Transocean (NYSE:RIG) Given New $7.00 Price Target at Evercore ISI

Transocean (NYSE:RIG) had its target price decreased by equities researchers at Evercore ISI from $9.00 to $7.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the offshore drilling services provider’s stock. Evercore ISI’s target price indicates a potential upside of 35.40% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Citigroup lowered their price target on Transocean from $9.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Bank of America lifted their target price on Transocean from $5.50 to $6.00 and gave the company an “underperform” rating in a report on Monday, April 15th. Susquehanna raised Transocean from a “neutral” rating to a “positive” rating and lifted their target price for the company from $5.50 to $9.00 in a report on Monday, April 8th. Morgan Stanley decreased their price target on shares of Transocean from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Monday, February 26th. Finally, Benchmark reiterated a “buy” rating and issued a $8.00 price target on shares of Transocean in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $7.70.

Transocean Stock Down 1.0 %

Shares of NYSE RIG traded down $0.05 during trading hours on Wednesday, hitting $5.17. The company had a trading volume of 4,839,022 shares, compared to its average volume of 18,061,889. The stock has a market capitalization of $4.24 billion, a P/E ratio of -9.94 and a beta of 2.78. The firm’s 50 day moving average is $5.74 and its 200-day moving average is $5.96. Transocean has a 1-year low of $4.45 and a 1-year high of $8.88. The company has a quick ratio of 1.22, a current ratio of 1.52 and a debt-to-equity ratio of 0.68.

Transocean (NYSE:RIG) last announced its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.10. The company had revenue of $767.00 million during the quarter, compared to analysts’ expectations of $781.86 million. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.68%. Transocean’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.38) earnings per share. On average, analysts expect that Transocean will post 0.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Transocean

Several large investors have recently modified their holdings of RIG. Murphy Pohlad Asset Management LLC boosted its position in shares of Transocean by 1.7% during the first quarter. Murphy Pohlad Asset Management LLC now owns 96,150 shares of the offshore drilling services provider’s stock worth $604,000 after buying an additional 1,600 shares during the period. Traynor Capital Management Inc. lifted its stake in Transocean by 5.2% in the first quarter. Traynor Capital Management Inc. now owns 33,257 shares of the offshore drilling services provider’s stock worth $209,000 after acquiring an additional 1,650 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its position in shares of Transocean by 16.2% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 14,371 shares of the offshore drilling services provider’s stock valued at $118,000 after purchasing an additional 2,000 shares during the last quarter. 180 Wealth Advisors LLC raised its holdings in Transocean by 7.4% during the fourth quarter. 180 Wealth Advisors LLC now owns 31,496 shares of the offshore drilling services provider’s stock worth $197,000 after purchasing an additional 2,170 shares in the last quarter. Finally, Valeo Financial Advisors LLC boosted its holdings in shares of Transocean by 12.9% in the 3rd quarter. Valeo Financial Advisors LLC now owns 23,600 shares of the offshore drilling services provider’s stock valued at $194,000 after buying an additional 2,700 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

About Transocean

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.