Transocean (NYSE:RIG) Rating Reiterated by Benchmark

Transocean (NYSE:RIG)‘s stock had its “buy” rating reissued by investment analysts at Benchmark in a research report issued on Tuesday, Benzinga reports. They currently have a $8.00 price target on the offshore drilling services provider’s stock. Benchmark’s price objective would indicate a potential upside of 51.80% from the company’s current price.

A number of other research firms also recently weighed in on RIG. Citigroup reduced their target price on Transocean from $9.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. Susquehanna upgraded shares of Transocean from a “neutral” rating to a “positive” rating and increased their price objective for the stock from $5.50 to $9.00 in a research note on Monday, April 8th. StockNews.com raised Transocean to a “sell” rating in a research note on Tuesday, February 20th. Bank of America boosted their target price on shares of Transocean from $5.50 to $6.00 and gave the stock an “underperform” rating in a research note on Monday, April 15th. Finally, Morgan Stanley dropped their price objective on Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Monday, February 26th. Two analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $7.78.

Transocean Price Performance

NYSE:RIG traded down $0.55 on Tuesday, reaching $5.27. The stock had a trading volume of 13,952,044 shares, compared to its average volume of 17,737,543. The company has a market capitalization of $4.32 billion, a P/E ratio of -4.15 and a beta of 2.77. Transocean has a 1-year low of $4.45 and a 1-year high of $8.88. The company has a quick ratio of 1.22, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. The stock has a fifty day moving average price of $5.73 and a 200-day moving average price of $5.98.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.10. The firm had revenue of $767.00 million during the quarter, compared to analysts’ expectations of $781.86 million. Transocean had a negative return on equity of 7.13% and a negative net margin of 33.69%. The company’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.38) EPS. Research analysts forecast that Transocean will post 0.05 EPS for the current year.

Hedge Funds Weigh In On Transocean

Hedge funds and other institutional investors have recently modified their holdings of the stock. OLD Point Trust & Financial Services N A bought a new position in shares of Transocean during the fourth quarter valued at approximately $25,000. VisionPoint Advisory Group LLC purchased a new stake in shares of Transocean during the 4th quarter worth approximately $28,000. Private Trust Co. NA increased its stake in Transocean by 1,489.8% in the 4th quarter. Private Trust Co. NA now owns 8,537 shares of the offshore drilling services provider’s stock valued at $54,000 after buying an additional 8,000 shares during the period. Csenge Advisory Group purchased a new position in shares of Transocean in the third quarter valued at $83,000. Finally, Joseph P. Lucia & Associates LLC purchased a new stake in Transocean in the 3rd quarter worth approximately $87,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.