Evercore ISI Trims Transocean (NYSE:RIG) Target Price to $7.00

Transocean (NYSE:RIG) had its price objective cut by Evercore ISI from $9.00 to $7.00 in a report released on Wednesday morning, Benzinga reports. They currently have an outperform rating on the offshore drilling services provider’s stock.

Several other analysts have also recently commented on RIG. Morgan Stanley lowered their target price on shares of Transocean from $8.00 to $7.00 and set an equal weight rating for the company in a research note on Monday, February 26th. Citigroup dropped their target price on Transocean from $9.00 to $7.00 and set a buy rating for the company in a research note on Wednesday, February 21st. Bank of America raised their price target on Transocean from $5.50 to $6.00 and gave the stock an underperform rating in a research note on Monday, April 15th. Benchmark reaffirmed a buy rating and set a $8.00 price objective on shares of Transocean in a research note on Tuesday. Finally, Susquehanna raised shares of Transocean from a neutral rating to a positive rating and raised their target price for the stock from $5.50 to $9.00 in a research report on Monday, April 8th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $7.70.

Transocean Stock Performance

Shares of RIG opened at $5.58 on Wednesday. The company has a 50-day moving average of $5.76 and a two-hundred day moving average of $5.95. The stock has a market cap of $4.57 billion, a P/E ratio of -10.73 and a beta of 2.83. Transocean has a 12-month low of $4.45 and a 12-month high of $8.88. The company has a current ratio of 1.35, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.10. Transocean had a negative return on equity of 4.67% and a negative net margin of 13.27%. The company had revenue of $767.00 million during the quarter, compared to the consensus estimate of $781.86 million. During the same quarter last year, the business posted ($0.38) earnings per share. Transocean’s revenue was up 18.2% compared to the same quarter last year. As a group, research analysts predict that Transocean will post 0.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RIG. Pekin Hardy Strauss Inc. grew its stake in shares of Transocean by 949.5% in the third quarter. Pekin Hardy Strauss Inc. now owns 126,006 shares of the offshore drilling services provider’s stock valued at $1,035,000 after buying an additional 114,000 shares in the last quarter. Lisanti Capital Growth LLC raised its stake in shares of Transocean by 299.9% during the third quarter. Lisanti Capital Growth LLC now owns 1,770,822 shares of the offshore drilling services provider’s stock valued at $14,538,000 after purchasing an additional 1,328,032 shares during the period. Janney Montgomery Scott LLC lifted its position in shares of Transocean by 180.5% during the third quarter. Janney Montgomery Scott LLC now owns 32,535 shares of the offshore drilling services provider’s stock worth $267,000 after purchasing an additional 20,935 shares in the last quarter. Hosking Partners LLP boosted its stake in shares of Transocean by 342.7% in the third quarter. Hosking Partners LLP now owns 1,112,543 shares of the offshore drilling services provider’s stock valued at $9,134,000 after purchasing an additional 861,209 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its stake in shares of Transocean by 16.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 14,371 shares of the offshore drilling services provider’s stock valued at $118,000 after purchasing an additional 2,000 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.