Bank of America Boosts Transocean (NYSE:RIG) Price Target to $6.00

Transocean (NYSE:RIG) had its target price lifted by Bank of America from $5.50 to $6.00 in a research note published on Monday, Benzinga reports. Bank of America currently has an underperform rating on the offshore drilling services provider’s stock.

Other research analysts have also recently issued reports about the company. StockNews.com upgraded Transocean to a sell rating in a research note on Tuesday, February 20th. Morgan Stanley reduced their price target on shares of Transocean from $8.00 to $7.00 and set an equal weight rating for the company in a research report on Monday, February 26th. Citigroup reduced their target price on shares of Transocean from $9.00 to $7.00 and set a buy rating for the company in a report on Wednesday, February 21st. Susquehanna upgraded shares of Transocean from a neutral rating to a positive rating and boosted their target price for the company from $5.50 to $9.00 in a research report on Monday, April 8th. Finally, Barclays cut their price target on Transocean from $7.00 to $6.00 and set an equal weight rating on the stock in a research report on Thursday, February 22nd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $8.22.

Transocean Stock Down 2.2 %

NYSE:RIG opened at $5.56 on Monday. The company’s 50 day moving average is $5.63 and its two-hundred day moving average is $6.10. The company has a market cap of $4.55 billion, a PE ratio of -4.37 and a beta of 2.78. Transocean has a twelve month low of $4.45 and a twelve month high of $8.88. The company has a current ratio of 1.52, a quick ratio of 1.22 and a debt-to-equity ratio of 0.68.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Monday, February 19th. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.12. The firm had revenue of $741.00 million for the quarter, compared to analyst estimates of $779.17 million. Transocean had a negative net margin of 33.69% and a negative return on equity of 7.13%. During the same period in the previous year, the company earned ($0.49) earnings per share. Analysts anticipate that Transocean will post 0.02 EPS for the current year.

Hedge Funds Weigh In On Transocean

A number of hedge funds have recently bought and sold shares of RIG. OLD Point Trust & Financial Services N A purchased a new position in shares of Transocean during the 4th quarter valued at approximately $25,000. Tower Research Capital LLC TRC increased its stake in shares of Transocean by 446.5% during the third quarter. Tower Research Capital LLC TRC now owns 10,996 shares of the offshore drilling services provider’s stock worth $27,000 after purchasing an additional 8,984 shares in the last quarter. VisionPoint Advisory Group LLC acquired a new position in shares of Transocean during the 4th quarter worth about $28,000. IHT Wealth Management LLC lifted its stake in Transocean by 38.8% in the 3rd quarter. IHT Wealth Management LLC now owns 16,895 shares of the offshore drilling services provider’s stock valued at $42,000 after buying an additional 4,719 shares in the last quarter. Finally, National Bank of Canada FI lifted its stake in Transocean by 3,800.0% in the 3rd quarter. National Bank of Canada FI now owns 5,850 shares of the offshore drilling services provider’s stock valued at $46,000 after buying an additional 5,700 shares in the last quarter. Hedge funds and other institutional investors own 67.73% 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. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.