Royal Bank of Canada Analysts Give Transocean (RIG) a $11.00 Price Target

Royal Bank of Canada set a $11.00 target price on Transocean (NYSE:RIG) in a research note released on Thursday morning. The brokerage currently has a hold rating on the offshore drilling services provider’s stock.

RIG has been the topic of several other reports. Clarkson Capital raised Transocean from a neutral rating to a buy rating and set a $11.00 price objective on the stock in a research report on Friday, September 1st. R. F. Lafferty set a $15.00 target price on Transocean and gave the stock a buy rating in a report on Saturday, August 26th. ValuEngine raised Transocean from a hold rating to a buy rating in a report on Thursday, November 2nd. Zacks Investment Research upgraded Transocean from a hold rating to a buy rating and set a $12.00 price target for the company in a research note on Tuesday, October 3rd. Finally, Capital One Financial upgraded Transocean from an equal weight rating to an overweight rating and set a $12.00 price target for the company in a research note on Thursday, August 31st. Eleven analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fifteen have issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $12.25.

Shares of Transocean (NYSE:RIG) opened at $10.36 on Thursday. Transocean has a 52 week low of $7.20 and a 52 week high of $16.16. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.13 and a current ratio of 2.36. The stock has a market capitalization of $4,050.00, a PE ratio of -1.45 and a beta of 1.80.

Transocean (NYSE:RIG) last posted its earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.20. Transocean had a positive return on equity of 2.10% and a negative net margin of 84.09%. The firm had revenue of $808.00 million for the quarter, compared to the consensus estimate of $703.13 million. During the same quarter in the prior year, the business earned $0.25 EPS. The business’s revenue for the quarter was down 10.8% on a year-over-year basis. sell-side analysts forecast that Transocean will post -0.34 EPS for the current year.

Hedge funds have recently modified their holdings of the company. Public Employees Retirement Association of Colorado lifted its stake in shares of Transocean by 12.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 12,340 shares of the offshore drilling services provider’s stock valued at $102,000 after purchasing an additional 1,394 shares during the period. Dumont & Blake Investment Advisors LLC acquired a new position in Transocean during the third quarter worth about $108,000. Capstone Investment Advisors Netherlands B.V. purchased a new stake in shares of Transocean during the second quarter worth about $111,000. Dupont Capital Management Corp purchased a new stake in shares of Transocean during the second quarter worth about $113,000. Finally, Saratoga Research & Investment Management purchased a new stake in shares of Transocean during the third quarter worth about $115,000. Hedge funds and other institutional investors own 72.88% of the company’s stock.

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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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