Transocean (NYSE:RIG) was upgraded by investment analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report released on Thursday, September 20th, Marketbeat Ratings reports.
Several other research firms have also issued reports on RIG. Susquehanna Bancshares upgraded Transocean from a “neutral” rating to a “positive” rating and boosted their target price for the stock from $11.00 to $16.00 in a research report on Monday, July 9th. Tudor Pickering upgraded Transocean from a “hold” rating to a “buy” rating in a research report on Thursday, July 12th. ValuEngine upgraded Transocean from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 7th. Credit Suisse Group set a $16.00 price objective on Transocean and gave the company a “buy” rating in a research report on Friday, July 13th. Finally, UBS Group upgraded Transocean from a “neutral” rating to a “positive” rating in a research report on Monday, July 9th. Three analysts have rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $13.44.
Shares of Transocean stock traded up $0.38 during trading on Thursday, reaching $13.19. The company’s stock had a trading volume of 9,972,172 shares, compared to its average volume of 14,293,317. The stock has a market capitalization of $6.44 billion, a price-to-earnings ratio of -219.83 and a beta of 1.47. Transocean has a one year low of $8.70 and a one year high of $14.47. The company has a quick ratio of 1.35, a current ratio of 1.49 and a debt-to-equity ratio of 0.63.
Transocean (NYSE:RIG) last announced its quarterly earnings data on Monday, July 30th. The offshore drilling services provider reported ($0.04) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.13. The firm had revenue of $790.00 million during the quarter, compared to analysts’ expectations of $768.68 million. Transocean had a negative return on equity of 2.00% and a negative net margin of 99.38%. Transocean’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Transocean will post -0.85 EPS for the current year.
In related news, Director Vincent J. Intrieri acquired 10,000 shares of the company’s stock in a transaction dated Thursday, August 16th. The shares were bought at an average price of $10.62 per share, for a total transaction of $106,200.00. Following the purchase, the director now directly owns 10,000 shares in the company, valued at approximately $106,200. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 14.09% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Flagship Harbor Advisors LLC bought a new stake in Transocean in the 2nd quarter valued at $101,000. Blue Chip Wealth Management Inc. bought a new position in Transocean during the 1st quarter worth $103,000. United Capital Financial Advisers LLC bought a new position in Transocean during the 1st quarter worth $150,000. Verition Fund Management LLC bought a new position in Transocean during the 2nd quarter worth $167,000. Finally, Centaurus Financial Inc. acquired a new stake in shares of Transocean during the 2nd quarter worth $178,000. Institutional investors and hedge funds own 70.74% of the company’s stock.
Transocean Company Profile
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.
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