Piper Sandler Raises Transocean (NYSE:RIG) Price Target to $5.00

Transocean (NYSE:RIGGet Rating) had its target price raised by Piper Sandler from $4.00 to $5.00 in a report published on Friday morning, The Fly reports. Piper Sandler currently has a neutral rating on the offshore drilling services provider’s stock.

RIG has been the subject of a number of other reports. Barclays lifted their price objective on shares of Transocean from $5.00 to $6.00 and gave the stock an overweight rating in a report on Tuesday, November 8th. StockNews.com raised shares of Transocean from a sell rating to a hold rating in a report on Friday, November 4th. Capital One Financial raised shares of Transocean from an equal weight rating to an overweight rating and set a $4.50 price objective for the company in a report on Tuesday, August 2nd. Susquehanna dropped their price objective on shares of Transocean from $4.20 to $3.30 and set a neutral rating for the company in a report on Monday, October 17th. Finally, TheStreet raised shares of Transocean from a d+ rating to a c- rating in a report on Monday, November 14th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $4.52.

Transocean Stock Down 1.9 %

Shares of NYSE:RIG opened at $4.14 on Friday. The firm has a fifty day moving average price of $3.37 and a two-hundred day moving average price of $3.51. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.64 and a quick ratio of 1.38. Transocean has a one year low of $2.32 and a one year high of $5.56. The company has a market cap of $2.99 billion, a price-to-earnings ratio of -5.18 and a beta of 2.88.

Transocean (NYSE:RIGGet Rating) last announced its quarterly earnings results on Wednesday, November 2nd. The offshore drilling services provider reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. Transocean had a negative net margin of 20.50% and a negative return on equity of 3.74%. The firm had revenue of $691.00 million during the quarter, compared to the consensus estimate of $665.24 million. During the same period last year, the firm earned ($0.19) EPS. The business’s quarterly revenue was up 10.4% compared to the same quarter last year. Analysts anticipate that Transocean will post -0.58 EPS for the current fiscal year.

Institutional Trading of Transocean

Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC increased its position in shares of Transocean by 145.1% in the second quarter. SG Americas Securities LLC now owns 80,761 shares of the offshore drilling services provider’s stock valued at $269,000 after acquiring an additional 47,816 shares during the period. D.A. Davidson & CO. purchased a new position in shares of Transocean in the second quarter valued at about $51,000. Commonwealth Equity Services LLC increased its position in shares of Transocean by 62.6% in the first quarter. Commonwealth Equity Services LLC now owns 197,000 shares of the offshore drilling services provider’s stock valued at $900,000 after acquiring an additional 75,835 shares during the period. Ingalls & Snyder LLC purchased a new position in shares of Transocean in the first quarter valued at about $123,000. Finally, GSA Capital Partners LLP increased its position in shares of Transocean by 33.5% in the first quarter. GSA Capital Partners LLP now owns 109,391 shares of the offshore drilling services provider’s stock valued at $500,000 after acquiring an additional 27,438 shares during the period. 65.64% of the stock is owned by institutional investors.

About Transocean

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Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. As of February 14, 2022, the company had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deep water and 10 harsh environment floaters.

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