Cowen set a $10.00 price objective on Transocean (NYSE:RIG) in a research report report published on Thursday, March 15th. The brokerage currently has a hold rating on the offshore drilling services provider’s stock.
A number of other analysts have also recently commented on the stock. Jefferies Group raised shares of Transocean from a hold rating to a buy rating and set a $13.00 target price for the company in a report on Thursday, January 4th. Royal Bank of Canada set a $11.00 price target on shares of Transocean and gave the stock a hold rating in a research report on Thursday, December 21st. ValuEngine lowered shares of Transocean from a hold rating to a sell rating in a research report on Friday, December 1st. Susquehanna Bancshares set a $11.00 price target on shares of Transocean and gave the stock a hold rating in a research report on Friday, January 12th. Finally, Piper Jaffray set a $11.00 price target on shares of Transocean and gave the stock a hold rating in a research report on Wednesday, January 10th. Nine analysts have rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $11.64.
Shares of RIG stock opened at $9.72 on Thursday. Transocean has a 12 month low of $7.20 and a 12 month high of $12.82. The company has a market cap of $4,400.99, a price-to-earnings ratio of -162.00 and a beta of 1.51. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.36 and a quick ratio of 3.06.
Transocean (NYSE:RIG) last announced its earnings results on Tuesday, February 20th. The offshore drilling services provider reported ($0.24) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($0.03). Transocean had a negative net margin of 105.18% and a negative return on equity of 0.17%. The business had revenue of $629.00 million for the quarter, compared to analysts’ expectations of $619.66 million. During the same period in the prior year, the company posted $0.69 earnings per share. The firm’s quarterly revenue was down 35.4% on a year-over-year basis. research analysts predict that Transocean will post -0.72 earnings per share for the current year.
In other Transocean news, SVP David A. Tonnel sold 9,000 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $9.39, for a total transaction of $84,510.00. Following the completion of the transaction, the senior vice president now owns 75,349 shares in the company, valued at $707,527.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frederik Wilhelm Mohn acquired 2,000,000 shares of the stock in a transaction on Friday, March 2nd. The shares were acquired at an average price of $9.29 per share, with a total value of $18,580,000.00. The disclosure for this purchase can be found here. 0.33% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in RIG. Alyeska Investment Group L.P. bought a new position in Transocean during the third quarter valued at $26,661,000. Orbis Allan Gray Ltd bought a new position in Transocean during the fourth quarter valued at $20,610,000. Principal Financial Group Inc. lifted its position in Transocean by 310.7% during the third quarter. Principal Financial Group Inc. now owns 2,536,811 shares of the offshore drilling services provider’s stock valued at $27,296,000 after purchasing an additional 1,919,171 shares during the last quarter. Schroder Investment Management Group lifted its position in Transocean by 132.5% during the fourth quarter. Schroder Investment Management Group now owns 2,802,851 shares of the offshore drilling services provider’s stock valued at $29,935,000 after purchasing an additional 1,597,440 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Transocean by 28.5% during the fourth quarter. Renaissance Technologies LLC now owns 5,771,600 shares of the offshore drilling services provider’s stock valued at $61,641,000 after purchasing an additional 1,278,900 shares during the last quarter. Institutional investors and hedge funds own 63.87% of the company’s stock.
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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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