Transocean (NYSE:RIG) Stock Price Target Cut by Morgan Stanley

Transocean (NYSE:RIG) had its price objective lowered by equities research analysts at Morgan Stanley from $7.00 to $6.50 in a report released on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the offshore drilling services provider’s stock. Morgan Stanley‘s price target suggests a potential upside of 24.16% from the stock’s current price.

RIG has been the topic of a number of other reports. Wall Street Zen lowered Transocean from a “hold” rating to a “sell” rating in a report on Saturday. Barclays cut their price objective on Transocean from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 12th. Zacks Research upgraded Transocean from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research report on Thursday, October 15th. Finally, Fearnley Fonds upgraded Transocean from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $6.61.

Transocean Stock Down 0.1%

RIG stock traded down $0.01 during trading on Monday, reaching $5.24. The stock had a trading volume of 13,588,021 shares, compared to its average volume of 41,023,832. The company has a quick ratio of 1.24, a current ratio of 1.53 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of 37.39, a P/E/G ratio of 3.83 and a beta of 1.44. Transocean has a one year low of $3.68 and a one year high of $7.66. The company’s 50 day moving average is $5.74 and its two-hundred day moving average is $5.87.

Transocean (NYSE:RIG) last posted its earnings results on Monday, November 2nd. The offshore drilling services provider reported $0.02 EPS for the quarter, hitting the consensus estimate of $0.02. The firm had revenue of $937.00 million for the quarter, compared to analysts’ expectations of $943.99 million. Transocean had a net margin of 7.25% and a return on equity of 1.84%. The company’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($2.00) EPS. Equities research analysts forecast that Transocean will post 0.18 EPS for the current year.

Institutional Trading of Transocean

Several hedge funds have recently made changes to their positions in the company. Diversified Trust Co purchased a new stake in shares of Transocean in the third quarter worth $502,000. Crystal Cove Asset Management LLC bought a new stake in Transocean during the third quarter valued at $723,000. Moors & Cabot Inc. purchased a new position in Transocean during the third quarter worth about $255,000. Russell Investments Group Ltd. grew its position in Transocean by 3.8% during the third quarter. Russell Investments Group Ltd. now owns 1,872,176 shares of the offshore drilling services provider’s stock worth $9,809,000 after buying an additional 67,858 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new position in Transocean in the 3rd quarter worth about $69,000. 67.73% of the stock is currently owned by institutional investors.

Transocean Company Profile

Transocean Ltd. is an offshore contract drilling company that provides drilling services to oil and gas companies around the world. Its work focuses on offshore exploration and development, particularly in deepwater and harsh-environment locations.

The company owns and operates a fleet of offshore drilling rigs, including drillships and semisubmersible rigs. It contracts these rigs to customers and provides the crews and related services needed to conduct offshore drilling operations.

Transocean serves customers across multiple offshore regions worldwide.