Transocean (NYSE:RIG) Given New $6.50 Price Target at Morgan Stanley

Transocean (NYSE:RIG) had its target price cut by stock analysts at Morgan Stanley from $7.00 to $6.50 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the offshore drilling services provider’s stock. Morgan Stanley‘s price objective would suggest a potential upside of 24.16% from the company’s previous close.

RIG has been the topic of a number of other research reports. Zacks Research raised Transocean from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Wall Street Zen lowered Transocean from a “hold” rating to a “sell” rating in a research note on Saturday. Fearnley Fonds upgraded Transocean from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Thursday, October 15th. Finally, Barclays decreased their price objective on Transocean from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $6.61.

Transocean Price Performance

Shares of NYSE:RIG traded down $0.01 during trading on Monday, reaching $5.24. The company had a trading volume of 13,588,021 shares, compared to its average volume of 41,023,832. The company has a fifty day moving average of $5.74 and a two-hundred day moving average of $5.87. The stock has a market capitalization of $5.85 billion, a P/E ratio of 37.39, a price-to-earnings-growth ratio of 3.83 and a beta of 1.44. Transocean has a 12 month low of $3.68 and a 12 month high of $7.66. The company has a current ratio of 1.53, a quick ratio of 1.24 and a debt-to-equity ratio of 0.54.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, November 2nd. The offshore drilling services provider reported $0.02 earnings per share for the quarter, meeting the consensus estimate of $0.02. Transocean had a net margin of 7.25% and a return on equity of 1.84%. The firm had revenue of $937.00 million for the quarter, compared to analysts’ expectations of $943.99 million. During the same quarter last year, the company posted ($2.00) EPS. The business’s quarterly revenue was down 8.9% on a year-over-year basis. Equities research analysts forecast that Transocean will post 0.18 earnings per share for the current year.

Hedge Funds Weigh In On Transocean

A number of large investors have recently added to or reduced their stakes in RIG. EverSource Wealth Advisors LLC grew its stake in shares of Transocean by 27.0% during the first quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider’s stock valued at $43,000 after buying an additional 1,391 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Transocean by 15.6% in the third quarter. Versant Capital Management Inc now owns 15,550 shares of the offshore drilling services provider’s stock worth $81,000 after buying an additional 2,099 shares during the period. Private Advisor Group LLC lifted its stake in shares of Transocean by 16.4% in the 1st quarter. Private Advisor Group LLC now owns 31,876 shares of the offshore drilling services provider’s stock valued at $211,000 after acquiring an additional 4,500 shares during the last quarter. Hartford Financial Management Inc. bought a new stake in shares of Transocean in the 3rd quarter valued at about $31,000. Finally, Costello Asset Management INC purchased a new stake in Transocean during the 3rd quarter valued at about $33,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Transocean Company Profile

Transocean Ltd. is an offshore contract drilling company that provides drilling services to oil and gas companies around the world. Its work focuses on offshore exploration and development, particularly in deepwater and harsh-environment locations.

The company owns and operates a fleet of offshore drilling rigs, including drillships and semisubmersible rigs. It contracts these rigs to customers and provides the crews and related services needed to conduct offshore drilling operations.

Transocean serves customers across multiple offshore regions worldwide.