Transocean Ltd. (NYSE:RIG) had its price target hoisted by equities researchers at Royal Bank Of Canada from $11.00 to $13.00 in a note issued to investors on Tuesday. The brokerage presently has a “sector perform” rating on the offshore drilling services provider’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 15.66% from the stock’s previous close.
RIG has been the subject of a number of other research reports. HSBC Holdings plc initiated coverage on shares of Transocean in a report on Thursday, October 19th. They set a “hold” rating and a $12.00 price objective for the company. Jefferies Group LLC boosted their price objective on shares of Transocean from $10.50 to $11.00 and gave the company a “hold” rating in a report on Friday, November 3rd. Zacks Investment Research upgraded shares of Transocean from a “hold” rating to a “buy” rating and set a $9.50 price objective for the company in a report on Wednesday, August 2nd. Credit Suisse Group restated a “buy” rating on shares of Transocean in a report on Wednesday, July 19th. Finally, BidaskClub upgraded shares of Transocean from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. Ten investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and sixteen have issued a buy rating to the company’s stock. Transocean presently has an average rating of “Hold” and an average price target of $12.31.
Transocean (RIG) opened at $11.24 on Tuesday. The stock has a market cap of $4,530.25, a P/E ratio of 14.48 and a beta of 1.81. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.13 and a current ratio of 2.36. Transocean has a 1-year low of $7.20 and a 1-year high of $16.66.
Transocean (NYSE:RIG) last issued its quarterly earnings data on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.20. The firm had revenue of $808.00 million during the quarter, compared to analysts’ expectations of $703.13 million. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. The business’s revenue for the quarter was down 10.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.25 earnings per share. equities analysts forecast that Transocean will post -0.35 EPS for the current year.
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In related news, CAO Howard E. Davis acquired 40,000 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were purchased at an average cost of $7.32 per share, for a total transaction of $292,800.00. Following the completion of the acquisition, the chief accounting officer now directly owns 21,793 shares in the company, valued at $159,524.76. The purchase was disclosed in a filing with the SEC, which is available at this link. 0.33% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement Association of Colorado grew its stake in shares of Transocean by 12.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 12,340 shares of the offshore drilling services provider’s stock valued at $102,000 after acquiring an additional 1,394 shares in the last quarter. Dumont & Blake Investment Advisors LLC acquired a new position in shares of Transocean in the third quarter valued at about $108,000. Capstone Investment Advisors Netherlands B.V. acquired a new position in shares of Transocean in the second quarter valued at about $111,000. Advisor Partners LLC acquired a new position in shares of Transocean in the second quarter valued at about $112,000. Finally, Dupont Capital Management Corp acquired a new position in shares of Transocean in the second quarter valued at about $113,000. Institutional investors and hedge funds own 70.31% of the company’s stock.
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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