Transocean (RIG) Stock Rating Upgraded by Jefferies Group

Transocean (NYSE:RIG) was upgraded by Jefferies Group from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $13.00 target price on the offshore drilling services provider’s stock. Jefferies Group’s price objective indicates a potential upside of 11.97% from the stock’s current price.

Several other equities research analysts also recently weighed in on the stock. ValuEngine downgraded shares of Transocean from a “hold” rating to a “sell” rating in a research report on Sunday, December 31st. Royal Bank of Canada set a $11.00 price target on shares of Transocean and gave the company a “hold” rating in a research report on Thursday, December 21st. TheStreet downgraded shares of Transocean from a “c-” rating to a “d” rating in a research report on Friday, November 3rd. Piper Jaffray Companies reissued a “hold” rating and set a $7.35 price target on shares of Transocean in a research report on Sunday, October 22nd. Finally, Cowen set a $8.00 price target on shares of Transocean and gave the company a “hold” rating in a research report on Wednesday, October 18th. Eleven investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Transocean presently has an average rating of “Hold” and a consensus target price of $12.19.

Shares of Transocean (RIG) opened at $11.61 on Thursday. The firm has a market cap of $4,540.00, a P/E ratio of -1.63 and a beta of 1.79. The company has a current ratio of 2.36, a quick ratio of 2.13 and a debt-to-equity ratio of 0.51. Transocean has a 1 year low of $7.20 and a 1 year high of $16.16.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.20. The company had revenue of $808.00 million during the quarter, compared to the consensus estimate of $703.13 million. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. The firm’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.25 earnings per share. research analysts forecast that Transocean will post -0.34 EPS for the current fiscal year.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Transocean by 12.1% during the 2nd quarter. BlackRock Inc. now owns 25,538,929 shares of the offshore drilling services provider’s stock worth $210,185,000 after acquiring an additional 2,756,207 shares during the last quarter. State Street Corp boosted its stake in shares of Transocean by 7.5% during the 2nd quarter. State Street Corp now owns 22,918,962 shares of the offshore drilling services provider’s stock worth $188,616,000 after acquiring an additional 1,593,179 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Transocean by 1.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 12,729,364 shares of the offshore drilling services provider’s stock worth $136,965,000 after acquiring an additional 135,470 shares during the last quarter. Contrarius Investment Management Ltd boosted its stake in shares of Transocean by 10.3% during the 3rd quarter. Contrarius Investment Management Ltd now owns 10,742,267 shares of the offshore drilling services provider’s stock worth $115,587,000 after acquiring an additional 1,002,237 shares during the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of Transocean by 6.4% during the 3rd quarter. Van ECK Associates Corp now owns 5,953,402 shares of the offshore drilling services provider’s stock worth $64,059,000 after acquiring an additional 356,048 shares during the last quarter. Institutional investors and hedge funds own 72.88% of the company’s stock.

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About Transocean

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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