Transocean LTD Upgraded to Hold at Deutsche Bank (RIG)
Transocean LTD (NYSE:RIG) was upgraded by investment analysts at Deutsche Bank from a “sell” rating to a “hold” rating in a note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm currently has a $45.00 target price on the stock. Deutsche Bank’s target price suggests a potential upside of 11.97% from the company’s current price.
The analysts wrote, “over-sold.” The analyst added that there is “some potential near-term catalysts with self-help initiatives and improved return to shareholders/ progress on an MLP. That said, the backdrop remains challenging and we still expect newbuild rates and the jackup market to roll lower later this year which is likely to temper any enthusiasm.”
Transocean LTD (NYSE:RIG) traded up 4.06% during mid-day trading on Monday, hitting $41.05. 5,939,481 shares of the company’s stock traded hands. Transocean LTD has a 1-year low of $38.47 and a 1-year high of $55.79. The stock’s 50-day moving average is $41.16 and its 200-day moving average is $45.87. The company has a market cap of $14.820 billion and a P/E ratio of 10.19. Transocean LTD also was the recipient of a significant growth in short interest in the month of January. As of March 31st, there was short interest totalling 43,316,408 shares, a growth of 12.5% from the March 14th total of 38,511,254 shares. Currently, 12.5% of the company’s shares are short sold. Based on an average daily trading volume, of 5,278,384 shares, the days-to-cover ratio is currently 8.2 days.
Transocean LTD (NYSE:RIG) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by $0.45. The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the previous year, the company posted $0.91 earnings per share. The company’s revenue for the quarter was up 38.6% on a year-over-year basis. Analysts expect that Transocean LTD will post $4.53 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Barclays cut their price target on shares of Transocean LTD from $54.00 to $45.00 in a research note on Tuesday, April 8th. They now have an “overweight” rating on the stock. Separately, analysts at Morgan Stanley cut their price target on shares of Transocean LTD from $50.00 to $45.00 in a research note on Monday, April 7th. Finally, analysts at UBS AG cut their price target on shares of Transocean LTD from $40.00 to $39.00 in a research note on Friday, March 21st. Six equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have assigned a buy rating to the company’s stock. Transocean LTD currently has a consensus rating of “Hold” and an average target price of $22,774.76.
Transocean Ltd. (NYSE:RIG) is an international provider of offshore contract drilling services for oil and gas wells.
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