Transocean (NYSE:RIG) had its price target lowered by equities researchers at Citigroup from $6.70 to $4.90 in a research note issued on Thursday, BenzingaRatingsTable reports. The brokerage currently has a “neutral” rating on the offshore drilling services provider’s stock. Citigroup‘s price objective would suggest a potential upside of 28.27% from the stock’s current price.
A number of other research firms also recently weighed in on RIG. Morgan Stanley set a $10.00 price target on shares of Transocean and gave the stock a “buy” rating in a research note on Monday, July 15th. ValuEngine raised shares of Transocean from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Royal Bank of Canada set a $17.00 price target on shares of Transocean and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Piper Jaffray Companies set a $8.00 price target on shares of Transocean and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Finally, Bank of America assumed coverage on shares of Transocean in a report on Monday, June 10th. They issued a “neutral” rating and a $6.50 price objective for the company. Three analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $12.29.
Shares of NYSE RIG traded down $0.08 during mid-day trading on Thursday, reaching $3.82. The company had a trading volume of 304,869 shares, compared to its average volume of 22,387,428. Transocean has a twelve month low of $3.89 and a twelve month high of $14.47. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.88 and a quick ratio of 2.55. The firm has a market capitalization of $2.66 billion, a PE ratio of -4.81 and a beta of 1.75. The stock has a 50 day simple moving average of $5.69.
Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.34). Transocean had a negative net margin of 33.49% and a negative return on equity of 4.18%. The business had revenue of $758.00 million for the quarter, compared to the consensus estimate of $765.81 million. During the same period in the prior year, the business posted ($0.04) earnings per share. Transocean’s revenue for the quarter was down 4.1% compared to the same quarter last year. Sell-side analysts forecast that Transocean will post -1.02 EPS for the current fiscal year.
In other news, Director Vanessa C. L. Chang purchased 4,300 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was bought at an average cost of $5.92 per share, for a total transaction of $25,456.00. Following the completion of the acquisition, the director now directly owns 14,000 shares of the company’s stock, valued at $82,880. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Chad C. Deaton purchased 25,000 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were purchased at an average price of $5.29 per share, with a total value of $132,250.00. Following the completion of the acquisition, the director now directly owns 24,800 shares of the company’s stock, valued at $131,192. The disclosure for this purchase can be found here. Insiders have acquired 130,849 shares of company stock valued at $794,982 over the last 90 days. Corporate insiders own 11.05% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC bought a new stake in Transocean during the second quarter valued at about $35,000. Icon Wealth Partners LLC bought a new stake in shares of Transocean in the first quarter valued at about $38,000. Nisa Investment Advisors LLC bought a new stake in shares of Transocean in the first quarter valued at about $44,000. Meeder Asset Management Inc. lifted its stake in shares of Transocean by 535.2% in the second quarter. Meeder Asset Management Inc. now owns 8,962 shares of the offshore drilling services provider’s stock valued at $57,000 after buying an additional 7,551 shares during the period. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Transocean in the second quarter valued at about $64,000. Institutional investors own 70.39% of the company’s stock.
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.
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