Vetr Inc. Downgrades Transocean Ltd. (RIG) to Buy
Transocean Ltd. (NYSE:RIG) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued on Thursday. They presently have a $11.27 price target on the offshore drilling services provider’s stock. Vetr‘s price objective points to a potential upside of 5.72% from the company’s previous close.
A number of other brokerages also recently weighed in on RIG. Zacks Investment Research upgraded Transocean from a “hold” rating to a “buy” rating and set a $14.00 price target for the company in a report on Tuesday, July 5th. Wells Fargo & Co. upgraded Transocean from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $12.15 to $12.22 in a report on Monday, July 18th. Seaport Global Securities downgraded Transocean from a “neutral” rating to a “sell” rating and set a $10.00 price target for the company. in a report on Monday, July 11th. Credit Suisse Group AG reiterated a “sell” rating on shares of Transocean in a report on Saturday, July 9th. Finally, Canaccord Genuity downgraded Transocean from a “hold” rating to a “sell” rating and set a $8.50 price target for the company. in a report on Friday, July 8th. Ten investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $10.20.
Transocean (NYSE:RIG) opened at 10.66 on Thursday. The firm has a 50-day moving average price of $9.83 and a 200 day moving average price of $10.37. The stock has a market cap of $3.90 billion, a PE ratio of 3.11 and a beta of 1.90. Transocean has a 52-week low of $7.67 and a 52-week high of $17.19.
Transocean (NYSE:RIG) last posted its quarterly earnings data on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.18. Transocean had a return on equity of 8.46% and a net margin of 21.91%. The company had revenue of $943 million for the quarter. During the same quarter in the prior year, the firm earned $1.11 earnings per share. Transocean’s revenue for the quarter was down 49.9% compared to the same quarter last year. Equities analysts anticipate that Transocean will post $0.95 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in the company. Chevy Chase Trust Holdings Inc. increased its stake in Transocean by 4.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 289,450 shares of the offshore drilling services provider’s stock valued at $2,645,000 after buying an additional 12,567 shares during the period. Virginia Retirement System bought a new stake in Transocean during the first quarter valued at about $850,000. Pacad Investment Ltd. increased its stake in Transocean by 1,306.8% in the first quarter. Pacad Investment Ltd. now owns 199,763 shares of the offshore drilling services provider’s stock valued at $1,826,000 after buying an additional 185,563 shares during the period. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Transocean during the first quarter valued at about $6,334,000. Finally, Aston Asset Management LLC increased its stake in Transocean by 20.6% in the first quarter. Aston Asset Management LLC now owns 110,735 shares of the offshore drilling services provider’s stock valued at $1,012,000 after buying an additional 18,914 shares during the period. Institutional investors own 71.55% of the company’s stock.
Transocean Company Profile
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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