Transocean Rating Lowered to Hold at Argus (RIG)
Transocean (NYSE:RIG) was downgraded by Argus from a “buy” rating to a “hold” rating in a research note issued on Tuesday, TheFlyOnTheWall.com reports. They currently have a $500,000.00 price target on the stock, up from their previous price target of $3.90.
RIG has been the subject of a number of other recent research reports. Analysts at Barclays cut their price target on shares of Transocean from $74.00 to $70.00 in a research note to investors on Monday. They now have an “overweight” rating on the stock. Separately, 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 Susquehanna reiterated a “hold” rating on shares of Transocean in a research note to investors on Tuesday, October 1st. They now have a $52.00 price target on the stock. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Transocean presently has a consensus rating of “Hold” and a consensus price target of $25,052.20.
Transocean (NYSE:RIG) traded down 0.92% on Tuesday, hitting $45.00. 4,676,090 shares of the company’s stock traded hands. Transocean has a 52 week low of $43.65 and a 52 week high of $59.50. The stock’s 50-day moving average is $45.70 and its 200-day moving average is $48.82. The company has a market cap of $16.218 billion and a P/E ratio of 23.46.
Transocean (NYSE:RIG) last announced its earnings results on Wednesday, August 7th. The company reported $1.08 EPS for the quarter, meeting the Thomson Reuters 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 prior year, the company posted $0.72 earnings per share. The company’s quarterly revenue was up 2.9% on a year-over-year basis. On average, analysts predict that Transocean will post $4.01 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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