DNB Markets Upgrades Transocean (RIG) to Hold

DNB Markets upgraded shares of Transocean (NYSE:RIG) from a sell rating to a hold rating in a report issued on Tuesday morning, The Fly reports.

Other equities analysts have also issued reports about the company. Fearnley Fonds lowered Transocean from a buy rating to an accumulate rating in a research note on Wednesday, August 1st. ValuEngine downgraded Transocean from a strong-buy rating to a buy rating in a report on Thursday, July 19th. Credit Suisse Group set a $16.00 price objective on Transocean and gave the company a buy rating in a report on Friday, July 13th. Tudor Pickering upgraded Transocean from a hold rating to a buy rating in a report on Thursday, July 12th. Finally, UBS Group set a $15.00 price objective on Transocean and gave the company a buy rating in a report on Wednesday, September 5th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $13.79.

RIG traded down $0.12 during trading on Tuesday, hitting $10.89. The company’s stock had a trading volume of 9,583,838 shares, compared to its average volume of 15,238,350. Transocean has a twelve month low of $8.70 and a twelve month high of $14.47. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.35 and a current ratio of 3.07. The firm has a market cap of $5.09 billion, a PE ratio of -181.50 and a beta of 1.60.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Monday, October 29th. The offshore drilling services provider reported $0.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.16. Transocean had a negative return on equity of 2.31% and a negative net margin of 64.33%. The firm had revenue of $816.00 million for the quarter, compared to analyst estimates of $779.19 million. During the same period in the previous year, the firm earned $0.16 earnings per share. The company’s revenue was up 1.0% compared to the same quarter last year. Research analysts predict that Transocean will post -0.8 EPS for the current fiscal year.

In other Transocean news, Director Vincent J. Intrieri acquired 10,000 shares of the business’s stock in a transaction on Thursday, August 16th. The shares were acquired at an average price of $10.62 per share, with a total value of $106,200.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at $106,200. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.33% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the business. Flagship Harbor Advisors LLC purchased a new position in Transocean in the second quarter worth $101,000. Stratos Wealth Partners LTD. purchased a new position in shares of Transocean during the 3rd quarter valued at $105,000. Mobius Capital Management LLC purchased a new position in shares of Transocean during the 3rd quarter valued at $112,000. MinichMacGregor Wealth Management LLC lifted its position in shares of Transocean by 100.0% during the 3rd quarter. MinichMacGregor Wealth Management LLC now owns 10,000 shares of the offshore drilling services provider’s stock valued at $141,000 after buying an additional 5,000 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new position in shares of Transocean during the 2nd quarter valued at $167,000. 70.99% of the stock is currently owned by institutional investors and hedge funds.

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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