Transocean Ltd. (NYSE:RIG) Receives $6.96 Average Target Price from Brokerages

Transocean Ltd. (NYSE:RIG) has earned a consensus rating of “Hold” from the eleven ratings firms that are currently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, five have given a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $6.9643.

Several equities research analysts have issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a research report on Tuesday, April 21st. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $6.00 to $8.00 in a research report on Thursday, May 7th. TD Cowen increased their target price on Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Clarkson Capital downgraded Transocean from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 19th. Finally, Morgan Stanley increased their target price on Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th.

Transocean Price Performance

Transocean stock opened at $5.30 on Wednesday. Transocean has a 12 month low of $2.51 and a 12 month high of $7.66. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60. The business’s 50 day simple moving average is $6.29 and its 200 day simple moving average is $5.69. The company has a market cap of $5.92 billion, a price-to-earnings ratio of -1.78 and a beta of 1.28.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the previous year, the company posted ($0.10) EPS. Transocean’s revenue for the quarter was up 19.3% on a year-over-year basis. Sell-side analysts forecast that Transocean will post 0.17 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. NewEdge Advisors LLC increased its holdings in shares of Transocean by 64.9% in the first quarter. NewEdge Advisors LLC now owns 276,083 shares of the offshore drilling services provider’s stock worth $1,830,000 after purchasing an additional 108,631 shares during the period. Kentucky Retirement Systems bought a new position in shares of Transocean in the first quarter worth $186,000. Janus Henderson Group PLC increased its holdings in shares of Transocean by 5.3% in the first quarter. Janus Henderson Group PLC now owns 444,630 shares of the offshore drilling services provider’s stock worth $2,948,000 after purchasing an additional 22,453 shares during the period. Amundi increased its holdings in shares of Transocean by 406.1% in the first quarter. Amundi now owns 140,359 shares of the offshore drilling services provider’s stock worth $931,000 after purchasing an additional 112,628 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Transocean by 27.0% in the first quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider’s stock worth $43,000 after purchasing an additional 1,391 shares during the period. Institutional investors own 67.73% of the company’s stock.

About Transocean

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.