Transocean (RIG) Rating Increased to Buy at UBS Group

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Transocean (NYSE:RIG) was upgraded by research analysts at UBS Group from an “accumulate” rating to a “buy” rating in a research note issued to investors on Thursday, The Fly reports.

RIG has been the subject of several other reports. Fearnley Fonds downgraded Transocean from a “buy” rating to an “accumulate” rating in a research note on Wednesday, August 1st. ValuEngine raised Transocean from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 2nd. Tudor Pickering raised Transocean from a “hold” rating to a “buy” rating in a research report on Thursday, July 12th. Citigroup dropped their target price on Transocean from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, June 21st. Finally, Wells Fargo & Co raised Transocean from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $13.00 to $16.00 in a research report on Wednesday, September 19th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Transocean has an average rating of “Buy” and an average price target of $13.79.

Shares of Transocean stock opened at $12.19 on Thursday. The stock has a market capitalization of $5.82 billion, a P/E ratio of -203.17 and a beta of 1.48. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.49 and a quick ratio of 1.35. Transocean has a 1 year low of $8.70 and a 1 year high of $14.47.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Monday, July 30th. The offshore drilling services provider reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.13. The firm had revenue of $790.00 million during the quarter, compared to the consensus estimate of $768.68 million. Transocean had a negative return on equity of 2.00% and a negative net margin of 99.38%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. On average, research analysts forecast that Transocean will post -0.85 earnings per share for the current year.

In other news, Director Vincent J. Intrieri bought 10,000 shares of the company’s stock in a transaction on Thursday, August 16th. The shares were bought at an average cost of $10.62 per share, with a total value of $106,200.00. Following the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $106,200. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.33% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of RIG. FMR LLC increased its holdings in shares of Transocean by 1,255.1% during the 2nd quarter. FMR LLC now owns 5,103,811 shares of the offshore drilling services provider’s stock valued at $68,595,000 after acquiring an additional 4,727,168 shares during the last quarter. Platinum Investment Management Ltd. increased its holdings in shares of Transocean by 80.3% during the 2nd quarter. Platinum Investment Management Ltd. now owns 8,714,500 shares of the offshore drilling services provider’s stock valued at $117,123,000 after acquiring an additional 3,882,400 shares during the last quarter. Elephas Investment Management Ltd acquired a new position in shares of Transocean during the 2nd quarter valued at about $52,095,000. Renaissance Technologies LLC increased its holdings in shares of Transocean by 17.6% during the 2nd quarter. Renaissance Technologies LLC now owns 8,022,428 shares of the offshore drilling services provider’s stock valued at $107,821,000 after acquiring an additional 1,200,528 shares during the last quarter. Finally, Columbus Circle Investors acquired a new position in shares of Transocean during the 2nd quarter valued at about $11,483,000. 71.01% of the stock is currently owned by institutional investors and hedge funds.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.

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Analyst Recommendations for Transocean (NYSE:RIG)

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