Brokerages Set Transocean Ltd. (NYSE:RIG) Price Target at $7.70

Transocean Ltd. (NYSE:RIGGet Free Report) has earned an average recommendation of “Hold” from the ten research firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and five have issued a buy recommendation on the company. The average 1-year target price among analysts that have covered the stock in the last year is $7.70.

Several research analysts have recently issued reports on RIG shares. Citigroup cut their target price on shares of Transocean from $9.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. StockNews.com upgraded shares of Transocean to a “sell” rating in a report on Tuesday, February 20th. Benchmark reaffirmed a “buy” rating and issued a $8.00 price target on shares of Transocean in a research report on Tuesday, April 30th. Barclays lowered their price target on Transocean from $7.00 to $6.00 and set an “equal weight” rating for the company in a research report on Thursday, February 22nd. Finally, Evercore ISI lowered their price target on Transocean from $9.00 to $7.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st.

Read Our Latest Research Report on Transocean

Insider Transactions at Transocean

In other news, Director (Cyprus) Ltd Perestroika purchased 2,000,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were acquired at an average price of $6.01 per share, with a total value of $12,020,000.00. Following the transaction, the director now owns 87,574,894 shares of the company’s stock, valued at $526,325,112.94. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 13.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Murphy Pohlad Asset Management LLC boosted its stake in Transocean by 1.7% during the first quarter. Murphy Pohlad Asset Management LLC now owns 96,150 shares of the offshore drilling services provider’s stock worth $604,000 after buying an additional 1,600 shares during the last quarter. Traynor Capital Management Inc. lifted its stake in Transocean by 5.2% during the first quarter. Traynor Capital Management Inc. now owns 33,257 shares of the offshore drilling services provider’s stock worth $209,000 after purchasing an additional 1,650 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of Transocean by 8.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 22,237 shares of the offshore drilling services provider’s stock worth $140,000 after buying an additional 1,767 shares during the period. B. Riley Wealth Advisors Inc. grew its stake in shares of Transocean by 16.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 14,371 shares of the offshore drilling services provider’s stock valued at $118,000 after buying an additional 2,000 shares in the last quarter. Finally, 180 Wealth Advisors LLC raised its holdings in shares of Transocean by 7.4% in the 4th quarter. 180 Wealth Advisors LLC now owns 31,496 shares of the offshore drilling services provider’s stock valued at $197,000 after buying an additional 2,170 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Transocean Price Performance

RIG stock opened at $5.89 on Tuesday. The firm has a 50 day moving average of $5.98 and a 200-day moving average of $5.82. The company has a current ratio of 1.35, a quick ratio of 1.04 and a debt-to-equity ratio of 0.65. Transocean has a 12 month low of $4.45 and a 12 month high of $8.88. The firm has a market capitalization of $4.83 billion, a P/E ratio of -11.33 and a beta of 2.83.

Transocean (NYSE:RIGGet Free Report) last announced its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.10. The business had revenue of $767.00 million for the quarter, compared to the consensus estimate of $781.86 million. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. Transocean’s quarterly revenue was up 18.2% on a year-over-year basis. During the same period last year, the firm posted ($0.38) earnings per share.

About Transocean

(Get Free Report

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.

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Analyst Recommendations for Transocean (NYSE:RIG)

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