Transocean’s (RIG) “Hold” Rating Reaffirmed at Argus
Several other analysts also recently weighed in on the company. Vetr downgraded Transocean from a hold rating to a strong sell rating and set a $9.75 price objective for the company. in a research report on Monday, June 6th. KLR Group restated a buy rating and set a $19.00 target price on shares of Transocean in a report on Wednesday, June 15th. Evercore ISI upgraded Transocean from a sell rating to a hold rating and upped their target price for the company from $11.00 to $12.00 in a report on Wednesday, June 29th. Zacks Investment Research upgraded Transocean from a hold rating to a buy rating and set a $12.00 target price for the company in a report on Wednesday, June 29th. Finally, Canaccord Genuity downgraded Transocean from a hold rating to a sell rating and set a $8.50 target price for the company. in a report on Friday, July 8th. Ten equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $10.20.
Transocean (NYSE:RIG) traded down 5.91% on Friday, reaching $10.03. 6,376,070 shares of the company were exchanged. Transocean has a 12-month low of $7.67 and a 12-month high of $17.19. The stock has a 50 day moving average of $9.83 and a 200 day moving average of $10.37. The firm has a market capitalization of $3.66 billion, a PE ratio of 2.93 and a beta of 1.91.
Transocean (NYSE:RIG) last issued its earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.18. The business earned $943 million during the quarter. Transocean had a return on equity of 8.46% and a net margin of 21.91%. The firm’s quarterly revenue was down 49.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.11 EPS. Equities analysts anticipate that Transocean will post $0.95 EPS for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Lee Danner & Bass Inc. acquired a new position in shares of Transocean during the second quarter valued at $119,000. Mariner Wealth Advisors LLC purchased a new stake in shares of Transocean during the second quarter valued at approximately $120,000. Capstone Investment Advisors LLC purchased a new stake in shares of Transocean during the second quarter valued at approximately $121,000. Thrivent Financial for Lutherans boosted its stake in shares of Transocean by 0.4% in the second quarter. Thrivent Financial for Lutherans now owns 10,390 shares of the offshore drilling services provider’s stock valued at $124,000 after buying an additional 40 shares during the last quarter. Finally, Beech Hill Advisors Inc. purchased a new stake in shares of Transocean during the second quarter valued at approximately $128,000. 71.55% of the stock is owned by institutional investors and hedge funds.
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.
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