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

Transocean Ltd. (NYSE:RIG) has been given a consensus rating of “Hold” by the eleven brokerages that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $6.9643.

A number of research analysts recently issued reports on RIG shares. TD Cowen raised their price target on Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Susquehanna increased their price objective on Transocean from $7.50 to $8.00 and gave the company a “positive” rating in a report on Tuesday, April 7th. Morgan Stanley raised their target price on shares of Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $6.00 to $8.00 in a report on Thursday, May 7th. Finally, Clarkson Capital downgraded shares of Transocean from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 19th.

Transocean Stock Down 0.1%

Shares of NYSE:RIG opened at $5.31 on Wednesday. The company has a market capitalization of $5.92 billion, a PE ratio of -1.78 and a beta of 1.29. 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 has a twelve month low of $2.51 and a twelve month high of $7.66. The firm has a 50 day simple moving average of $6.33 and a 200-day simple moving average of $5.68.

Transocean (NYSE:RIG) last released its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.10). Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the prior year, the company earned ($0.10) EPS. The business’s revenue was up 19.3% on a year-over-year basis. On average, equities analysts predict that Transocean will post 0.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Transocean

A number of large investors have recently modified their holdings of RIG. Monashee Investment Management LLC acquired a new stake in Transocean in the third quarter valued at approximately $936,000. Citigroup Inc. boosted its stake in shares of Transocean by 37.5% in the third quarter. Citigroup Inc. now owns 818,781 shares of the offshore drilling services provider’s stock valued at $2,555,000 after purchasing an additional 223,231 shares during the period. HighTower Advisors LLC grew its holdings in Transocean by 2,662.3% during the 3rd quarter. HighTower Advisors LLC now owns 1,562,314 shares of the offshore drilling services provider’s stock valued at $4,874,000 after purchasing an additional 1,505,755 shares in the last quarter. Ninepoint Partners LP acquired a new stake in Transocean during the 3rd quarter valued at $18,720,000. Finally, Mirabella Financial Services LLP purchased a new stake in Transocean during the 3rd quarter worth $2,609,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

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.