Transocean (NYSE:RIG) Price Target Raised to $6.00 at Bank of America

Transocean (NYSE:RIG) had its target price upped by Bank of America from $5.50 to $6.00 in a report issued on Monday morning, Benzinga reports. Bank of America currently has an underperform rating on the offshore drilling services provider’s stock.

RIG has been the topic of several other reports. Citigroup reduced their target price on Transocean from $9.00 to $7.00 and set a buy rating on the stock in a research note on Wednesday, February 21st. Barclays reduced their target price on Transocean from $7.00 to $6.00 and set an equal weight rating on the stock in a report on Thursday, February 22nd. StockNews.com upgraded Transocean to a sell rating in a research report on Tuesday, February 20th. Susquehanna raised Transocean from a neutral rating to a positive rating and upped their price target for the stock from $5.50 to $9.00 in a research note on Monday, April 8th. Finally, Morgan Stanley lowered their price objective on Transocean from $8.00 to $7.00 and set an equal weight rating for the company in a research report on Monday, February 26th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $8.22.

Transocean Price Performance

RIG stock opened at $5.56 on Monday. The firm has a market cap of $4.55 billion, a P/E ratio of -4.37 and a beta of 2.78. The firm’s fifty day moving average is $5.63 and its 200 day moving average is $6.10. Transocean has a 52 week low of $4.45 and a 52 week high of $8.88. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.22 and a current ratio of 1.52.

Transocean (NYSE:RIG) last released its quarterly earnings data on Monday, February 19th. The offshore drilling services provider reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.12. The firm had revenue of $741.00 million for the quarter, compared to the consensus estimate of $779.17 million. Transocean had a negative return on equity of 7.13% and a negative net margin of 33.69%. During the same quarter in the previous year, the business earned ($0.49) earnings per share. Research analysts predict that Transocean will post 0.02 earnings per share for the current year.

Institutional Trading of Transocean

Several institutional investors have recently bought and sold shares of RIG. SeaCrest Wealth Management LLC boosted its position in shares of Transocean by 17.0% during the first quarter. SeaCrest Wealth Management LLC now owns 129,438 shares of the offshore drilling services provider’s stock valued at $813,000 after buying an additional 18,798 shares during the last quarter. Mirador Capital Partners LP boosted its holdings in Transocean by 16.1% in the first quarter. Mirador Capital Partners LP now owns 141,968 shares of the offshore drilling services provider’s stock worth $892,000 after purchasing an additional 19,692 shares during the last quarter. MorganRosel Wealth Management LLC bought a new stake in Transocean in the 1st quarter worth approximately $251,000. Cannon Global Investment Management LLC purchased a new stake in Transocean during the 1st quarter valued at $249,000. Finally, Hodges Capital Management Inc. lifted its holdings in shares of Transocean by 50.7% during the 1st quarter. Hodges Capital Management Inc. now owns 124,340 shares of the offshore drilling services provider’s stock valued at $781,000 after buying an additional 41,840 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.