Transocean (NYSE:RIG) Price Target Raised to $6.00

Transocean (NYSE:RIG) had its price target increased by Bank of America from $5.50 to $6.00 in a report released on Monday, Benzinga reports. They currently have an underperform rating on the offshore drilling services provider’s stock.

A number of other equities analysts also recently issued reports on RIG. Susquehanna upgraded shares of Transocean from a neutral rating to a positive rating and increased their price target for the company from $5.50 to $9.00 in a report on Monday, April 8th. StockNews.com upgraded shares of Transocean to a sell rating in a report on Tuesday, February 20th. Citigroup dropped their target price on shares of Transocean from $9.00 to $7.00 and set a buy rating for the company in a report on Wednesday, February 21st. Barclays dropped their target price on shares of Transocean from $7.00 to $6.00 and set an equal weight rating for the company in a report on Thursday, February 22nd. Finally, Morgan Stanley dropped their target price on shares of Transocean from $8.00 to $7.00 and set an equal weight rating for the company in a report on Monday, February 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $8.22.

Transocean Stock Performance

Shares of RIG opened at $5.67 on Monday. The company has a 50-day simple moving average of $5.62 and a 200-day simple moving average of $6.10. The company has a quick ratio of 1.22, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $4.65 billion, a PE ratio of -4.46 and a beta of 2.78. Transocean has a 52-week low of $4.45 and a 52-week high of $8.88.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Monday, February 19th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.12. The business had revenue of $741.00 million during the quarter, compared to the consensus estimate of $779.17 million. Transocean had a negative net margin of 33.69% and a negative return on equity of 7.13%. During the same quarter last year, the firm posted ($0.49) EPS. Equities research analysts predict that Transocean will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Transocean

Several hedge funds have recently modified their holdings of RIG. OLD Point Trust & Financial Services N A acquired a new stake in shares of Transocean during the 4th quarter worth about $25,000. Tower Research Capital LLC TRC boosted its stake in shares of Transocean by 446.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 10,996 shares of the offshore drilling services provider’s stock worth $27,000 after purchasing an additional 8,984 shares during the last quarter. VisionPoint Advisory Group LLC acquired a new stake in shares of Transocean in the fourth quarter worth approximately $28,000. IHT Wealth Management LLC boosted its position in shares of Transocean by 38.8% in the third quarter. IHT Wealth Management LLC now owns 16,895 shares of the offshore drilling services provider’s stock worth $42,000 after acquiring an additional 4,719 shares during the last quarter. Finally, National Bank of Canada FI boosted its position in shares of Transocean by 3,800.0% in the third quarter. National Bank of Canada FI now owns 5,850 shares of the offshore drilling services provider’s stock worth $46,000 after acquiring an additional 5,700 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.