Transocean (RIG) Sets New 52-Week High and Low After Analyst Upgrade

Transocean (NYSE:RIG) shares hit a new 52-week high and low during mid-day trading on Wednesday after R. F. Lafferty raised their price target on the stock from $11.00 to $16.00. R. F. Lafferty currently has a buy rating on the stock. Transocean traded as low as $13.66 and last traded at $13.66, with a volume of 7075530 shares. The stock had previously closed at $13.39.

RIG has been the topic of several other research reports. ValuEngine raised Transocean from a “strong sell” rating to a “sell” rating in a research note on Thursday, March 22nd. Susquehanna Bancshares set a $10.00 target price on Transocean and gave the company a “hold” rating in a research report on Friday, February 16th. HSBC raised Transocean from a “hold” rating to a “buy” rating and set a $11.50 target price on the stock in a research report on Wednesday, April 4th. Cowen set a $10.00 target price on Transocean and gave the company a “hold” rating in a research report on Thursday, March 15th. Finally, Bank of America increased their target price on Transocean from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, April 18th. Seven analysts have rated the stock with a sell rating, ten have assigned a hold rating and thirteen have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $11.81.

In other Transocean news, Director Frederik Wilhelm Mohn acquired 2,000,000 shares of the firm’s stock in a transaction dated Friday, March 2nd. The stock was purchased at an average price of $9.29 per share, for a total transaction of $18,580,000.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.33% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Advisors Preferred LLC lifted its holdings in shares of Transocean by 1,198.9% during the 4th quarter. Advisors Preferred LLC now owns 9,508 shares of the offshore drilling services provider’s stock valued at $102,000 after purchasing an additional 8,776 shares during the last quarter. Blue Chip Wealth Management Inc. purchased a new stake in shares of Transocean during the 1st quarter valued at $103,000. Princeton Capital Management LLC purchased a new position in Transocean in the 4th quarter worth $107,000. Cushing Asset Management LP purchased a new position in Transocean in the 4th quarter worth $107,000. Finally, Bluestein R H & Co. purchased a new position in Transocean in the 4th quarter worth $108,000. Hedge funds and other institutional investors own 63.13% of the company’s stock.

The company has a market capitalization of $6.18 billion, a PE ratio of -228.50 and a beta of 1.47. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.50 and a quick ratio of 1.35.

Transocean (NYSE:RIG) last issued its earnings results on Monday, April 30th. The offshore drilling services provider reported ($0.48) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.38) by ($0.10). The firm had revenue of $664.00 million during the quarter, compared to analysts’ expectations of $638.38 million. Transocean had a negative return on equity of 1.79% and a negative net margin of 120.20%. During the same quarter last year, the business earned $0.23 EPS. analysts forecast that Transocean will post -0.83 earnings per share for the current year.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.

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