Transocean LTD (NYSE:RIG) Given Consensus Rating of “Hold” by Brokerages

Shares of Transocean LTD (NYSE:RIG) have received an average recommendation of “Hold” from the fifteen ratings firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $9.25.

RIG has been the topic of several research reports. Fearnley Fonds downgraded Transocean from a “buy” rating to a “hold” rating in a research report on Monday. UBS Group set a $10.00 target price on Transocean and gave the company a “buy” rating in a research report on Monday, August 26th. Royal Bank of Canada downgraded Transocean from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $17.00 to $9.00 in a research report on Wednesday, September 25th. Piper Jaffray Companies set a $8.00 target price on Transocean and gave the company a “hold” rating in a research report on Wednesday, July 31st. Finally, Morgan Stanley decreased their target price on Transocean from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Monday, October 7th.

In related news, Director Chad C. Deaton purchased 25,000 shares of Transocean stock in a transaction that occurred on Friday, August 2nd. The shares were acquired at an average price of $5.29 per share, with a total value of $132,250.00. Following the completion of the transaction, the director now directly owns 24,800 shares of the company’s stock, valued at approximately $131,192. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have purchased 32,500 shares of company stock worth $162,915 in the last three months. 11.05% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of RIG. Primecap Management Co. CA grew its position in Transocean by 51.7% during the second quarter. Primecap Management Co. CA now owns 51,462,706 shares of the offshore drilling services provider’s stock worth $329,876,000 after buying an additional 17,538,067 shares in the last quarter. Perella Weinberg Partners Capital Management LP grew its position in Transocean by 5,240.6% during the second quarter. Perella Weinberg Partners Capital Management LP now owns 4,507,196 shares of the offshore drilling services provider’s stock worth $28,891,000 after buying an additional 4,422,801 shares in the last quarter. Nuveen Asset Management LLC acquired a new stake in Transocean during the second quarter worth approximately $27,801,000. Brigade Capital Management LP bought a new stake in Transocean during the second quarter worth $10,862,000. Finally, BlackRock Inc. lifted its stake in Transocean by 2.9% during the second quarter. BlackRock Inc. now owns 48,524,391 shares of the offshore drilling services provider’s stock worth $311,041,000 after purchasing an additional 1,375,500 shares during the last quarter. 70.99% of the stock is currently owned by institutional investors and hedge funds.

NYSE:RIG traded up $0.04 on Monday, hitting $4.58. The company’s stock had a trading volume of 13,983,241 shares, compared to its average volume of 16,643,922. Transocean has a one year low of $3.76 and a one year high of $12.28. The stock has a fifty day moving average of $4.92 and a two-hundred day moving average of $6.10. The company has a current ratio of 2.88, a quick ratio of 2.55 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $2.77 billion, a P/E ratio of -5.80 and a beta of 1.81.

Transocean (NYSE:RIG) last posted its earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) EPS for the quarter, meeting the consensus estimate of ($0.34). Transocean had a negative return on equity of 4.18% and a negative net margin of 33.49%. The company had revenue of $758.00 million for the quarter, compared to the consensus estimate of $765.81 million. During the same quarter in the prior year, the business earned ($0.04) earnings per share. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Transocean will post -1.22 EPS for the current year.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Analyst Recommendations for Transocean (NYSE:RIG)

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