Brokerages Set Transocean Ltd. (NYSE:RIG) Price Target at $6.96

Shares of Transocean Ltd. (NYSE:RIG) have been assigned an average recommendation of “Hold” from the eleven ratings firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $6.9643.

Several equities research analysts recently commented on the stock. BTIG Research boosted their price objective on shares of Transocean from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, February 9th. Fearnley Fonds cut Transocean from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Pareto Securities cut Transocean from a “hold” rating to a “sell” rating and set a $5.25 target price on the stock. in a research note on Tuesday, February 10th. Morgan Stanley boosted their target price on Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 15th. Finally, TD Cowen boosted their target price on Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th.

Insider Buying and Selling

In other Transocean news, EVP Roderick James Mackenzie sold 78,370 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $6.36, for a total transaction of $498,433.20. Following the sale, the executive vice president directly owned 268,025 shares of the company’s stock, valued at $1,704,639. The trade was a 22.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 9.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Transocean

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its position in Transocean by 27.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider’s stock worth $43,000 after buying an additional 1,391 shares in the last quarter. Fruth Investment Management lifted its position in Transocean by 2.8% during the 4th quarter. Fruth Investment Management now owns 90,378 shares of the offshore drilling services provider’s stock worth $373,000 after buying an additional 2,500 shares in the last quarter. Annandale Capital LLC raised its stake in shares of Transocean by 17.7% during the 4th quarter. Annandale Capital LLC now owns 16,600 shares of the offshore drilling services provider’s stock worth $69,000 after purchasing an additional 2,500 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of Transocean by 9.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 35,604 shares of the offshore drilling services provider’s stock worth $114,000 after purchasing an additional 2,932 shares in the last quarter. Finally, J.W. Cole Advisors Inc. raised its stake in shares of Transocean by 3.5% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 100,634 shares of the offshore drilling services provider’s stock worth $314,000 after purchasing an additional 3,367 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

Transocean Trading Down 4.7%

RIG opened at $6.18 on Friday. The stock has a market capitalization of $6.89 billion, a P/E ratio of -2.07 and a beta of 1.34. Transocean has a 12 month low of $2.47 and a 12 month high of $7.66. The firm’s fifty day simple moving average is $6.56 and its 200 day simple moving average is $5.46. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.02 billion. Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. The company’s revenue was up 19.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.10) earnings per share. As a group, research analysts anticipate that Transocean will post 0.19 EPS for the current fiscal year.

Transocean Company Profile

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.