Transocean (NYSE:RIG) has been given a $11.00 price target by analysts at Cowen in a research report issued on Thursday. The firm presently has a “hold” rating on the offshore drilling services provider’s stock. Cowen’s price objective would indicate a potential downside of 9.84% from the company’s current price.
Several other brokerages have also issued reports on RIG. ValuEngine lowered shares of Transocean from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Zacks Investment Research lowered shares of Transocean from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Nordea Equity Research reiterated a “buy” rating and set a $14.00 target price on shares of Transocean in a research report on Saturday, September 30th. Jefferies Group reiterated a “hold” rating and set a $9.00 target price on shares of Transocean in a research report on Friday, September 22nd. Finally, began coverage on shares of Transocean in a research report on Thursday, October 19th. They set a “hold” rating and a $12.00 target price for the company. Eleven analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $12.28.
Shares of Transocean (NYSE RIG) opened at $12.20 on Thursday. Transocean has a 1 year low of $7.20 and a 1 year high of $16.16. The stock has a market cap of $4,773.09, a P/E ratio of -1.72 and a beta of 1.79. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.13 and a current ratio of 2.36.
Transocean (NYSE:RIG) last announced its earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.20. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. The business had revenue of $808.00 million during the quarter, compared to analyst estimates of $703.13 million. During the same period in the previous year, the business posted $0.25 earnings per share. Transocean’s revenue for the quarter was down 10.8% on a year-over-year basis. equities research analysts anticipate that Transocean will post -0.34 EPS for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Comerica Bank increased its stake in shares of Transocean by 148.9% in the third quarter. Comerica Bank now owns 336,684 shares of the offshore drilling services provider’s stock worth $3,498,000 after buying an additional 201,399 shares during the period. FMR LLC increased its stake in shares of Transocean by 11.2% in the second quarter. FMR LLC now owns 242,096 shares of the offshore drilling services provider’s stock worth $1,992,000 after buying an additional 24,420 shares during the period. Zurich Insurance Group Ltd FI purchased a new position in shares of Transocean in the second quarter worth $2,349,000. Van ECK Associates Corp increased its stake in shares of Transocean by 6.4% in the third quarter. Van ECK Associates Corp now owns 5,953,402 shares of the offshore drilling services provider’s stock worth $64,059,000 after buying an additional 356,048 shares during the period. Finally, BlueCrest Capital Management Ltd increased its stake in shares of Transocean by 17.3% in the second quarter. BlueCrest Capital Management Ltd now owns 122,000 shares of the offshore drilling services provider’s stock worth $1,004,000 after buying an additional 18,000 shares during the period. 72.88% of the stock is currently owned by institutional investors.
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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.