Transocean Ltd. (RIG) Upgraded to Buy at ValuEngine
ValuEngine upgraded shares of Transocean Ltd. (NYSE:RIG) from a hold rating to a buy rating in a report issued on Thursday morning.
Other equities research analysts have also recently issued reports about the stock. HSBC Holdings plc assumed coverage on shares of Transocean in a report on Thursday, October 19th. They issued a hold rating and a $12.00 target price on the stock. Zacks Investment Research raised shares of Transocean from a hold rating to a buy rating and set a $9.50 target price on the stock in a report on Wednesday, August 2nd. Credit Suisse Group reaffirmed a buy rating on shares of Transocean in a report on Wednesday, July 19th. BidaskClub raised shares of Transocean from a strong sell rating to a sell rating in a report on Saturday, August 26th. Finally, Deutsche Bank AG started coverage on shares of Transocean in a report on Tuesday, October 10th. They issued a buy rating and a $13.00 target price on the stock. Ten analysts have rated the stock with a sell rating, thirteen have issued a hold rating and sixteen have issued a buy rating to the company. Transocean currently has an average rating of Hold and a consensus target price of $12.25.
Shares of Transocean (NYSE RIG) traded up $0.16 during trading hours on Thursday, reaching $11.04. 7,502,383 shares of the company’s stock traded hands, compared to its average volume of 13,534,446. The company has a quick ratio of 2.13, a current ratio of 2.36 and a debt-to-equity ratio of 0.51. Transocean has a 52-week low of $7.20 and a 52-week high of $16.66. The company has a market cap of $4,256.40, a PE ratio of 13.60 and a beta of 1.81.
Transocean (NYSE:RIG) last issued its quarterly earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.20. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. The firm had revenue of $808.00 million for the quarter, compared to analysts’ expectations of $703.13 million. During the same period in the previous year, the firm posted $0.25 EPS. The company’s revenue for the quarter was down 10.8% on a year-over-year basis. research analysts expect that Transocean will post -0.29 EPS for the current year.
In other Transocean news, CAO Howard E. Davis acquired 40,000 shares of Transocean stock in a transaction dated Thursday, August 17th. The stock was purchased at an average cost of $7.32 per share, for a total transaction of $292,800.00. Following the completion of the acquisition, the chief accounting officer now directly owns 21,793 shares of the company’s stock, valued at $159,524.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.33% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Nova Scotia acquired a new position in shares of Transocean during the first quarter valued at about $604,000. Dumont & Blake Investment Advisors LLC bought a new position in shares of Transocean during the third quarter valued at about $108,000. Saratoga Research & Investment Management bought a new position in shares of Transocean during the third quarter valued at about $115,000. IndexIQ Advisors LLC bought a new position in shares of Transocean during the third quarter valued at about $117,000. Finally, Public Employees Retirement Association of Colorado lifted its position in shares of Transocean by 12.7% during the second quarter. Public Employees Retirement Association of Colorado now owns 12,340 shares of the offshore drilling services provider’s stock valued at $102,000 after purchasing an additional 1,394 shares in the last quarter. Hedge funds and other institutional investors own 68.88% of the company’s stock.
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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