Transocean (NYSE:RIG) Upgraded to Strong-Buy at Fearnley Fonds

Fearnley Fonds upgraded shares of Transocean (NYSE:RIG) from a hold rating to a strong-buy rating in a report issued on Friday,Zacks.com reports.

Several other research firms have also commented on RIG. Susquehanna cut their price objective on Transocean from $8.00 to $7.00 and set a “positive” rating on the stock in a research report on Wednesday, July 8th. Morgan Stanley upped their target price on Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $6.00 to $8.00 in a research note on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a report on Friday, July 17th. Finally, TD Cowen boosted their price target on Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Transocean has a consensus rating of “Hold” and a consensus price target of $6.82.

Transocean Price Performance

Transocean stock opened at $5.26 on Friday. Transocean has a 52-week low of $2.76 and a 52-week high of $7.66. The firm has a fifty day moving average of $5.38 and a 200-day moving average of $5.90. The firm has a market capitalization of $5.88 billion, a P/E ratio of -2.80, a PEG ratio of 3.68 and a beta of 1.32. The company has a quick ratio of 1.20, a current ratio of 1.59 and a debt-to-equity ratio of 0.56.

Transocean (NYSE:RIG) last posted its earnings results on Wednesday, August 5th. The offshore drilling services provider reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. Transocean had a negative net margin of 40.24% and a positive return on equity of 2.60%. The business had revenue of $966.00 million for the quarter, compared to analyst estimates of $956.64 million. During the same quarter in the previous year, the business posted ($1.06) EPS. The business’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, analysts predict that Transocean will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other Transocean news, Director Chad C. Deaton bought 35,000 shares of the stock in a transaction dated Thursday, July 2nd. The stock was bought at an average cost of $4.95 per share, for a total transaction of $173,250.00. Following the completion of the purchase, the director directly owned 237,421 shares of the company’s stock, valued at approximately $1,175,233.95. The trade was a 17.29% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 9.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RIG. Integrated Wealth Concepts LLC grew its stake in Transocean by 12.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider’s stock valued at $221,000 after purchasing an additional 7,520 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Transocean by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 434,031 shares of the offshore drilling services provider’s stock valued at $1,376,000 after purchasing an additional 18,957 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Transocean by 88.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock valued at $38,521,000 after purchasing an additional 5,719,637 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Transocean by 5.7% during the 2nd quarter. Cetera Investment Advisers now owns 233,984 shares of the offshore drilling services provider’s stock valued at $606,000 after buying an additional 12,532 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Transocean by 29.2% during the 2nd quarter. Invesco Ltd. now owns 1,032,774 shares of the offshore drilling services provider’s stock valued at $2,675,000 after buying an additional 233,458 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

About Transocean

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.