Transocean (NYSE:RIG) has been given a $16.00 price objective by equities research analysts at Credit Suisse Group in a note issued to investors on Saturday. The firm currently has a “buy” rating on the offshore drilling services provider’s stock. Credit Suisse Group’s price objective suggests a potential upside of 38.05% from the stock’s previous close.
Several other research analysts have also recently commented on the company. HSBC raised Transocean from a “hold” rating to a “buy” rating and set a $11.50 target price for the company in a research report on Wednesday, April 4th. Jefferies Group raised Transocean from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research report on Thursday, January 4th. Royal Bank of Canada set a $11.00 target price on Transocean and gave the stock a “hold” rating in a research report on Thursday, December 21st. Susquehanna Bancshares set a $11.00 target price on Transocean and gave the stock a “hold” rating in a research report on Friday, January 12th. Finally, ValuEngine cut Transocean from a “hold” rating to a “sell” rating in a research report on Sunday, December 31st. Eight investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company. Transocean currently has a consensus rating of “Hold” and a consensus price target of $11.56.
Shares of RIG stock opened at $11.59 on Friday. The firm has a market capitalization of $5,093.95, a P/E ratio of -193.17 and a beta of 1.51. Transocean has a one year low of $7.20 and a one year high of $12.40. 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 issued its earnings results on Tuesday, February 20th. The offshore drilling services provider reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.03). The firm had revenue of $629.00 million during the quarter, compared to the consensus estimate of $619.66 million. Transocean had a negative return on equity of 0.17% and a negative net margin of 105.18%. The firm’s revenue for the quarter was down 35.4% compared to the same quarter last year. During the same period last year, the business earned $0.69 earnings per share. sell-side analysts predict that Transocean will post -0.75 earnings per share for the current fiscal year.
In related news, SVP David A. Tonnel sold 9,000 shares of Transocean stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $9.39, for a total value of $84,510.00. Following the completion of the sale, the senior vice president now directly owns 75,349 shares in the company, valued at $707,527.11. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frederik Wilhelm Mohn acquired 2,000,000 shares of the stock in a transaction that occurred on Friday, March 2nd. The stock was purchased 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. Company insiders own 0.33% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. James Investment Research Inc. increased its position in Transocean by 28.9% in the fourth quarter. James Investment Research Inc. now owns 521,353 shares of the offshore drilling services provider’s stock worth $5,569,000 after purchasing an additional 116,875 shares during the period. Cerebellum GP LLC acquired a new stake in Transocean in the fourth quarter worth about $1,719,000. BlackRock Inc. increased its position in Transocean by 1.3% in the fourth quarter. BlackRock Inc. now owns 35,420,454 shares of the offshore drilling services provider’s stock worth $378,292,000 after purchasing an additional 467,613 shares during the period. Allianz Asset Management GmbH increased its position in Transocean by 258.1% in the third quarter. Allianz Asset Management GmbH now owns 669,140 shares of the offshore drilling services provider’s stock worth $7,200,000 after purchasing an additional 482,259 shares during the period. Finally, Swiss National Bank increased its position in Transocean by 2.5% in the fourth quarter. Swiss National Bank now owns 666,330 shares of the offshore drilling services provider’s stock worth $7,116,000 after purchasing an additional 16,500 shares during the period. Hedge funds and other institutional investors 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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