Susquehanna Issues Pessimistic Forecast for Transocean (NYSE:RIG) Stock Price

Transocean (NYSE:RIG) had its price objective cut by stock analysts at Susquehanna from $8.00 to $7.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “positive” rating on the offshore drilling services provider’s stock. Susquehanna’s price objective would suggest a potential upside of 39.30% from the company’s current price.

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

Transocean Stock Performance

NYSE:RIG opened at $5.03 on Wednesday. Transocean has a fifty-two week low of $2.53 and a fifty-two week high of $7.66. The firm has a market capitalization of $5.61 billion, a PE ratio of -1.69 and a beta of 1.30. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.54. The stock’s fifty day moving average is $6.06 and its 200 day moving average is $5.75.

Transocean (NYSE:RIG) last released its earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.10). Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter last year, the business posted ($0.10) EPS. Transocean’s revenue was up 19.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Transocean will post 0.16 earnings per share for the current year.

Insider Activity

In other Transocean news, Director Chad C. Deaton bought 35,000 shares of Transocean stock in a transaction dated Thursday, July 2nd. The stock was acquired at an average cost of $4.95 per share, for a total transaction of $173,250.00. Following the completion of the transaction, the director directly owned 237,421 shares of the company’s stock, valued at approximately $1,175,233.95. This represents a 17.29% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 9.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Transocean

A number of institutional investors have recently added to or reduced their stakes in RIG. TD Waterhouse Canada Inc. raised its holdings in shares of Transocean by 22,432.1% during 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. Josh Arnold Investment Consultant LLC purchased a new stake in Transocean during the 2nd quarter worth approximately $26,000. Flagship Harbor Advisors LLC acquired a new position in Transocean during the 4th quarter worth $27,000. Elevation Point Wealth Partners LLC acquired a new stake in Transocean in the third quarter valued at approximately $31,000. Finally, Larson Financial Group LLC grew its stake in shares of Transocean by 203.8% during the third quarter. Larson Financial Group LLC now owns 11,030 shares of the offshore drilling services provider’s stock worth $34,000 after purchasing an additional 7,399 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

About Transocean

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.