Transocean (NYSE:RIG) Given New $6.00 Price Target at Bank of America

Transocean (NYSE:RIG) had its target price raised by Bank of America from $5.50 to $6.00 in a research report released on Monday, Benzinga reports. The brokerage currently has an underperform rating on the offshore drilling services provider’s stock.

Several other analysts also recently issued reports on RIG. Citigroup reduced their price objective on Transocean from $9.00 to $7.00 and set a buy rating on the stock in a research report on Wednesday, February 21st. Morgan Stanley reduced their price objective on Transocean from $8.00 to $7.00 and set an equal weight rating on the stock in a research report on Monday, February 26th. Barclays reduced their target price on Transocean from $7.00 to $6.00 and set an equal weight rating on the stock in a research report on Thursday, February 22nd. Susquehanna upgraded Transocean from a neutral rating to a positive rating and increased their target price for the stock from $5.50 to $9.00 in a research report on Monday, April 8th. Finally, StockNews.com upgraded Transocean to a sell rating in a research report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $8.22.

Transocean Trading Down 2.2 %

Shares of RIG stock opened at $6.05 on Monday. The business’s fifty day moving average price is $5.59 and its 200 day moving average price is $6.12. Transocean has a 1-year low of $4.45 and a 1-year high of $8.88. The firm has a market capitalization of $4.95 billion, a PE ratio of -4.76 and a beta of 2.77. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.22.

Transocean (NYSE:RIG) last posted its earnings results on Monday, February 19th. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.12. Transocean had a negative return on equity of 7.13% and a negative net margin of 33.69%. The company had revenue of $741.00 million for the quarter, compared to analyst estimates of $779.17 million. During the same quarter in the prior year, the company earned ($0.49) earnings per share. As a group, sell-side analysts forecast that Transocean will post 0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Transocean

Large investors have recently modified their holdings of the company. OLD Point Trust & Financial Services N A purchased a new position in shares of Transocean in the 4th quarter worth about $25,000. Tower Research Capital LLC TRC raised its holdings in shares of Transocean by 446.5% in the 3rd quarter. Tower Research Capital LLC TRC now owns 10,996 shares of the offshore drilling services provider’s stock worth $27,000 after purchasing an additional 8,984 shares during the period. VisionPoint Advisory Group LLC acquired a new stake in shares of Transocean in the fourth quarter valued at about $28,000. IHT Wealth Management LLC grew its stake in shares of Transocean by 38.8% in the third quarter. IHT Wealth Management LLC now owns 16,895 shares of the offshore drilling services provider’s stock valued at $42,000 after buying an additional 4,719 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in shares of Transocean by 3,800.0% in the third quarter. National Bank of Canada FI now owns 5,850 shares of the offshore drilling services provider’s stock valued at $46,000 after buying an additional 5,700 shares in the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

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.