Transocean (NYSE:RIG) Price Target Cut to $7.00 by Analysts at Susquehanna

by · The Cerbat Gem

Transocean (NYSE:RIG – Get Free Report) had its target price decreased by equities researchers at Susquehanna from $8.00 to $7.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “positive” rating on the offshore drilling services provider’s stock. Susquehanna’s price objective points to a potential upside of 39.30% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research note on Tuesday, April 21st. Barclays upgraded shares of Transocean from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $6.00 to $8.00 in a report on Thursday, May 7th. TD Cowen lifted their price objective on Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Clarkson Capital cut shares of Transocean from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 19th. Finally, Morgan Stanley upped their target price on shares of Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 15th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $6.82.

View Our Latest Stock Report on RIG

Transocean Trading Up 1.9%

NYSE RIG opened at $5.03 on Wednesday. The company has a quick ratio of 1.20, a current ratio of 1.54 and a debt-to-equity ratio of 0.60. The firm has a 50-day moving average price of $6.06 and a 200 day moving average price of $5.75. The stock has a market capitalization of $5.61 billion, a P/E ratio of -1.69 and a beta of 1.30. Transocean has a 52-week low of $2.53 and a 52-week high of $7.66.

Transocean (NYSE:RIG – Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.02 billion. Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The company’s revenue was up 19.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.10) EPS. Equities research analysts expect that Transocean will post 0.16 EPS for the current year.

Insider Buying and Selling at Transocean

In other Transocean news, Director Chad C. Deaton acquired 35,000 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were purchased at an average price of $4.95 per share, for a total transaction of $173,250.00. Following the completion of the purchase, the director directly owned 237,421 shares in the company, valued at $1,175,233.95. The trade was a 17.29% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 9.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Transocean

Several large investors have recently added to or reduced their stakes in RIG. TD Waterhouse Canada Inc. increased its holdings in shares of Transocean by 22,432.1% in the 4th quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock worth $26,000 after acquiring an additional 6,281 shares during the period. Flagship Harbor Advisors LLC acquired a new position in Transocean during the 4th quarter worth $27,000. Ascentis Independent Advisors acquired a new position in shares of Transocean during the first quarter valued at $43,000. EverSource Wealth Advisors LLC raised its stake in shares of Transocean by 27.0% during the first quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider’s stock valued at $43,000 after purchasing an additional 1,391 shares in the last quarter. Finally, Root Financial Partners LLC grew its position in Transocean by 192.6% in the 1st quarter. Root Financial Partners LLC now owns 7,787 shares of the offshore drilling services provider’s stock valued at $52,000 after buying an additional 5,126 shares in the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

About Transocean

(Get Free Report)

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.

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