Transocean LTD (NYSE:RIG) Receives Average Rating of “Hold” from Brokerages

Shares of Transocean LTD (NYSE:RIG) have earned a consensus recommendation of “Hold” from the twenty analysts that are presently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $12.30.

Several analysts have commented on RIG shares. Bank of America started coverage on shares of Transocean in a research report on Monday, June 10th. They set a “neutral” rating and a $6.50 price target for the company. ValuEngine raised shares of Transocean from a “sell” rating to a “hold” rating in a research report on Thursday. Piper Jaffray Companies set a $8.00 price target on shares of Transocean and gave the company a “hold” rating in a research report on Wednesday, July 31st. Royal Bank of Canada set a $17.00 price target on shares of Transocean and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, Citigroup lowered shares of Transocean from a “buy” rating to a “neutral” rating and set a $7.00 price target for the company. in a research report on Friday, June 14th.

Shares of RIG stock traded down $0.41 during mid-day trading on Wednesday, hitting $4.87. 387,288 shares of the stock traded hands, compared to its average volume of 16,642,808. The stock has a market capitalization of $3.23 billion, a PE ratio of -6.09 and a beta of 1.76. The stock’s fifty day moving average price is $6.02. Transocean has a 52-week low of $5.16 and a 52-week high of $14.47. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.37 and a current ratio of 2.88.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.34). The business had revenue of $758.00 million during the quarter, compared to analyst estimates of $765.81 million. Transocean had a negative net margin of 33.49% and a negative return on equity of 4.18%. The company’s quarterly revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.04) earnings per share. As a group, sell-side analysts expect that Transocean will post -1 earnings per share for the current fiscal year.

In other Transocean news, Director Vanessa C. L. Chang purchased 4,300 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were bought at an average price of $5.92 per share, for a total transaction of $25,456.00. Following the acquisition, the director now owns 14,000 shares in the company, valued at $82,880. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Howard E. Davis purchased 98,049 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average price of $6.35 per share, for a total transaction of $622,611.15. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 112,349 shares of company stock worth $721,567. Corporate insiders own 11.05% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Icon Wealth Partners LLC acquired a new stake in shares of Transocean during the 1st quarter worth approximately $38,000. Nisa Investment Advisors LLC acquired a new stake in shares of Transocean during the 1st quarter worth approximately $44,000. Steward Partners Investment Advisory LLC acquired a new stake in shares of Transocean during the 2nd quarter worth approximately $35,000. Meeder Asset Management Inc. grew its stake in shares of Transocean by 535.2% during the 2nd quarter. Meeder Asset Management Inc. now owns 8,962 shares of the offshore drilling services provider’s stock worth $57,000 after purchasing an additional 7,551 shares during the period. Finally, MinichMacGregor Wealth Management LLC acquired a new stake in shares of Transocean during the 1st quarter worth approximately $92,000. Institutional investors own 70.90% of the company’s stock.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Analyst Recommendations for Transocean (NYSE:RIG)

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