Transocean Ltd. (RIG) Given Sector Perform Rating at Scotiabank
Scotiabank reiterated their sector perform rating on shares of Transocean Ltd. (NYSE:RIG) in a research report released on Wednesday. Scotiabank currently has a $12.00 price objective on the offshore drilling services provider’s stock.
Several other equities analysts have also weighed in on RIG. Credit Suisse Group AG reaffirmed a sell rating on shares of Transocean in a report on Saturday, July 9th. Jefferies Group reaffirmed a hold rating on shares of Transocean in a report on Sunday, July 10th. Vetr raised shares of Transocean from a buy rating to a strong-buy rating and set a $10.17 price target for the company in a report on Monday, May 23rd. JPMorgan Chase & Co. reissued an underweight rating on shares of Transocean in a report on Friday, May 20th. Finally, Zacks Investment Research lowered shares of Transocean from a buy rating to a hold rating in a report on Friday, July 1st. Eleven research analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have issued a buy rating to the company. The company has a consensus rating of Hold and an average target price of $10.11.
Transocean (NYSE:RIG) opened at 8.96 on Wednesday. The company has a market cap of $3.27 billion, a price-to-earnings ratio of 2.61 and a beta of 1.90. The firm’s 50-day moving average is $10.07 and its 200 day moving average is $10.48. Transocean has a 52-week low of $7.67 and a 52-week high of $17.19.
Transocean (NYSE:RIG) last posted its earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.18. The firm earned $943 million during the quarter. Transocean had a net margin of 21.91% and a return on equity of 8.46%. Transocean’s revenue for the quarter was down 49.9% compared to the same quarter last year. During the same period last year, the firm earned $1.11 earnings per share. On average, equities research analysts predict that Transocean will post $0.95 EPS for the current fiscal year.
Large investors have recently bought and sold shares of the stock. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Transocean during the second quarter valued at $165,000. Kentucky Retirement Systems purchased a new stake in Transocean during the second quarter valued at $347,000. Nomura Holdings Inc. increased its stake in Transocean by 413.2% in the second quarter. Nomura Holdings Inc. now owns 193,009 shares of the offshore drilling services provider’s stock valued at $2,286,000 after buying an additional 155,397 shares during the last quarter. Mason Street Advisors LLC purchased a new stake in Transocean during the second quarter valued at $550,000. Finally, Schwab Charles Investment Management Inc. increased its stake in Transocean by 46.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,000,125 shares of the offshore drilling services provider’s stock valued at $23,782,000 after buying an additional 637,016 shares during the last quarter. 71.54% of the stock is owned by institutional investors and hedge funds.
Transocean Company Profile
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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.
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