Transocean (NYSE:RIG) Price Target Increased to $10.00 by Analysts at BTIG Research

Transocean (NYSE:RIG – Get Rating) had its target price hoisted by BTIG Research from $8.00 to $10.00 in a report released on Wednesday, The Fly reports. BTIG Research’s target price would suggest a potential upside of 60.26% from the company’s current price.

RIG has been the subject of several other reports. Susquehanna Bancshares lowered their price target on shares of Transocean from $4.20 to $3.30 and set a “neutral” rating for the company in a research note on Monday, October 17th. StockNews.com upgraded shares of Transocean from a “sell” rating to a “hold” rating in a research report on Friday, November 4th. TheStreet upgraded shares of Transocean from a “d+” rating to a “c-” rating in a research report on Monday, November 14th. Barclays upped their price objective on shares of Transocean from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Tuesday, November 8th. Finally, Susquehanna dropped their target price on shares of Transocean from $4.20 to $3.30 and set a “neutral” rating on the stock in a research note on Monday, October 17th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $5.58.

Transocean Stock Performance

NYSE RIG opened at $6.24 on Wednesday. Transocean has a 52-week low of $2.32 and a 52-week high of $7.54. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.38 and a current ratio of 1.64. The company has a market capitalization of $4.50 billion, a P/E ratio of -7.80 and a beta of 2.80. The company has a fifty day moving average of $4.60 and a 200-day moving average of $3.77.

Transocean (NYSE:RIG – Get Rating) last posted its quarterly earnings results on Wednesday, November 2nd. The offshore drilling services provider reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.09. The business had revenue of $691.00 million during the quarter, compared to the consensus estimate of $665.24 million. Transocean had a negative net margin of 20.50% and a negative return on equity of 3.74%. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.19) earnings per share. As a group, equities research analysts predict that Transocean will post -0.55 EPS for the current fiscal year.

Insider Activity at Transocean

In related news, CAO David A. Tonnel sold 34,267 shares of the stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $5.45, for a total transaction of $186,755.15. Following the transaction, the chief accounting officer now owns 291,608 shares in the company, valued at $1,589,263.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO David A. Tonnel sold 14,541 shares of the stock in a transaction that occurred on Wednesday, January 18th. The shares were sold at an average price of $6.15, for a total transaction of $89,427.15. Following the transaction, the chief accounting officer now owns 277,067 shares in the company, valued at $1,703,962.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO David A. Tonnel sold 34,267 shares of the stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $5.45, for a total transaction of $186,755.15. Following the transaction, the chief accounting officer now owns 291,608 shares in the company, valued at approximately $1,589,263.60. The disclosure for this sale can be found here. Insiders have sold a total of 61,877 shares of company stock worth $340,874 over the last quarter. Company insiders own 13.26% of the company’s stock.

Institutional Trading of Transocean

Hedge funds and other institutional investors have recently modified their holdings of the company. Citizens Business Bank purchased a new position in Transocean during the third quarter valued at $25,000. US Bancorp DE lifted its holdings in shares of Transocean by 336.4% in the 3rd quarter. US Bancorp DE now owns 10,277 shares of the offshore drilling services provider’s stock worth $25,000 after acquiring an additional 7,922 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Transocean during the 3rd quarter valued at about $25,000. Transparent Wealth Partners LLC bought a new stake in Transocean during the 3rd quarter valued at about $25,000. Finally, Penn Capital Management Company LLC bought a new stake in Transocean during the 3rd quarter valued at about $25,000. 55.16% of the stock is owned by hedge funds and other institutional investors.

About Transocean

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Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. As of February 14, 2022, the company had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deep water and 10 harsh environment floaters.