Sanford C. Bernstein Lowers Transocean Ltd. (RIG) to Market Perform
Transocean Ltd. (NYSE:RIG) was downgraded by analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a research report issued on Thursday, MarketBeat.com reports. They presently have a $9.00 price objective on the offshore drilling services provider’s stock, down from their previous price objective of $16.50. Sanford C. Bernstein’s price objective would indicate a potential upside of 8.70% from the stock’s previous close.
Several other research analysts have also issued reports on RIG. Jefferies Group LLC set a $12.00 price target on Transocean and gave the stock a “hold” rating in a report on Saturday, July 1st. BidaskClub upgraded Transocean from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Morgan Stanley cut their price target on Transocean from $13.00 to $12.00 and set an “underweight” rating on the stock in a report on Friday, June 16th. Royal Bank Of Canada reiterated an “underperform” rating and issued a $15.00 price target on shares of Transocean in a report on Tuesday, April 25th. Finally, Deutsche Bank AG cut their price target on Transocean from $8.00 to $7.00 and set a “hold” rating on the stock in a report on Tuesday, April 18th. Sixteen equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $13.06.
Transocean (NYSE:RIG) traded down 2.234% during midday trading on Thursday, hitting $8.095. The stock had a trading volume of 9,567,580 shares. The company’s 50 day moving average price is $9.23 and its 200-day moving average price is $12.29. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 4.868 and a beta of 1.67. Transocean has a 52 week low of $7.67 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 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.09. The business had revenue of $785 million for the quarter, compared to analyst estimates of $737.51 million. Transocean had a return on equity of 2.57% and a net margin of 17.28%. Equities analysts anticipate that Transocean will post ($0.44) earnings per share for the current fiscal year.
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In other news, SVP David A. Tonnel sold 9,450 shares of the firm’s stock in a transaction on Thursday, April 27th. The stock was sold at an average price of $11.28, for a total value of $106,596.00. Following the completion of the transaction, the senior vice president now directly owns 54,845 shares of the company’s stock, valued at $618,651.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.33% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. bought a new position in Transocean during the fourth quarter worth approximately $874,000. Comerica Bank raised its position in Transocean by 11.2% in the fourth quarter. Comerica Bank now owns 134,434 shares of the offshore drilling services provider’s stock worth $2,081,000 after buying an additional 13,575 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in 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 worth $329,000 after buying an additional 2,699 shares during the last quarter. Federated Investors Inc. PA bought a new position in Transocean during the fourth quarter worth approximately $101,000. Finally, FMR LLC raised its position in Transocean by 14.4% in the fourth quarter. FMR LLC now owns 168,393 shares of the offshore drilling services provider’s stock worth $2,482,000 after buying an additional 21,218 shares during the last quarter. 68.16% of the stock is owned by hedge funds and other institutional investors.
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.
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