Transocean Price Target Cut to $70.00 by Analysts at Barclays Capital (RIG)
Research analysts at Barclays Capital cut their price target on shares of Transocean (NYSE:RIG) from $74.00 to $70.00 in a report released on Monday, American Banking & Market News reports. The firm currently has an “overweight” rating on the stock. Barclays Capital’s price target indicates a potential upside of 54.12% from the stock’s previous close.
Transocean (NYSE:RIG) traded up 0.51% on Monday, hitting $45.42. 1,989,009 shares of the company’s stock traded hands. Transocean has a 1-year low of $43.65 and a 1-year high of $59.50. The stock’s 50-day moving average is $45.74 and its 200-day moving average is $48.91. The company has a market cap of $16.370 billion and a price-to-earnings ratio of 23.34.
Transocean (NYSE:RIG) last posted its quarterly earnings results 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 last year, the company posted $0.72 earnings per share. Transocean’s revenue was up 2.9% compared to the same quarter last year. On average, analysts predict that Transocean will post $4.01 earnings per share for the current fiscal year.
RIG has been the subject of a number of other recent research reports. Analysts at Susquehanna cut their price target on shares of Transocean from $52.00 to $50.00 in a research note to investors on Wednesday, October 2nd. They now have a “neutral” rating on the stock. Finally, analysts at Jefferies Group cut their price target on shares of Transocean from $55.00 to $51.00 in a research note to investors on Tuesday, October 1st. They now have a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $52.50.
Transocean Ltd. (NYSE:RIG) is an international provider of offshore contract drilling services for oil and gas wells.
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