Transocean (RIG) Upgraded at HSBC

HSBC upgraded shares of Transocean (NYSE:RIG) from a hold rating to a buy rating in a research note released on Wednesday morning, MarketBeat reports. HSBC currently has $11.50 price target on the offshore drilling services provider’s stock.

Several other analysts also recently weighed in on RIG. Royal Bank of Canada set a $11.00 price objective on shares of Transocean and gave the company a hold rating in a research report on Thursday, December 21st. ValuEngine downgraded shares of Transocean from a hold rating to a sell rating in a research report on Sunday, December 31st. Jefferies Group upgraded shares of Transocean from a hold rating to a buy rating and set a $13.00 price objective on the stock in a research report on Thursday, January 4th. Piper Jaffray set a $11.00 price objective on shares of Transocean and gave the company a hold rating in a research report on Wednesday, January 10th. Finally, Cowen set a $11.00 price objective on shares of Transocean and gave the company a hold rating in a research report on Thursday, January 11th. Nine equities research analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $11.64.

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Transocean stock opened at $9.72 on Wednesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 3.06 and a current ratio of 3.36. Transocean has a 1 year low of $7.20 and a 1 year high of $12.82. The stock has a market capitalization of $4,579.97, a PE ratio of -162.00 and a beta of 1.51.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Tuesday, February 20th. The offshore drilling services provider reported ($0.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.03). The firm had revenue of $629.00 million during the quarter, compared to the consensus estimate of $619.66 million. Transocean had a negative net margin of 105.18% and a negative return on equity of 0.17%. The company’s revenue for the quarter was down 35.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.69 earnings per share. research analysts expect that Transocean will post -0.72 earnings per share for the current year.

In other Transocean news, Director Frederik Wilhelm Mohn acquired 2,000,000 shares of the stock in a transaction dated Friday, March 2nd. The shares were bought at an average price of $9.29 per share, with a total value of $18,580,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP David A. Tonnel sold 9,000 shares of Transocean stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $9.39, for a total transaction of $84,510.00. Following the completion of the transaction, the senior vice president now directly owns 75,349 shares in the company, valued at approximately $707,527.11. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in RIG. Nationwide Fund Advisors grew its stake in shares of Transocean by 61.3% in the 3rd quarter. Nationwide Fund Advisors now owns 955,007 shares of the offshore drilling services provider’s stock worth $10,276,000 after purchasing an additional 362,890 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Transocean by 11.1% in the 3rd quarter. New York State Common Retirement Fund now owns 961,100 shares of the offshore drilling services provider’s stock worth $10,341,000 after purchasing an additional 96,000 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Transocean by 539.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 367,776 shares of the offshore drilling services provider’s stock worth $3,957,000 after purchasing an additional 310,298 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Transocean by 509.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,214,716 shares of the offshore drilling services provider’s stock worth $13,071,000 after purchasing an additional 1,015,284 shares during the last quarter. Finally, Macquarie Group Ltd. acquired a new position in shares of Transocean in the 3rd quarter worth approximately $502,000. 63.87% of the stock is currently owned by institutional investors.

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About Transocean

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 on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.

Analyst Recommendations for Transocean (NYSE:RIG)

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