Transocean LTD (NYSE:RIG) had its price target cut by investment analysts at R. F. Lafferty from $21.00 to $16.00 in a research note issued on Monday, May 8th. The firm currently has a “buy” rating on the offshore drilling services provider’s stock. R. F. Lafferty’s price target suggests a potential upside of 52.96% from the stock’s current price.
Several other analysts have also issued reports on the stock. Vetr lowered shares of Transocean LTD from a “strong-buy” rating to a “buy” rating and set a $14.91 price target on the stock. in a research report on Monday, February 27th. Canaccord Genuity reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Transocean LTD in a research note on Tuesday, January 24th. Scotiabank reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Transocean LTD in a research note on Wednesday, March 22nd. Credit Suisse Group AG set a $18.00 price target on shares of Transocean LTD and gave the company a “buy” rating in a research report on Thursday, April 20th. Finally, Jefferies Group LLC raised their target price on shares of Transocean LTD from $11.00 to $15.00 and gave the stock a “hold” rating in a research report on Monday, January 30th. Fifteen equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $13.37.
Transocean LTD (NYSE:RIG) traded up 0.57% during midday trading on Monday, hitting $10.52. The stock had a trading volume of 17,309,493 shares. The company has a market cap of $4.11 billion, a P/E ratio of 6.33 and a beta of 1.87. The stock’s 50-day moving average is $11.45 and its 200-day moving average is $12.84. Transocean LTD has a one year low of $8.68 and a one year high of $16.66. Transocean LTD also was the recipient of some unusual options trading activity on Tuesday. Traders acquired 15,022 put options on the stock. This is an increase of 397% compared to the average daily volume of 3,022 put options.
Transocean LTD (NYSE:RIG) last posted its earnings results on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.09. The company had revenue of $785 million during the quarter, compared to the consensus estimate of $737.51 million. Transocean LTD had a net margin of 23.14% and a return on equity of 6.80%. Equities analysts predict that Transocean LTD will post ($0.47) EPS for the current fiscal year.
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In other Transocean LTD news, SVP David A. Tonnel sold 9,450 shares of Transocean LTD stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $11.28, for a total transaction of $106,596.00. Following the transaction, the senior vice president now owns 54,845 shares of the company’s stock, valued at $618,651.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.17% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hartford Investment Management Co. raised its position in shares of Transocean LTD by 0.6% in the first quarter. Hartford Investment Management Co. now owns 103,575 shares of the offshore drilling services provider’s stock worth $1,290,000 after buying an additional 654 shares in the last quarter. BlackRock Advisors LLC raised its position in shares of Transocean LTD by 2.0% in the third quarter. BlackRock Advisors LLC now owns 144,849 shares of the offshore drilling services provider’s stock worth $1,544,000 after buying an additional 2,829 shares in the last quarter. Commonwealth Bank of Australia raised its position in shares of Transocean LTD by 52.8% in the third quarter. Commonwealth Bank of Australia now owns 447,658 shares of the offshore drilling services provider’s stock worth $4,771,000 after buying an additional 154,600 shares in the last quarter. Federated Investors Inc. PA acquired a new position in shares of Transocean LTD during the fourth quarter worth $101,000. Finally, Renaissance Technologies LLC raised its position in shares of Transocean LTD by 96.8% in the fourth quarter. Renaissance Technologies LLC now owns 3,102,028 shares of the offshore drilling services provider’s stock worth $45,724,000 after buying an additional 1,525,528 shares in the last quarter. 63.84% of the stock is currently owned by institutional investors and hedge funds.
Transocean LTD Company Profile
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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