Transocean (NYSE:RIG) Given a $12.00 Price Target at HSBC

Transocean (NYSE:RIG) has been given a $12.00 price objective by HSBC in a research report issued on Monday, TipRanks reports. The firm presently has a “buy” rating on the offshore drilling services provider’s stock. HSBC’s target price would suggest a potential upside of 106.36% from the company’s current price.

A number of other equities analysts have also recently weighed in on RIG. ValuEngine cut shares of Welbilt from a “hold” rating to a “sell” rating in a research report on Wednesday, June 12th. Morgan Stanley set a $70.00 price objective on shares of Edison International and gave the company a “hold” rating in a research report on Monday. Citigroup decreased their price objective on shares of Broadcom from $320.00 to $300.00 and set a “buy” rating for the company in a research report on Friday, June 14th. Finally, 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. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $12.23.

NYSE:RIG traded down $0.24 on Monday, reaching $5.82. The stock had a trading volume of 14,455,552 shares, compared to its average volume of 14,173,302. The company has a current ratio of 2.72, a quick ratio of 2.37 and a debt-to-equity ratio of 0.70. The stock’s 50-day moving average price is $6.16. The company has a market cap of $3.71 billion, a PE ratio of -7.36 and a beta of 1.77. Transocean has a 12-month low of $5.28 and a 12-month high of $14.47.

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

In other Transocean news, Director Vincent J. Intrieri bought 10,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were purchased at an average price of $7.35 per share, with a total value of $73,500.00. Following the completion of the acquisition, the director now directly owns 19,900 shares of the company’s stock, valued at approximately $146,265. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP David A. Tonnel sold 16,561 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $9.25, for a total transaction of $153,189.25. Following the completion of the transaction, the senior vice president now directly owns 111,936 shares in the company, valued at approximately $1,035,408. The disclosure for this sale can be found here. Insiders have bought 112,349 shares of company stock worth $721,567 in the last ninety days. Corporate insiders own 11.05% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Louisiana State Employees Retirement System lifted its holdings in Transocean by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 135,600 shares of the offshore drilling services provider’s stock worth $1,181,000 after acquiring an additional 1,300 shares during the last quarter. F&V Capital Management LLC lifted its holdings in Transocean by 0.3% in the first quarter. F&V Capital Management LLC now owns 507,435 shares of the offshore drilling services provider’s stock worth $4,420,000 after acquiring an additional 1,320 shares during the last quarter. Nordea Investment Management AB lifted its holdings in Transocean by 1.9% in the fourth quarter. Nordea Investment Management AB now owns 94,800 shares of the offshore drilling services provider’s stock worth $658,000 after acquiring an additional 1,800 shares during the last quarter. Moors & Cabot Inc. lifted its holdings in Transocean by 16.7% in the first quarter. Moors & Cabot Inc. now owns 12,550 shares of the offshore drilling services provider’s stock worth $109,000 after acquiring an additional 1,800 shares during the last quarter. Finally, Retirement Systems of Alabama lifted its holdings in Transocean by 0.4% in the first quarter. Retirement Systems of Alabama now owns 659,143 shares of the offshore drilling services provider’s stock worth $5,741,000 after acquiring an additional 2,508 shares during the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

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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