Transocean Ltd. (NYSE:RIG) had its target price reduced by analysts at B. Riley from $21.00 to $16.00 in a research report issued on Tuesday, May 9th. The brokerage currently has a “buy” rating on the offshore drilling services provider’s stock. B. Riley’s target price suggests a potential upside of 74.67% from the company’s current price.
Several other research firms also recently weighed in on RIG. BMO Capital Markets restated a “sell” rating on shares of Transocean in a research report on Sunday, February 26th. Barclays PLC increased their price objective on shares of Transocean from $8.00 to $10.00 and gave the company an “underweight” rating in a report on Monday, May 1st. Deutsche Bank AG cut their price objective on shares of Transocean from $8.00 to $7.00 and set a “hold” rating for the company in a report on Tuesday, April 18th. R. F. Lafferty cut their price objective on shares of Transocean from $21.00 to $16.00 and set a “buy” rating for the company in a report on Monday, May 8th. Finally, Scotiabank reiterated a “buy” rating and issued a $21.00 price objective on shares of Transocean in a report on Wednesday, March 22nd. Fifteen investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have given a buy rating to the company. Transocean presently has a consensus rating of “Hold” and an average price target of $13.31.
Transocean (NYSE:RIG) traded down 7.10% during mid-day trading on Tuesday, hitting $8.51. The company had a trading volume of 12,625,029 shares. Transocean has a 52 week low of $8.38 and a 52 week high of $16.66. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of 5.12 and a beta of 1.70. The firm’s 50 day moving average is $10.16 and its 200 day moving average is $12.74. Transocean also was the target of unusually large options trading activity on Wednesday. Traders purchased 6,257 call options on the stock. This is an increase of 613% compared to the typical daily volume of 878 call options.
Transocean (NYSE:RIG) last posted its earnings results on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.09. Transocean had a net margin of 17.28% and a return on equity of 2.57%. The business had revenue of $785 million for the quarter, compared to analyst estimates of $737.51 million. On average, equities research analysts predict that Transocean will post ($0.45) EPS for the current year.
In related news, SVP David A. Tonnel sold 9,450 shares of the stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $11.28, for a total value of $106,596.00. Following the sale, the senior vice president now owns 54,845 shares of the company’s stock, valued at approximately $618,651.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.33% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. UBS Oconnor LLC bought a new position in Transocean during the first quarter valued at approximately $3,175,000. Piedmont Investment Advisors LLC boosted its position in Transocean by 7.6% in the first quarter. Piedmont Investment Advisors LLC now owns 242,830 shares of the offshore drilling services provider’s stock valued at $3,023,000 after buying an additional 17,155 shares during the last quarter. Bank of Nova Scotia bought a new position in Transocean during the first quarter valued at approximately $604,000. Point72 Asset Management L.P. bought a new position in Transocean during the first quarter valued at approximately $3,735,000. Finally, FNY Partners Fund LP acquired a new position in Transocean during the first quarter valued at $108,000. 68.20% of the stock is currently owned by hedge funds and other institutional investors.
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.
What are top analysts saying about Transocean Ltd.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Transocean Ltd. and related companies.