Transocean Ltd. (RIG) Trading Up 1.7%
Transocean Ltd. (NYSE:RIG)’s share price was up 1.7% during mid-day trading on Thursday . The company traded as high as $12.76 and last traded at $12.10, with a volume of 13,257,451 shares traded. The stock had previously closed at $11.90.
A number of equities analysts recently issued reports on RIG shares. Seaport Global Securities lifted their target price on Transocean from $7.00 to $10.00 in a report on Monday, March 14th. Cowen and Company lowered their price target on Transocean from $12.00 to $9.00 in a report on Monday, March 21st. Vetr downgraded Transocean from a “strong-buy” rating to a “buy” rating and set a $9.75 price target on the stock. in a report on Tuesday, March 29th. KLR Group reiterated a “buy” rating and set a $19.00 price target on shares of Transocean in a report on Sunday, April 24th. Finally, Zacks Investment Research upgraded Transocean from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Wednesday, June 29th. Thirteen research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $10.07.
The company has a market cap of $4.37 billion and a P/E ratio of 2.87. The firm’s 50 day moving average is $10.75 and its 200-day moving average is $10.28.
Transocean (NYSE:RIG) last issued its quarterly earnings data on Wednesday, May 4th. The offshore drilling services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.40. The business earned $1.34 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the prior year, the firm earned $1.10 EPS. The business’s revenue for the quarter was down 34.4% compared to the same quarter last year. Equities research analysts predict that Transocean Ltd. will post $0.65 earnings per share for the current year.
Several hedge funds have modified their holdings of RIG. American Century Companies Inc. acquired a new stake in shares of Transocean during the fourth quarter valued at $14,940,000. Dimensional Fund Advisors LP raised its position in Transocean by 14.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,840,322 shares of the offshore drilling services provider’s stock valued at $59,920,000 after buying an additional 602,670 shares during the last quarter. Vanguard Group Inc. raised its position in Transocean by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 36,439,874 shares of the offshore drilling services provider’s stock valued at $451,125,000 after buying an additional 460,316 shares during the last quarter. Stevens Capital Management LP raised its position in Transocean by 738.3% in the fourth quarter. Stevens Capital Management LP now owns 320,573 shares of the offshore drilling services provider’s stock valued at $3,969,000 after buying an additional 282,330 shares during the last quarter. Finally, Oceanic Investment Management LTD purchased a new position in Transocean during the fourth quarter valued at about $2,852,000.
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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.