Morgan Stanley Analysts Give Transocean (NYSE:RIG) a $10.00 Price Target

Morgan Stanley set a $10.00 price objective on Transocean (NYSE:RIG) in a report issued on Monday, TipRanks reports. The firm currently has a buy rating on the offshore drilling services provider’s stock.

Several other equities analysts have also weighed in on the stock. ValuEngine lowered shares of Welbilt from a hold rating to a sell rating in a research report on Wednesday, June 12th. Bank of America set a $77.00 price objective on shares of Citigroup and gave the company a buy rating in a research report on Monday, June 10th. Finally, Citigroup cut their price objective on shares of Broadcom from $320.00 to $300.00 and set a buy rating on the stock in a research report on Friday, June 14th. Five analysts have rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. Transocean has a consensus rating of Hold and a consensus price target of $12.23.

Shares of RIG stock traded down $0.24 during trading on Monday, hitting $5.82. 14,059,384 shares of the company were exchanged, compared to its average volume of 14,173,302. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.72 and a quick ratio of 2.37. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of -7.37 and a beta of 1.77. The business’s 50-day moving average is $6.16. Transocean has a twelve month low of $5.28 and a twelve month high of $14.47.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.01). The business had revenue of $754.00 million for the quarter, compared to the consensus estimate of $745.43 million. Transocean had a negative net margin of 62.97% and a negative return on equity of 2.70%. Transocean’s revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.48) EPS. On average, equities analysts predict that Transocean will post -0.95 earnings per share for the current year.

In related news, CAO Howard E. Davis acquired 98,049 shares of the stock in a transaction dated Friday, June 28th. The shares were acquired at an average price of $6.35 per share, for a total transaction of $622,611.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vanessa C. L. Chang acquired 4,300 shares of the stock in a transaction dated Thursday, June 6th. The stock was bought at an average price of $5.92 per share, for a total transaction of $25,456.00. Following the purchase, the director now owns 14,000 shares of the company’s stock, valued at approximately $82,880. The disclosure for this purchase can be found here. In the last three months, insiders bought 112,349 shares of company stock worth $721,567. Insiders own 11.05% of the company’s stock.

Several institutional investors have recently made changes to their positions in RIG. CenturyLink Investment Management Co acquired a new position in shares of Transocean during the 2nd quarter worth about $907,000. Oregon Public Employees Retirement Fund grew its position in shares of Transocean by 1.4% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 205,516 shares of the offshore drilling services provider’s stock worth $1,317,000 after buying an additional 2,899 shares during the period. Stonebridge Capital Management Inc. grew its position in shares of Transocean by 43.5% during the 2nd quarter. Stonebridge Capital Management Inc. now owns 16,074 shares of the offshore drilling services provider’s stock worth $103,000 after buying an additional 4,870 shares during the period. Nisa Investment Advisors LLC grew its position in shares of Transocean by 1,638.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 86,900 shares of the offshore drilling services provider’s stock worth $557,000 after buying an additional 81,900 shares during the period. Finally, Foundation Resource Management Inc. grew its position in shares of Transocean by 227.3% during the 2nd quarter. Foundation Resource Management Inc. now owns 549,211 shares of the offshore drilling services provider’s stock worth $3,520,000 after buying an additional 381,428 shares during the period. Institutional investors and hedge funds own 70.14% 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 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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