Transocean Ltd. (NYSE:RIG) Receives Buy Rating from Credit Suisse Group
A number of other equities research analysts have also issued reports on the company. Jefferies Group LLC reaffirmed a hold rating and set a $9.50 target price (down from $11.50) on shares of Transocean in a research report on Tuesday. Sanford C. Bernstein lowered Transocean from an outperform rating to a market perform rating and cut their target price for the stock from $16.50 to $9.00 in a research report on Thursday, July 6th. BidaskClub lowered Transocean from a sell rating to a strong sell rating in a research report on Friday, June 23rd. Morgan Stanley cut their target price on Transocean from $13.00 to $12.00 and set an underweight rating on the stock in a research report on Friday, June 16th. Finally, Odeon Capital Group LLC assumed coverage on Transocean in a research report on Wednesday, May 17th. They set a sell rating and a $8.00 target price on the stock. Fifteen investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of Hold and an average price target of $12.86.
Transocean (RIG) traded down 2.418% during mid-day trading on Wednesday, reaching $8.675. The company had a trading volume of 8,160,980 shares. The stock’s 50-day moving average is $8.46 and its 200 day moving average is $11.64. The firm has a market capitalization of $3.39 billion, a P/E ratio of 5.216 and a beta of 1.67. Transocean has a 12 month low of $7.67 and a 12 month high of $16.66.
Transocean (NYSE:RIG) last announced its earnings results on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.09. The company had revenue of $785 million for the quarter, compared to analyst estimates of $737.51 million. Transocean had a return on equity of 2.57% and a net margin of 17.28%. On average, analysts predict that Transocean will post ($0.43) earnings per share for the current fiscal year.
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In related news, SVP David A. Tonnel sold 9,450 shares of the stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $11.28, for a total transaction of $106,596.00. Following the completion of the sale, the senior vice president now owns 54,845 shares in the company, valued at approximately $618,651.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.33% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Prospera Financial Services Inc increased its stake in shares of Transocean by 13.2% in the second quarter. Prospera Financial Services Inc now owns 20,952 shares of the offshore drilling services provider’s stock valued at $170,000 after buying an additional 2,450 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Transocean by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 24,300 shares of the offshore drilling services provider’s stock valued at $200,000 after buying an additional 400 shares during the last quarter. Foundation Resource Management Inc. increased its stake in shares of Transocean by 0.5% in the second quarter. Foundation Resource Management Inc. now owns 229,263 shares of the offshore drilling services provider’s stock valued at $1,887,000 after buying an additional 1,084 shares during the last quarter. LS Investment Advisors LLC increased its stake in shares of Transocean by 46.5% in the second quarter. LS Investment Advisors LLC now owns 23,656 shares of the offshore drilling services provider’s stock valued at $195,000 after buying an additional 7,505 shares during the last quarter. Finally, Exane Derivatives increased its stake in shares of Transocean by 12.2% in the second quarter. Exane Derivatives now owns 48,860 shares of the offshore drilling services provider’s stock valued at $402,000 after buying an additional 5,325 shares during the last quarter. Hedge funds and other institutional investors own 67.52% 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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