Transocean (NYSE:RIG) Rating Reiterated by Benchmark

Transocean (NYSE:RIG)‘s stock had its “buy” rating reiterated by Benchmark in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $8.00 target price on the offshore drilling services provider’s stock. Benchmark’s target price suggests a potential upside of 51.95% from the company’s previous close.

RIG has been the subject of several other research reports. Bank of America upped their price target on Transocean from $5.50 to $6.00 and gave the stock an “underperform” rating in a research note on Monday, April 15th. Barclays lowered their target price on Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a report on Thursday, February 22nd. Morgan Stanley lowered their target price on Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Monday, February 26th. Citigroup lowered 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. Finally, Susquehanna raised Transocean from a “neutral” rating to a “positive” rating and upped their target price for the company from $5.50 to $9.00 in a report on Monday, April 8th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Transocean has a consensus rating of “Hold” and a consensus price target of $7.70.

Transocean Price Performance

Transocean stock opened at $5.27 on Tuesday. Transocean has a 12 month low of $4.45 and a 12 month high of $8.88. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.22. The business has a 50 day simple moving average of $5.74 and a 200-day simple moving average of $5.96. The stock has a market capitalization of $4.32 billion, a PE ratio of -10.13 and a beta of 2.78.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.10. Transocean had a negative return on equity of 4.68% and a negative net margin of 13.27%. The business had revenue of $767.00 million during the quarter, compared to analysts’ expectations of $781.86 million. During the same quarter in the prior year, the business earned ($0.38) earnings per share. The company’s quarterly revenue was up 18.2% compared to the same quarter last year. Equities analysts predict that Transocean will post 0.05 earnings per share for the current year.

Institutional Trading of Transocean

Large investors have recently made changes to their positions in the stock. OLD Point Trust & Financial Services N A acquired a new stake in shares of Transocean during the fourth quarter valued at $25,000. VisionPoint Advisory Group LLC acquired a new stake in Transocean in the 4th quarter worth about $28,000. Private Trust Co. NA boosted 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 worth $54,000 after buying an additional 8,000 shares during the last quarter. Csenge Advisory Group acquired a new stake in Transocean in the 3rd quarter worth about $83,000. Finally, Joseph P. Lucia & Associates LLC acquired a new stake in Transocean in the 3rd quarter worth about $87,000. Institutional investors and hedge funds 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.