Transocean Ltd. (RIG) Downgraded by BidaskClub
Transocean Ltd. (NYSE:RIG) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Friday.
A number of other brokerages have also commented on RIG. Piper Jaffray Companies increased their price target on Transocean from $13.70 to $14.10 and gave the company a “neutral” rating in a research note on Friday, February 24th. Pareto Securities lowered Transocean from a “buy” rating to a “sell” rating and set a $11.00 price target for the company. in a research note on Friday, February 24th. CLSA reissued a “sell” rating on shares of Transocean in a research note on Thursday, February 23rd. BMO Capital Markets reissued a “sell” rating on shares of Transocean in a research note on Sunday, February 26th. Finally, Barclays PLC reissued an “underweight” rating and set a $10.00 price target on shares of Transocean in a research note on Monday, February 27th. Sixteen investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $13.06.
Shares of Transocean (NYSE:RIG) traded up 2.80% during trading on Friday, hitting $8.09. The company had a trading volume of 13,859,584 shares. The firm’s 50 day moving average is $9.79 and its 200-day moving average is $12.59. The stock has a market capitalization of $3.16 billion, a P/E ratio of 4.86 and a beta of 1.70. Transocean has a 52 week low of $7.89 and a 52 week high of $16.66.
Transocean (NYSE:RIG) last announced its quarterly earnings results on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.09. Transocean had a return on equity of 2.57% and a net margin of 17.28%. The company had revenue of $785 million during the quarter, compared to analyst estimates of $737.51 million. Equities research analysts anticipate that Transocean will post ($0.43) EPS for the current fiscal year.
ILLEGAL ACTIVITY WARNING: This report was first reported by American Banking News and is the property of of American Banking News. If you are viewing this report on another domain, it was copied illegally and reposted in violation of U.S. & international copyright law. The correct version of this report can be accessed at https://www.americanbankingnews.com/2017/06/23/transocean-ltd-rig-downgraded-by-bidaskclub.html.
In other Transocean news, SVP David A. Tonnel sold 9,450 shares of the stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $11.28, for a total transaction of $106,596.00. Following the sale, the senior vice president now owns 54,845 shares of the company’s stock, valued at approximately $618,651.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.33% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. bought a new stake in shares of Transocean during the fourth quarter valued at about $874,000. State Board of Administration of Florida Retirement System boosted its stake in shares of Transocean by 13.6% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 259,065 shares of the offshore drilling services provider’s stock valued at $3,819,000 after buying an additional 31,091 shares during the period. Comerica Bank boosted its stake in shares of Transocean by 11.2% in the fourth quarter. Comerica Bank now owns 134,434 shares of the offshore drilling services provider’s stock valued at $2,081,000 after buying an additional 13,575 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Transocean by 61.2% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 51,764 shares of the offshore drilling services provider’s stock valued at $763,000 after buying an additional 19,644 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Transocean by 13.8% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,316 shares of the offshore drilling services provider’s stock valued at $329,000 after buying an additional 2,699 shares during the period. 68.16% of the stock is currently owned by institutional investors and hedge funds.
Transocean Company Profile
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
Receive News & Ratings for Transocean Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transocean Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.