Transocean (NYSE:RIG) Price Target Raised to $5.00

Transocean (NYSE:RIG) had its price objective upped by Morgan Stanley from $4.50 to $5.00 in a report published on Monday,Benzinga reports. They currently have an equal weight rating on the offshore drilling services provider’s stock.

RIG has been the subject of a number of other reports. Barclays cut Transocean from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $4.50 to $6.00 in a research note on Wednesday, February 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research note on Thursday, January 22nd. Citigroup boosted their price target on shares of Transocean from $4.25 to $4.50 and gave the company a “neutral” rating in a report on Thursday, December 11th. Susquehanna upped their price objective on shares of Transocean from $6.50 to $7.50 and gave the company a “positive” rating in a research report on Monday. Finally, Pareto Securities cut Transocean from a “hold” rating to a “sell” rating and set a $5.25 target price for the company. in a research note on Tuesday, February 10th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $5.86.

Transocean Price Performance

RIG opened at $6.41 on Monday. The company has a fifty day moving average price of $4.90 and a two-hundred day moving average price of $4.04. The firm has a market capitalization of $7.06 billion, a PE ratio of -2.03 and a beta of 1.46. Transocean has a 52 week low of $1.97 and a 52 week high of $6.96. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.27 and a current ratio of 1.56.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Thursday, February 19th. The offshore drilling services provider reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Transocean had a positive return on equity of 0.41% and a negative net margin of 73.52%.The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the firm earned ($0.09) earnings per share. The firm’s revenue for the quarter was up 9.6% on a year-over-year basis. As a group, analysts anticipate that Transocean will post 0.14 earnings per share for the current year.

Insider Activity at Transocean

In other news, EVP Roderick James Mackenzie sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $4.48, for a total value of $156,800.00. Following the completion of the transaction, the executive vice president owned 212,072 shares in the company, valued at $950,082.56. This trade represents a 14.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keelan Adamson sold 58,687 shares of Transocean stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $5.00, for a total value of $293,435.00. Following the completion of the sale, the chief executive officer directly owned 1,222,182 shares in the company, valued at approximately $6,110,910. This represents a 4.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 182,970 shares of company stock valued at $863,432 over the last ninety days. Company insiders own 12.27% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RIG. TD Waterhouse Canada Inc. grew its stake in shares of Transocean by 22,432.1% in the fourth quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock valued at $26,000 after buying an additional 6,281 shares in the last quarter. Josh Arnold Investment Consultant LLC acquired a new position in shares of Transocean during the 2nd quarter worth about $26,000. Blueshift Asset Management LLC acquired a new stake in Transocean in the 2nd quarter valued at about $27,000. Flagship Harbor Advisors LLC bought a new position in Transocean during the fourth quarter worth about $27,000. Finally, SBI Securities Co. Ltd. increased its position in Transocean by 78.0% during the second quarter. SBI Securities Co. Ltd. now owns 10,729 shares of the offshore drilling services provider’s stock worth $28,000 after buying an additional 4,700 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Transocean Company Profile

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.