Transocean Ltd. (RIG) Upgraded by Howard Weil to “Sector Outperform”
Howard Weil upgraded shares of Transocean Ltd. (NYSE:RIG) from a sector perform rating to a sector outperform rating in a research note released on Tuesday morning. The firm currently has $14.00 price objective on the offshore drilling services provider’s stock, up from their prior price objective of $12.00.
RIG has been the topic of a number of other research reports. Canaccord Genuity upgraded shares of Transocean from a sell rating to a hold rating in a research note on Thursday, September 15th. Clarkson Capital restated a neutral rating and set a $12.00 target price on shares of Transocean in a research note on Thursday, August 4th. Goldman Sachs Group Inc. restated a sell rating on shares of Transocean in a research note on Friday, September 23rd. Vetr restated a buy rating and set a $10.74 target price on shares of Transocean in a research note on Thursday, August 18th. Finally, Jefferies Group restated a hold rating and set a $10.00 target price (down previously from $11.00) on shares of Transocean in a research note on Tuesday, August 16th. Ten investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $10.34.
Transocean (NYSE:RIG) traded up 4.10% during mid-day trading on Tuesday, reaching $9.91. 5,964,254 shares of the company’s stock traded hands. Transocean has a one year low of $7.67 and a one year high of $17.19. The firm’s 50-day moving average price is $9.80 and its 200 day moving average price is $10.33. The firm has a market cap of $3.62 billion, a price-to-earnings ratio of 2.89 and a beta of 1.91.
Transocean (NYSE:RIG) last issued its quarterly earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.18. The business had revenue of $943 million for the quarter. Transocean had a net margin of 21.91% and a return on equity of 8.46%. The company’s revenue was down 49.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.11 EPS. On average, equities analysts forecast that Transocean will post $0.95 EPS for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of RIG. Lee Danner & Bass Inc. bought a new position in shares of Transocean during the second quarter worth about $119,000. Mariner Wealth Advisors LLC bought a new position in shares of Transocean during the second quarter worth about $120,000. Capstone Investment Advisors LLC bought a new position in shares of Transocean during the second quarter worth about $121,000. Thrivent Financial for Lutherans raised its position 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 worth $124,000 after buying an additional 40 shares during the last quarter. Finally, Beech Hill Advisors Inc. bought a new position in shares of Transocean during the second quarter worth about $128,000. Institutional investors and hedge funds 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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