Transocean (NYSE:RIG) Price Target Raised to $8.00

Transocean (NYSE:RIG) had its price objective hoisted by equities researchers at Susquehanna from $7.50 to $8.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “positive” rating on the offshore drilling services provider’s stock. Susquehanna’s price target points to a potential upside of 21.12% from the company’s current price.

A number of other research analysts also recently issued reports on the company. Citigroup lifted their price target on Transocean from $4.25 to $4.50 and gave the company a “neutral” rating in a report on Thursday, December 11th. JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Transocean in a report on Wednesday, December 10th. Morgan Stanley lifted their price target on Transocean from $4.50 to $5.00 and gave the company an “equal weight” rating in a report on Monday, February 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a report on Thursday, January 22nd. Finally, Clarkson Capital downgraded Transocean from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 19th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $6.46.

Transocean Trading Up 0.2%

RIG traded up $0.02 during trading on Tuesday, hitting $6.61. 5,330,680 shares of the stock were exchanged, compared to its average volume of 45,509,027. Transocean has a 1 year low of $2.03 and a 1 year high of $7.14. The firm has a 50 day simple moving average of $6.11 and a 200 day simple moving average of $4.70. The firm has a market cap of $7.31 billion, a price-to-earnings ratio of -2.10 and a beta of 1.37. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.27 and a current ratio of 1.56.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Friday, February 20th. The offshore drilling services provider reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Transocean had a negative net margin of 73.52% and a positive return on equity of 0.41%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the business posted ($0.09) earnings per share. The company’s revenue was up 9.6% compared to the same quarter last year. As a group, equities analysts expect that Transocean will post 0.14 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Roderick James Mackenzie sold 78,370 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $6.36, for a total value of $498,433.20. Following the completion of the sale, the executive vice president owned 268,025 shares of the company’s stock, valued at $1,704,639. This trade represents a 22.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keelan Adamson sold 58,687 shares of the firm’s stock in a transaction on Tuesday, January 27th. The stock was sold at an average price of $5.00, for a total value of $293,435.00. Following the completion of the sale, the chief executive officer directly owned 1,222,182 shares of the company’s stock, valued at $6,110,910. The trade was a 4.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 159,903 shares of company stock valued at $906,098 in the last three months. Insiders own 12.27% of the company’s stock.

Institutional Trading of Transocean

A number of institutional investors have recently made changes to their positions in the business. TD Waterhouse Canada Inc. lifted its position in Transocean by 22,432.1% during the 4th quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock worth $26,000 after acquiring an additional 6,281 shares during the period. Josh Arnold Investment Consultant LLC acquired a new stake in Transocean during the 2nd quarter worth about $26,000. Flagship Harbor Advisors LLC acquired a new stake in Transocean during the 4th quarter worth about $27,000. Benedict Financial Advisors Inc. acquired a new stake in Transocean during the 3rd quarter worth about $31,000. Finally, Vestmark Advisory Solutions Inc. acquired a new stake in Transocean during the 3rd quarter worth about $31,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Transocean Company Profile

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.