Transocean Inc. (RIG) Upgraded to Buy at Argus Noting Undervaluation

Transocean Inc. (RIG) has been upgraded today by the securities research analysts at investment firm Argus which upgraded Transocean  from a “hold” rating to “buy.”  Argus did not adjust their price target outlook for RIG which remains fixed at $85 dollars, however, they did note while there is reason to be cautious, that shares of RIG appear to be currently undervalued and much uncertainty is already valued into standing share price.

Shares of RIG have been in a slump since the beginning of March, 2011.  Despite a couple periods of consolidation, notably in late March and through May trading, each break of consolidation has been to the downside to date.  Today, RIG has traded beneath intermediate resistance once again — despite the Argus buy upgrade.

Transocean is slated to release their next earnings report on August 4th, 2011, and the current consensus EPS estimate is expected to be 95 cents.  Transocean’s last earnings report was released on May 4th, 2011 and announced EPS of 96 cents with revenue totaling $2.144 billion which was up -16.9 % year to year.  RIG is currently trading below its 50 & 200-day moving averages and 2011 is currently a down year for the company.

Transocean Ltd. is a leading international provider of offshore contract drilling services for oil and gas wells. As of February 10, 2011, they owned, had partial ownership interests in or operated 138 mobile offshore drilling units.  The company has market capitalization of $19,886,654,410 and 319,567,000 shares outstanding.  RIG has a 52-week high of $85.98 with the low being $44.30 dollars.

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