth about $121,000. 71.55% of the stock is owned by institutional investors and hedge funds.
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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