Transocean Ltd. (RIG) Stock Rating Upgraded by ValuEngine
Transocean Ltd. (NYSE:RIG) was upgraded by stock analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday.
A number of other equities research analysts also recently issued reports on the stock. Piper Jaffray Companies reissued a “hold” rating and issued a $7.35 price target on shares of Transocean in a research note on Sunday, October 22nd. Cowen and Company set a $8.00 price target on shares of Transocean and gave the company a “hold” rating in a research note on Wednesday, October 18th. HSBC Holdings plc began coverage on shares of Transocean in a research note on Thursday, October 19th. They issued a “hold” rating and a $12.00 price target on the stock. BMO Capital Markets set a $7.00 price target on shares of Transocean and gave the company a “sell” rating in a research note on Wednesday, October 18th. Finally, Zacks Investment Research downgraded shares of Transocean from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Ten equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and sixteen have given a buy rating to the stock. Transocean presently has a consensus rating of “Hold” and a consensus price target of $12.18.
Transocean (NYSE:RIG) last released its quarterly earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.20. The business had revenue of $808.00 million for the quarter, compared to the consensus estimate of $703.13 million. Transocean had a negative net margin of 33.52% and a positive return on equity of 2.20%. The business’s revenue was down 10.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 EPS.
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In other news, CAO Howard E. Davis acquired 40,000 shares of the business’s stock in a transaction on Thursday, August 17th. The stock was bought at an average price of $7.32 per share, for a total transaction of $292,800.00. Following the transaction, the chief accounting officer now owns 21,793 shares in the company, valued at $159,524.76. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.33% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its stake in shares of Transocean by 12.1% during the 2nd quarter. BlackRock Inc. now owns 25,538,929 shares of the offshore drilling services provider’s stock worth $210,185,000 after purchasing an additional 2,756,207 shares during the period. State Street Corp grew its stake in shares of Transocean by 7.5% during the 2nd quarter. State Street Corp now owns 22,918,962 shares of the offshore drilling services provider’s stock worth $188,616,000 after purchasing an additional 1,593,179 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Transocean by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 12,593,894 shares of the offshore drilling services provider’s stock worth $103,650,000 after purchasing an additional 210,390 shares during the period. Contrarius Investment Management Ltd grew its stake in shares of Transocean by 96.8% during the 2nd quarter. Contrarius Investment Management Ltd now owns 9,740,030 shares of the offshore drilling services provider’s stock worth $80,160,000 after purchasing an additional 4,790,469 shares during the period. Finally, Thompson Siegel & Walmsley LLC grew its stake in shares of Transocean by 129.6% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 6,299,461 shares of the offshore drilling services provider’s stock worth $51,844,000 after purchasing an additional 3,556,281 shares during the period. Institutional investors own 68.65% of the company’s stock.
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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