ValuEngine Upgrades Transocean (NYSE:RIG) to “Strong-Buy”

ValuEngine upgraded shares of Transocean (NYSE:RIG) from a buy rating to a strong-buy rating in a report published on Tuesday, October 2nd.

Several other equities research analysts have also commented on RIG. Piper Jaffray Companies restated a hold rating and set a $13.20 target price on shares of Transocean in a research report on Wednesday, August 1st. Citigroup cut their target price on Transocean from $16.00 to $15.00 and set a buy rating on the stock in a research report on Thursday, June 21st. BMO Capital Markets restated a sell rating and set a $8.00 target price on shares of Transocean in a research report on Friday, August 10th. Fearnley Fonds downgraded Transocean from a buy rating to an accumulate rating in a research note on Wednesday, August 1st. Finally, Credit Suisse Group set a $16.00 price target on Transocean and gave the stock a buy rating in a research note on Friday, July 13th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Transocean presently has an average rating of Buy and an average price target of $13.36.

NYSE RIG opened at $13.97 on Tuesday. Transocean has a 12 month low of $8.70 and a 12 month high of $14.34. The stock has a market capitalization of $6.44 billion, a price-to-earnings ratio of -232.83 and a beta of 1.47. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.35 and a current ratio of 1.49.

Transocean (NYSE:RIG) last announced its earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.13. Transocean had a negative return on equity of 2.00% and a negative net margin of 99.38%. The company had revenue of $790.00 million for the quarter, compared to analyst estimates of $768.68 million. The business’s revenue was up 5.2% on a year-over-year basis. Equities research analysts expect that Transocean will post -0.85 EPS for the current year.

In other Transocean news, Director Vincent J. Intrieri purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The stock was bought at an average cost 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 of the company’s stock, valued at approximately $106,200. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 14.09% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN grew its holdings in Transocean by 3.8% during the first quarter. Wells Fargo & Company MN now owns 861,727 shares of the offshore drilling services provider’s stock valued at $8,532,000 after purchasing an additional 31,673 shares during the period. Thrivent Financial for Lutherans grew its holdings in Transocean by 20.6% during the first quarter. Thrivent Financial for Lutherans now owns 101,943 shares of the offshore drilling services provider’s stock valued at $1,009,000 after purchasing an additional 17,387 shares during the period. Private Advisor Group LLC grew its holdings in Transocean by 46.3% during the first quarter. Private Advisor Group LLC now owns 19,436 shares of the offshore drilling services provider’s stock valued at $194,000 after purchasing an additional 6,151 shares during the period. Northern Trust Corp grew its holdings in Transocean by 9.4% during the first quarter. Northern Trust Corp now owns 3,571,069 shares of the offshore drilling services provider’s stock valued at $35,353,000 after purchasing an additional 305,572 shares during the period. Finally, BlackRock Inc. grew its holdings in Transocean by 11.5% during the first quarter. BlackRock Inc. now owns 39,497,237 shares of the offshore drilling services provider’s stock valued at $391,023,000 after purchasing an additional 4,076,783 shares during the period. 70.74% of the stock is owned by institutional investors.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Transocean (NYSE:RIG)

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