UBS Group Upgrades Transocean (RIG) to “Buy”

Transocean (NYSE:RIG) was upgraded by research analysts at UBS Group from an “accumulate” rating to a “buy” rating in a research report issued to clients and investors on Thursday, The Fly reports.

A number of other brokerages have also recently issued reports on RIG. Barclays raised their target price on shares of Transocean from $7.00 to $8.00 and gave the stock an “underweight” rating in a report on Thursday, August 9th. BTIG Research initiated coverage on shares of Transocean in a report on Monday, September 17th. They issued a “buy” rating and a $18.00 target price on the stock. JPMorgan Chase & Co. reissued a “sell” rating on shares of Transocean in a report on Tuesday, September 4th. BMO Capital Markets reissued a “sell” rating and issued a $8.00 target price on shares of Transocean in a report on Friday, August 10th. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $13.30 target price on shares of Transocean in a report on Friday, August 17th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Transocean has a consensus rating of “Buy” and an average target price of $13.69.

NYSE:RIG opened at $12.61 on Thursday. The stock has a market capitalization of $6.44 billion, a P/E ratio of -210.17 and a beta of 1.47. Transocean has a one year low of $8.70 and a one year high of $14.47. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.49 and a quick ratio of 1.35.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.04) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.13. Transocean had a negative return on equity of 2.00% and a negative net margin of 99.38%. The business had revenue of $790.00 million during the quarter, compared to the consensus estimate of $768.68 million. Transocean’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, analysts predict that Transocean will post -0.85 EPS for the current year.

In other news, Director Vincent J. Intrieri bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The shares were purchased at an average price of $10.62 per share, with a total value of $106,200.00. Following the completion of the acquisition, the director now directly owns 10,000 shares in the company, valued at $106,200. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.09% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of RIG. Flagship Harbor Advisors LLC acquired a new position in Transocean in the second quarter worth approximately $101,000. MinichMacGregor Wealth Management LLC grew its position in Transocean by 100.0% in the third quarter. MinichMacGregor Wealth Management LLC now owns 10,000 shares of the offshore drilling services provider’s stock worth $141,000 after buying an additional 5,000 shares during the last quarter. United Capital Financial Advisers LLC acquired a new position in Transocean in the first quarter worth approximately $150,000. Verition Fund Management LLC acquired a new position in Transocean in the second quarter worth approximately $167,000. Finally, Centaurus Financial Inc. acquired a new position in Transocean in the second quarter worth approximately $178,000. Hedge funds and other institutional investors own 70.74% 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. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.

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Analyst Recommendations for Transocean (NYSE:RIG)

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