Transocean (NYSE:RIG) Upgraded at Zacks Research

Zacks Research upgraded shares of Transocean (NYSE:RIG) from a hold rating to a strong-buy rating in a research note published on Monday morning,Zacks reports.

Several other equities research analysts have also commented on RIG. Fearnley Fonds upgraded Transocean from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Barclays lowered their target price on Transocean from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Wednesday, August 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a report on Friday, July 17th. Finally, Susquehanna reduced their price objective on shares of Transocean from $8.00 to $7.00 and set a “positive” rating for the company in a research report on Wednesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $6.68.

Transocean Price Performance

RIG stock opened at $5.39 on Monday. The firm has a market cap of $6.03 billion, a price-to-earnings ratio of -2.87, a PEG ratio of 3.99 and a beta of 1.41. The company has a quick ratio of 1.27, a current ratio of 1.59 and a debt-to-equity ratio of 0.56. Transocean has a 12-month low of $3.07 and a 12-month high of $7.66. The company’s fifty day simple moving average is $5.59 and its 200 day simple moving average is $5.87.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Wednesday, August 5th. The offshore drilling services provider reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. Transocean had a positive return on equity of 2.60% and a negative net margin of 40.24%.The firm had revenue of $966.00 million during the quarter, compared to the consensus estimate of $956.64 million. During the same period last year, the business posted ($1.06) EPS. The business’s revenue was down 2.2% compared to the same quarter last year. On average, analysts expect that Transocean will post 0.18 earnings per share for the current year.

Institutional Trading of Transocean

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIG. Ascentis Independent Advisors bought a new position in Transocean in the first quarter worth approximately $43,000. EverSource Wealth Advisors LLC increased its holdings in shares of Transocean by 27.0% during the first quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider’s stock valued at $43,000 after acquiring an additional 1,391 shares in the last quarter. Root Financial Partners LLC raised its position in shares of Transocean by 192.6% during the first quarter. Root Financial Partners LLC now owns 7,787 shares of the offshore drilling services provider’s stock worth $52,000 after purchasing an additional 5,126 shares during the period. Wealthcare Advisory Partners LLC acquired a new position in shares of Transocean during the second quarter worth approximately $52,000. Finally, Hunter Associates Investment Management LLC bought a new position in shares of Transocean in the 1st quarter worth $72,000. 67.73% of the stock is owned by institutional investors.

Transocean Company Profile

Transocean Ltd. is an offshore contract drilling company that provides drilling services to the international oil and gas industry. The company operates a fleet of mobile offshore drilling units, including ultra-deepwater and harsh-environment drillships and semisubmersible rigs, which are contracted by energy companies to drill exploration, appraisal and development wells.

Transocean’s services support offshore drilling programs in challenging environments around the world. Its operations have included activity in the Gulf of Mexico, Brazil, the North Sea, West Africa and other major offshore regions.