Transocean LTD (NYSE:RIG) Receives Consensus Recommendation of “Hold” from Analysts

Transocean LTD (NYSE:RIG) has earned a consensus recommendation of “Hold” from the sixteen research firms that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating on the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $8.46.

RIG has been the subject of a number of research reports. Royal Bank of Canada lowered shares of 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 note on Wednesday, September 25th. Scotiabank set a $7.00 target price on Transocean and gave the stock a “hold” rating in a report on Monday, August 26th. Fearnley Fonds cut Transocean from a “buy” rating to a “hold” rating and set a $6.00 target price for the company. in a research report on Monday, October 21st. Deutsche Bank assumed coverage on Transocean in a report on Wednesday, November 27th. They set a “sell” rating and a $3.00 price target on the stock. Finally, ValuEngine downgraded Transocean from a “buy” rating to a “hold” rating in a report on Friday, November 1st.

Shares of Transocean stock traded up $0.07 during midday trading on Tuesday, hitting $4.99. The company’s stock had a trading volume of 287,118 shares, compared to its average volume of 14,786,614. Transocean has a 1-year low of $3.76 and a 1-year high of $10.03. The company has a quick ratio of 2.21, a current ratio of 2.53 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $3.05 billion, a P/E ratio of -6.28 and a beta of 1.91. The stock has a 50-day simple moving average of $4.89 and a 200-day simple moving average of $5.38.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, October 28th. The offshore drilling services provider reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.02. The firm had revenue of $784.00 million for the quarter, compared to analyst estimates of $773.64 million. Transocean had a negative return on equity of 6.26% and a negative net margin of 47.50%. Transocean’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.06 earnings per share. As a group, sell-side analysts predict that Transocean will post -1.26 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the business. Maverick Capital Ltd. increased its position in shares of Transocean by 62.0% during the third quarter. Maverick Capital Ltd. now owns 985,320 shares of the offshore drilling services provider’s stock valued at $4,404,000 after purchasing an additional 377,000 shares during the period. Millennium Management LLC lifted its holdings in shares of Transocean by 490.8% during the 3rd quarter. Millennium Management LLC now owns 1,191,795 shares of the offshore drilling services provider’s stock worth $5,327,000 after acquiring an additional 990,068 shares during the period. Ambassador Advisors LLC acquired a new stake in shares of Transocean during the 3rd quarter valued at about $46,000. Point72 Asset Management L.P. acquired a new stake in shares of Transocean during the 3rd quarter valued at about $228,000. Finally, Sunbelt Securities Inc. bought a new stake in Transocean in the third quarter valued at about $46,000. Institutional investors own 70.65% of the company’s stock.

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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