Transocean Price Target Lowered to $54.00 at JPMorgan Chase & Co. (RIG)
Research analysts at JPMorgan Chase & Co. cut their price target on shares of Transocean (NYSE:RIG) from $60.00 to $54.00 in a report released on Tuesday, Analyst Ratings Network.com reports. JPMorgan Chase & Co.’s price objective indicates a potential upside of 11.34% from the stock’s previous close.
Transocean (NYSE:RIG) traded down 1.22% during mid-day trading on Tuesday, hitting $48.50. 4,605,975 shares of the company’s stock traded hands. Transocean has a one year low of $44.19 and a one year high of $59.50. The stock’s 50-day moving average is $49.33 and its 200-day moving average is $48.12. The company has a market cap of $17.489 billion and a P/E ratio of 10.93.
Transocean (NYSE:RIG) last posted its quarterly earnings results on Thursday, November 7th. The company reported $1.37 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.18 by $0.19. The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter in the previous year, the company posted $1.37 earnings per share. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. Analysts expect that Transocean will post $4.19 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Transocean in a research note to investors on Tuesday, December 31st. They now have a $51.00 price target on the stock. Separately, analysts at Citigroup Inc. downgraded shares of Transocean from a “neutral” rating to a “sell” rating in a research note to investors on Friday, December 20th. Finally, analysts at RBC Capital cut their price target on shares of Transocean from $60.00 to $56.00 in a research note to investors on Thursday, December 19th. Six analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $22,781.08.
Transocean Ltd. (NYSE:RIG) is an international provider of offshore contract drilling services for oil and gas wells.
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