ValuEngine upgraded shares of Transocean Ltd. (NYSE:RIG) from a hold rating to a buy rating in a research report released on Thursday morning.
RIG has been the topic of several other reports. HSBC Holdings plc initiated coverage on shares of Transocean in a report on Thursday, October 19th. They set a hold rating and a $12.00 target price on the stock. Zacks Investment Research raised shares of Transocean from a hold rating to a buy rating and set a $9.50 target price on the stock in a report on Wednesday, August 2nd. Credit Suisse Group reaffirmed a buy rating on shares of Transocean in a report on Wednesday, July 19th. BidaskClub raised shares of Transocean from a strong sell rating to a sell rating in a report on Saturday, August 26th. Finally, Deutsche Bank AG began coverage on shares of Transocean in a report on Tuesday, October 10th. They set a buy rating and a $13.00 target price on the stock. Ten investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and sixteen have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $12.25.
Shares of Transocean (RIG) traded up $0.40 during midday trading on Thursday, hitting $10.88. 13,363,139 shares of the stock traded hands, compared to its average volume of 13,702,768. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.36 and a quick ratio of 2.03. The stock has a market cap of $4.15 billion, a price-to-earnings ratio of 13.27 and a beta of 1.81.
Transocean (NYSE:RIG) last announced its earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.20. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. The company had revenue of $808.00 million for the quarter, compared to analysts’ expectations of $703.13 million. During the same period last year, the firm earned $0.25 earnings per share. The business’s revenue for the quarter was down 10.8% on a year-over-year basis. equities research analysts anticipate that Transocean will post -0.29 earnings per share for the current year.
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In other Transocean news, CAO Howard E. Davis purchased 40,000 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were bought at an average price of $7.32 per share, for a total transaction of $292,800.00. Following the completion of the acquisition, the chief accounting officer now owns 21,793 shares in the company, valued at $159,524.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.33% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in RIG. Contrarius Investment Management Ltd lifted its holdings in Transocean by 96.8% in the second quarter. Contrarius Investment Management Ltd now owns 9,740,030 shares of the offshore drilling services provider’s stock valued at $80,160,000 after buying an additional 4,790,469 shares during the period. Thompson Siegel & Walmsley LLC lifted its holdings in Transocean by 129.6% in the second quarter. Thompson Siegel & Walmsley LLC now owns 6,299,461 shares of the offshore drilling services provider’s stock valued at $51,844,000 after buying an additional 3,556,281 shares during the period. BlackRock Inc. lifted its holdings in Transocean by 12.1% in the second quarter. BlackRock Inc. now owns 25,538,929 shares of the offshore drilling services provider’s stock valued at $210,185,000 after buying an additional 2,756,207 shares during the period. Principal Financial Group Inc. lifted its holdings in Transocean by 310.7% in the third quarter. Principal Financial Group Inc. now owns 2,536,811 shares of the offshore drilling services provider’s stock valued at $27,296,000 after buying an additional 1,919,171 shares during the period. Finally, Horseman Capital Management Ltd acquired a new position in Transocean in the third quarter valued at $19,456,000. Institutional investors and hedge funds own 68.65% of the company’s stock.
Transocean Company Profile
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.
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