Transocean (NYSE:RIG) Price Target Cut to $7.00

Transocean (NYSE:RIG) had its target price decreased by stock analysts at Evercore ISI from $9.00 to $7.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the offshore drilling services provider’s stock. Evercore ISI’s price objective would suggest a potential upside of 30.35% from the company’s current price.

A number of other equities research analysts also recently commented on the company. Citigroup dropped their price objective on Transocean from $9.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 21st. Bank of America upped their price objective on Transocean from $5.50 to $6.00 and gave the company an “underperform” rating in a report on Monday, April 15th. Barclays dropped their price objective on Transocean from $7.00 to $6.00 and set an “equal weight” rating for the company in a report on Thursday, February 22nd. Morgan Stanley dropped their price objective on Transocean from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Monday, February 26th. Finally, Benchmark reiterated a “buy” rating and issued a $8.00 price objective on shares of Transocean in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $7.70.

Transocean Trading Up 1.9 %

Shares of RIG opened at $5.37 on Wednesday. The stock has a fifty day moving average price of $5.74 and a two-hundred day moving average price of $5.96. The company has a current ratio of 1.35, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65. Transocean has a 52-week low of $4.45 and a 52-week high of $8.88.

Transocean (NYSE:RIG) last released its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.10. The company had revenue of $767.00 million during the quarter, compared to the consensus estimate of $781.86 million. Transocean had a negative return on equity of 4.67% and a negative net margin of 13.27%. The firm’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.38) earnings per share. As a group, equities research analysts forecast that Transocean will post 0.05 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Transocean by 6.4% during the fourth quarter. Vanguard Group Inc. now owns 68,552,192 shares of the offshore drilling services provider’s stock worth $435,306,000 after buying an additional 4,107,956 shares during the period. Primecap Management Co. CA boosted its position in shares of Transocean by 11.4% during the fourth quarter. Primecap Management Co. CA now owns 50,699,389 shares of the offshore drilling services provider’s stock worth $321,941,000 after buying an additional 5,168,000 shares during the period. Capital World Investors boosted its position in shares of Transocean by 34.7% during the fourth quarter. Capital World Investors now owns 39,014,318 shares of the offshore drilling services provider’s stock worth $247,741,000 after buying an additional 10,049,077 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Transocean by 23.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 35,690,620 shares of the offshore drilling services provider’s stock worth $226,641,000 after buying an additional 6,719,483 shares during the period. Finally, Van ECK Associates Corp boosted its position in shares of Transocean by 7.0% during the first quarter. Van ECK Associates Corp now owns 17,013,964 shares of the offshore drilling services provider’s stock worth $106,848,000 after buying an additional 1,105,747 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.