Transocean Partners LLC (RIGP) Lowered to “Equal Weight” at Morgan Stanley
Transocean Partners LLC (NYSE:RIGP) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued on Tuesday. They currently have a $14.00 target price on the stock. Morgan Stanley’s price objective would indicate a potential upside of 18.24% from the stock’s current price.
Several other equities analysts also recently commented on the company. Citigroup Inc. increased their price target on Transocean Partners from $8.00 to $11.25 and gave the company a “neutral” rating in a report on Monday, July 11th. Wells Fargo & Co. reiterated a “hold” rating and set a $7.50 price target on shares of Transocean Partners in a report on Thursday, July 7th. TheStreet upgraded Transocean Partners from a “sell” rating to a “hold” rating in a report on Monday, June 6th. Finally, Zacks Investment Research cut Transocean Partners from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 19th. Six research analysts have rated the stock with a hold rating, The company has a consensus rating of “Hold” and a consensus price target of $11.35.
Transocean Partners (NYSE:RIGP) traded up 0.17% during trading on Tuesday, hitting $11.84. 159,336 shares of the stock traded hands. The company has a 50-day moving average price of $11.38 and a 200 day moving average price of $11.49. The stock’s market cap is $811.05 million. Transocean Partners has a one year low of $5.89 and a one year high of $13.47.
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Transocean Partners (NYSE:RIGP) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.51 by $0.01. Transocean Partners had a positive return on equity of 5.39% and a negative net margin of 5.71%. The company had revenue of $155 million for the quarter. During the same quarter last year, the business earned $0.51 EPS. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. Analysts expect that Transocean Partners will post $1.90 earnings per share for the current year.
Several large investors have recently bought and sold shares of RIGP. Walleye Trading LLC boosted its stake in Transocean Partners by 56.9% in the second quarter. Walleye Trading LLC now owns 8,000 shares of the company’s stock valued at $101,000 after buying an additional 2,900 shares in the last quarter. Moors & Cabot Inc. acquired a new stake in Transocean Partners during the second quarter valued at $142,000. Zacks Investment Management acquired a new stake in Transocean Partners during the second quarter valued at $156,000. Acrospire Investment Management LLC acquired a new stake in Transocean Partners during the first quarter valued at $116,000. Finally, Brookfield Asset Management Inc. acquired a new stake in Transocean Partners during the first quarter valued at $198,000. 33.71% of the stock is owned by institutional investors.
Transocean Partners Company Profile
Transocean Partners LLC a limited liability company. The Company is formed by Transocean Partners Holdings Limited and a subsidiary of Transocean Ltd. (Transocean), to own, operate and acquire advanced offshore drilling rigs. The Company’s assets consist of over 50% ownership interest in each of the entities that owns and operates over three ultra-deepwater drilling rigs that are operating in the U.S.
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