Transocean Ltd. (RIG) Receives $12.78 Consensus PT from Analysts
Shares of Transocean Ltd. (NYSE:RIG) have received an average rating of “Hold” from the forty analysts that are presently covering the stock, MarketBeat.com reports. Fifteen investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and nine have given a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $12.84.
A number of equities research analysts have issued reports on the stock. Sanford C. Bernstein cut shares of Transocean from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $16.50 to $9.00 in a report on Thursday, July 6th. Jefferies Group LLC set a $12.00 price target on shares of Transocean and gave the company a “hold” rating in a report on Saturday, July 1st. BidaskClub cut shares of Transocean from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Morgan Stanley decreased their price target on shares of Transocean from $13.00 to $12.00 and set an “underweight” rating for the company in a report on Friday, June 16th. Finally, Odeon Capital Group LLC assumed coverage on shares of Transocean in a report on Wednesday, May 17th. They set a “sell” rating and a $8.00 price target for the company.
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Shares of Transocean (NYSE:RIG) traded up 0.24% on Tuesday, hitting $8.33. The company’s stock had a trading volume of 8,036,816 shares. The stock’s 50 day moving average price is $9.23 and its 200 day moving average price is $12.29. The stock has a market capitalization of $3.26 billion, a P/E ratio of 5.01 and a beta of 1.67. Transocean has a 52 week low of $7.67 and a 52 week high of $16.66.
Transocean (NYSE:RIG) last released its quarterly earnings results on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.09. Transocean had a net margin of 17.28% and a return on equity of 2.57%. The company had revenue of $785 million during the quarter, compared to analysts’ expectations of $737.51 million. On average, analysts forecast that Transocean will post ($0.44) earnings per share for the current fiscal year.
In related news, SVP David A. Tonnel sold 9,450 shares of the business’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $11.28, for a total value of $106,596.00. Following the sale, the senior vice president now directly owns 54,845 shares of the company’s stock, valued at approximately $618,651.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.33% of the company’s stock.
A number of large investors have recently modified their holdings of RIG. State Treasurer State of Michigan raised its stake in shares of Transocean by 0.4% in the first quarter. State Treasurer State of Michigan now owns 127,848 shares of the offshore drilling services provider’s stock valued at $1,592,000 after buying an additional 500 shares during the last quarter. Teacher Retirement System of Texas raised its position in Transocean by 1.7% in the first quarter. Teacher Retirement System of Texas now owns 31,059 shares of the offshore drilling services provider’s stock valued at $387,000 after buying an additional 508 shares in the last quarter. Neuberger Berman Group LLC raised its position in Transocean by 4.1% in the first quarter. Neuberger Berman Group LLC now owns 13,315 shares of the offshore drilling services provider’s stock valued at $166,000 after buying an additional 521 shares in the last quarter. Mason Street Advisors LLC raised its position in Transocean by 1.0% in the first quarter. Mason Street Advisors LLC now owns 53,796 shares of the offshore drilling services provider’s stock valued at $670,000 after buying an additional 542 shares in the last quarter. Finally, Hartford Investment Management Co. raised its position in Transocean by 0.6% in the first quarter. Hartford Investment Management Co. now owns 103,575 shares of the offshore drilling services provider’s stock valued at $1,290,000 after buying an additional 654 shares in the last quarter. Hedge funds and other institutional investors own 68.16% of the company’s stock.
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 on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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