Transocean (RIG) Lifted to “Buy” at Jefferies Group

Transocean (NYSE:RIG) was upgraded by analysts at Jefferies Group to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $13.00 price objective on the offshore drilling services provider’s stock. Jefferies Group’s target price suggests a potential upside of 16.38% from the company’s current price.

A number of other equities analysts have also commented on the stock. ValuEngine lowered shares of Transocean from a “hold” rating to a “sell” rating in a research report on Sunday. Royal Bank of Canada set a $11.00 price objective on shares of Transocean and gave the company a “hold” rating in a research report on Thursday, December 21st. TheStreet lowered shares of Transocean from a “c-” rating to a “d” rating in a research report on Friday, November 3rd. Piper Jaffray Companies reiterated a “hold” rating and set a $7.35 target price on shares of Transocean in a research report on Sunday, October 22nd. Finally, Cowen set a $8.00 target price on shares of Transocean and gave the company a “hold” rating in a research report on Wednesday, October 18th. Eleven research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $12.19.

Transocean (NYSE RIG) opened at $11.17 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.36 and a quick ratio of 2.13. Transocean has a 1 year low of $7.20 and a 1 year high of $16.16. The company has a market cap of $4,280.14, a P/E ratio of -1.57 and a beta of 1.79.

Transocean (NYSE:RIG) last released its quarterly earnings data on Wednesday, November 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.20. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. The company had revenue of $808.00 million during the quarter, compared to analyst estimates of $703.13 million. During the same period last year, the business earned $0.25 earnings per share. Transocean’s revenue was down 10.8% compared to the same quarter last year. analysts predict that Transocean will post -0.34 EPS for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. Dumont & Blake Investment Advisors LLC purchased a new position in shares of Transocean during the third quarter worth approximately $108,000. Saratoga Research & Investment Management purchased a new position in shares of Transocean during the third quarter worth approximately $115,000. IndexIQ Advisors LLC purchased a new position in shares of Transocean during the third quarter worth approximately $117,000. XR Securities LLC purchased a new position in shares of Transocean during the fourth quarter worth approximately $120,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Transocean during the third quarter worth approximately $124,000. 72.88% of the stock is currently owned by hedge funds and other institutional investors.

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About Transocean

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.

Analyst Recommendations for Transocean (NYSE:RIG)

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