Transocean (RIG) Given a $11.00 Price Target at Susquehanna Bancshares
Susquehanna Bancshares set a $11.00 price target on Transocean (NYSE:RIG) in a research note released on Friday. The firm currently has a hold rating on the offshore drilling services provider’s stock.
Other analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Transocean from a hold rating to a buy rating and set a $12.00 price target on the stock in a research report on Tuesday, October 3rd. Nordea Equity Research restated a buy rating and set a $14.00 price target on shares of Transocean in a research report on Saturday, September 30th. UBS Group raised shares of Transocean from a neutral rating to a buy rating and increased their price objective for the company from $9.00 to $15.00 in a report on Monday, September 25th. Citigroup raised shares of Transocean from a neutral rating to a buy rating and increased their price objective for the company from $13.00 to $14.00 in a report on Thursday, October 12th. Finally, Deutsche Bank began coverage on shares of Transocean in a report on Tuesday, October 10th. They set a buy rating and a $13.00 price objective on the stock. Eleven investment analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $12.28.
Transocean (NYSE RIG) traded up $0.08 during mid-day trading on Friday, reaching $12.20. 12,018,371 shares of the company traded hands, compared to its average volume of 13,986,300. The firm has a market capitalization of $4,773.10, a price-to-earnings ratio of -1.72 and a beta of 1.79. The company has a current ratio of 2.36, a quick ratio of 2.13 and a debt-to-equity ratio of 0.51. Transocean has a 52 week low of $7.20 and a 52 week high of $15.94.
Transocean (NYSE:RIG) last released its quarterly earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.20. The company had revenue of $808.00 million for the quarter, compared to analyst estimates of $703.13 million. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. The firm’s revenue was down 10.8% on a year-over-year basis. During the same quarter last year, the business earned $0.25 earnings per share. research analysts predict that Transocean will post -0.34 EPS for the current year.
A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. raised its stake in Transocean by 12.1% during the second quarter. BlackRock Inc. now owns 25,538,929 shares of the offshore drilling services provider’s stock worth $210,185,000 after purchasing an additional 2,756,207 shares during the period. State Street Corp raised its stake in Transocean by 7.5% during the second quarter. State Street Corp now owns 22,918,962 shares of the offshore drilling services provider’s stock worth $188,616,000 after purchasing an additional 1,593,179 shares during the period. Dimensional Fund Advisors LP raised its stake in Transocean by 1.1% during the third quarter. Dimensional Fund Advisors LP now owns 12,729,364 shares of the offshore drilling services provider’s stock worth $136,965,000 after purchasing an additional 135,470 shares during the period. Contrarius Investment Management Ltd raised its stake in Transocean by 10.3% during the third quarter. Contrarius Investment Management Ltd now owns 10,742,267 shares of the offshore drilling services provider’s stock worth $115,587,000 after purchasing an additional 1,002,237 shares during the period. Finally, Van ECK Associates Corp raised its stake in Transocean by 6.4% during the third quarter. Van ECK Associates Corp now owns 5,953,402 shares of the offshore drilling services provider’s stock worth $64,059,000 after purchasing an additional 356,048 shares during the period. 72.88% of the stock is currently owned by institutional investors.
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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 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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