Transocean LTD’s “Sell” Rating Reaffirmed at Goldman Sachs (RIG)
Transocean LTD (NYSE:RIG)‘s stock had its “sell” rating reiterated by research analysts at Goldman Sachs in a report released on Thursday. They currently have a $29.00 target price on the stock, down from their previous target price of $30.00. Goldman Sachs’ price target suggests a potential downside of 32.95% from the stock’s previous close.
Transocean LTD (NYSE:RIG) traded down 1.30% on Thursday, hitting $43.25. The stock had a trading volume of 5,214,067 shares. Transocean LTD has a 52-week low of $38.47 and a 52-week high of $55.74. The stock’s 50-day moving average is $43.65 and its 200-day moving average is $43.29. The company has a market cap of $15.656 billion and a price-to-earnings ratio of 10.33. Transocean LTD also saw a large increase in short interest during the month of June. As of June 13th, there was short interest totalling 56,295,599 shares, an increase of 7.2% from the May 30th total of 52,538,330 shares. Based on an average daily trading volume, of 3,887,777 shares, the days-to-cover ratio is currently 14.5 days. Approximately 16.2% of the company’s stock are short sold.
Transocean LTD (NYSE:RIG) last announced its earnings results on Wednesday, May 7th. The company reported $1.43 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.03 by $0.40. The company had revenue of $2.34 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the prior year, the company posted $0.93 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. On average, analysts predict that Transocean LTD will post $4.29 earnings per share for the current fiscal year.
A number of other firms have also recently commented on RIG. Analysts at Cowen and Company reiterated an “outperform” rating on shares of Transocean LTD in a research note on Monday, June 16th. They now have a $46.00 price target on the stock. Separately, analysts at TheStreet upgraded shares of Transocean LTD from a “hold” rating to a “buy” rating in a research note on Wednesday, June 11th. Finally, analysts at Johnson Rice reiterated an “underweight” rating on shares of Transocean LTD in a research note on Tuesday, June 3rd. Five analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $44.99.
Transocean Ltd. (NYSE:RIG) is an international provider of offshore contract drilling services for oil and gas wells.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.