Shares of Transocean LTD (NYSE:RIG) have been assigned an average recommendation of “Hold” from the fifteen analysts that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $9.86.
Several research firms have recently commented on RIG. Morgan Stanley reduced their price target on Transocean from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Monday, October 7th. Piper Jaffray Companies set a $8.00 price target on Transocean and gave the stock a “hold” rating in a research report on Wednesday, July 31st. UBS Group set a $10.00 price target on Transocean and gave the stock a “buy” rating in a research report on Monday, August 26th. Royal Bank of Canada lowered Transocean from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $17.00 to $9.00 in a research report on Wednesday, September 25th. Finally, Citigroup boosted their price target on Transocean from $4.90 to $7.00 and gave the stock a “neutral” rating in a research report on Monday, September 23rd.
RIG traded down $0.04 during trading hours on Monday, reaching $4.53. 6,912,303 shares of the company’s stock traded hands, compared to its average volume of 21,539,404. The firm has a 50-day moving average price of $4.87 and a 200 day moving average price of $6.32. Transocean has a 52-week low of $3.76 and a 52-week high of $13.42. The company has a quick ratio of 2.55, a current ratio of 2.88 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $2.58 billion, a PE ratio of -5.73 and a beta of 1.81.
Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, July 29th. The offshore drilling services provider reported ($0.34) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.34). Transocean had a negative return on equity of 4.18% and a negative net margin of 33.49%. The company had revenue of $758.00 million during the quarter, compared to analysts’ expectations of $765.81 million. During the same quarter in the previous year, the business earned ($0.04) EPS. Transocean’s revenue was down 4.1% compared to the same quarter last year. Equities analysts predict that Transocean will post -1.22 EPS for the current fiscal year.
In other Transocean news, Director Chad C. Deaton bought 25,000 shares of Transocean stock in a transaction that occurred on Friday, August 2nd. The shares were bought at an average cost of $5.29 per share, with a total value of $132,250.00. Following the transaction, the director now directly owns 24,800 shares of the company’s stock, valued at approximately $131,192. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have purchased a total of 32,500 shares of company stock worth $162,915 over the last ninety days. 11.05% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Pacer Advisors Inc. purchased a new stake in shares of Transocean in the third quarter worth about $924,000. Manning & Napier Group LLC boosted its position in Transocean by 12.8% during the third quarter. Manning & Napier Group LLC now owns 5,422,548 shares of the offshore drilling services provider’s stock worth $24,237,000 after purchasing an additional 615,813 shares in the last quarter. Cerebellum GP LLC boosted its position in Transocean by 74.5% during the third quarter. Cerebellum GP LLC now owns 94,524 shares of the offshore drilling services provider’s stock worth $423,000 after purchasing an additional 40,365 shares in the last quarter. State of Alaska Department of Revenue boosted its position in Transocean by 83.0% during the third quarter. State of Alaska Department of Revenue now owns 102,257 shares of the offshore drilling services provider’s stock worth $457,000 after purchasing an additional 46,394 shares in the last quarter. Finally, River & Mercantile Asset Management LLP lifted its position in shares of Transocean by 0.5% in the second quarter. River & Mercantile Asset Management LLP now owns 1,160,885 shares of the offshore drilling services provider’s stock valued at $7,435,000 after acquiring an additional 6,000 shares in the last quarter. 70.87% of the stock is currently owned by institutional investors.
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.
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