Transocean Lowered to “Neutral” at UBS AG (RIG)
Transocean (NYSE:RIG) was downgraded by research analysts at UBS AG from a “buy” rating to a “neutral” rating in a report released on Tuesday, TheFlyOnTheWall.com reports. They currently have a $49.00 price objective on the stock, down from their previous price objective of $63.00. UBS AG’s target price points to a potential upside of 5.24% from the company’s current price.
A number of other firms have also recently commented on RIG. Analysts at Sanford C. Bernstein cut their price target on shares of Transocean from $61.00 to $57.00 in a research note to investors on Friday, August 16th. They now have an “outperform” rating on the stock. Separately, analysts at Johnson Rice downgraded shares of Transocean from an “overweight” rating to an “underweight” rating in a research note to investors on Friday, August 16th. Finally, analysts at JPMorgan Chase & Co. cut their price target on shares of Transocean from $55.00 to $54.00 in a research note to investors on Wednesday, August 14th. They now have a “neutral” rating on the stock.
Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twelve have given a buy rating to the company’s stock. Transocean presently has an average rating of “Hold” and a consensus price target of $56.90.
Shares of Transocean (NYSE:RIG) traded down 0.66% on Tuesday, hitting $46.56. The stock had a trading volume of 1,441,773 shares. Transocean has a 52 week low of $43.65 and a 52 week high of $59.50. The stock has a 50-day moving average of $48.15 and a 200-day moving average of $50.89. The company has a market cap of $16.781 billion and a P/E ratio of 24.21.
Transocean (NYSE:RIG) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $1.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.08. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the previous year, the company posted $0.72 earnings per share. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, analysts predict that Transocean will post $4.12 earnings per share for the current fiscal year.
Transocean Ltd. (NYSE:RIG) is an international provider of offshore contract drilling services for oil and gas wells.
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