Transocean (NYSE:RIG) Price Target Raised to $6.00

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

Several other equities research analysts also recently weighed in on the stock. Barclays reduced their price objective on shares of Transocean from $7.00 to $6.00 and set an equal weight rating for the company in a report on Thursday, February 22nd. Citigroup reduced their price objective 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. StockNews.com raised shares of Transocean to a sell rating in a report on Tuesday, February 20th. Susquehanna raised shares of Transocean from a neutral rating to a positive rating and upped their price objective for the stock from $5.50 to $9.00 in a report on Monday, April 8th. Finally, Morgan Stanley reduced their price objective on shares of Transocean from $8.00 to $7.00 and set an equal weight rating for the company in a report on Monday, February 26th. 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $8.22.

Transocean Stock Performance

Shares of RIG opened at $5.67 on Monday. Transocean has a 1 year low of $4.45 and a 1 year high of $8.88. The company has a market cap of $4.65 billion, a price-to-earnings ratio of -4.46 and a beta of 2.78. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.22 and a current ratio of 1.52. The firm has a fifty day moving average of $5.62 and a 200-day moving average of $6.10.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Monday, February 19th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.12. Transocean had a negative net margin of 33.69% and a negative return on equity of 7.13%. The company had revenue of $741.00 million during the quarter, compared to the consensus estimate of $779.17 million. During the same quarter in the previous year, the company posted ($0.49) earnings per share. As a group, equities analysts anticipate that Transocean will post 0.01 earnings per share for the current year.

Institutional Investors Weigh In On Transocean

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Murphy Pohlad Asset Management LLC raised its position in Transocean by 1.7% in the first quarter. Murphy Pohlad Asset Management LLC now owns 96,150 shares of the offshore drilling services provider’s stock worth $604,000 after acquiring an additional 1,600 shares in the last quarter. Traynor Capital Management Inc. raised its holdings in Transocean by 5.2% during the 1st quarter. Traynor Capital Management Inc. now owns 33,257 shares of the offshore drilling services provider’s stock worth $209,000 after buying an additional 1,650 shares during the period. LaFleur & Godfrey LLC raised its holdings in Transocean by 13.3% during the 3rd quarter. LaFleur & Godfrey LLC now owns 15,300 shares of the offshore drilling services provider’s stock worth $126,000 after buying an additional 1,800 shares during the period. B. Riley Wealth Advisors Inc. raised its holdings in Transocean by 16.2% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 14,371 shares of the offshore drilling services provider’s stock worth $118,000 after buying an additional 2,000 shares during the period. Finally, 180 Wealth Advisors LLC raised its holdings in Transocean by 7.4% during the 4th quarter. 180 Wealth Advisors LLC now owns 31,496 shares of the offshore drilling services provider’s stock worth $197,000 after buying an additional 2,170 shares during the period. 67.73% of the stock is currently owned by institutional investors.

About Transocean

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.