Transocean Downgraded by Goldman Sachs Group Inc. to Sell (RIG)
Transocean (NYSE:RIG) was downgraded by analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “sell” rating in a research report issued to clients and investors on Monday, TheFlyOnTheWall.com reports. They currently have a $50.00 price target on the stock, up from their previous price target of $49.50. Goldman Sachs Group Inc.’s target price suggests a potential upside of 1.01% from the company’s current price. The analysts noted that the move was a valuation call.
Shares of Transocean (NYSE:RIG) traded down 1.31% on Monday, hitting $48.85. 5,928,187 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 $46.9 and its 200-day moving average is $49.96. The company has a market cap of $17.606 billion and a price-to-earnings ratio of 25.57.
Transocean (NYSE:RIG) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $1.08 earnings per share for the quarter, meeting the analysts’ 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. Analysts expect that Transocean will post $3.97 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Guggenheim downgraded shares of Transocean from a “buy” rating to a “neutral” rating in a research note to investors on Friday. They now have a $53.00 price target on the stock, down previously from $58.00. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Transocean from $50.00 to $52.00 in a research note to investors on Monday, October 21st. They now have a “neutral” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Transocean in a research note to investors on Thursday, October 17th. They now have a $47.00 price target on the stock. Four investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $23,861.24.
Transocean Ltd. (NYSE:RIG) is an international provider of offshore contract drilling services for oil and gas wells.
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