Odeon Capital Group LLC began coverage on shares of Transocean Ltd. (NYSE:RIG) in a report issued on Wednesday, May 17th, Marketbeat.com reports. The brokerage issued a sell rating and a $8.00 target price on the offshore drilling services provider’s stock.
A number of other research firms have also weighed in on RIG. Vetr lowered shares of Transocean from a strong-buy rating to a buy rating and set a $14.91 target price on the stock. in a report on Monday, February 27th. Canaccord Genuity restated a buy rating and issued a $17.00 target price on shares of Transocean in a report on Tuesday, January 24th. R. F. Lafferty assumed coverage on shares of Transocean in a report on Thursday, February 9th. They issued a buy rating and a $21.00 target price on the stock. Scotiabank restated a buy rating and issued a $21.00 target price on shares of Transocean in a report on Wednesday, March 22nd. Finally, Credit Suisse Group set a $18.00 target price on shares of Transocean and gave the stock a buy rating in a report on Thursday, April 20th. Sixteen investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Transocean currently has an average rating of Hold and an average price target of $13.06.
Transocean (NYSE RIG) traded up 0.70% during mid-day trading on Wednesday, hitting $8.62. The company’s stock had a trading volume of 14,758,058 shares. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of 5.18 and a beta of 1.70. Transocean has a 52-week low of $8.38 and a 52-week high of $16.66. The firm has a 50 day moving average of $9.93 and a 200-day moving average of $12.66. Transocean also saw unusually large options trading activity on Wednesday. Stock traders purchased 6,257 call options on the company. This is an increase of approximately 613% compared to the average volume of 878 call options.
Transocean (NYSE:RIG) last released its quarterly earnings data on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.09. The company had revenue of $785 million for the quarter, compared to analysts’ expectations of $737.51 million. Transocean had a net margin of 17.28% and a return on equity of 2.57%. On average, equities research analysts expect that Transocean will post ($0.45) EPS for the current fiscal year.
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In other Transocean news, SVP David A. Tonnel sold 9,450 shares of the firm’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $11.28, for a total value of $106,596.00. Following the completion of the transaction, the senior vice president now directly owns 54,845 shares of the company’s stock, valued at approximately $618,651.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.33% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. WFG Advisors LP increased its position in shares of Transocean by 40.7% in the first quarter. WFG Advisors LP now owns 8,856 shares of the offshore drilling services provider’s stock valued at $110,000 after buying an additional 2,562 shares during the last quarter. Hartford Investment Management Co. increased its position in shares of Transocean by 0.6% in the first quarter. Hartford Investment Management Co. now owns 103,575 shares of the offshore drilling services provider’s stock valued at $1,290,000 after buying an additional 654 shares during the last quarter. Private Advisor Group LLC increased its position in shares of Transocean by 49.8% in the first quarter. Private Advisor Group LLC now owns 34,191 shares of the offshore drilling services provider’s stock valued at $425,000 after buying an additional 11,360 shares during the last quarter. Cibc World Markets Corp increased its position in shares of Transocean by 51.9% in the first quarter. Cibc World Markets Corp now owns 40,648 shares of the offshore drilling services provider’s stock valued at $506,000 after buying an additional 13,893 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Transocean by 21.6% in the first quarter. Wells Fargo & Company MN now owns 481,855 shares of the offshore drilling services provider’s stock valued at $6,000,000 after buying an additional 85,486 shares during the last quarter. 68.20% of the stock is owned by hedge funds and other institutional investors.
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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