Transocean (NYSE:RIG) Stock Rating Upgraded by Zacks Research

Transocean (NYSE:RIG) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Monday, Zacks reports.

A number of other analysts also recently weighed in on RIG. Weiss Ratings reissued a “sell (d-)” rating on shares of Transocean in a report on Friday, July 17th. Fearnley Fonds upgraded shares of Transocean from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Barclays reduced their target price on shares of Transocean from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Wednesday, August 12th. Finally, Susquehanna decreased their target price on Transocean from $8.00 to $7.00 and set a “positive” rating on the stock in a research report on Wednesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Transocean has a consensus rating of “Hold” and an average price target of $6.68.

Transocean Price Performance

NYSE RIG opened at $5.41 on Monday. The stock has a 50-day simple moving average of $5.59 and a 200 day simple moving average of $5.88. Transocean has a twelve month low of $3.07 and a twelve month high of $7.66. The stock has a market capitalization of $6.04 billion, a PE ratio of -2.88, a P/E/G ratio of 4.07 and a beta of 1.41. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.27 and a current ratio of 1.59.

Transocean (NYSE:RIG) last released its earnings results on Wednesday, August 5th. The offshore drilling services provider reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. The firm had revenue of $966.00 million for the quarter, compared to analyst estimates of $956.64 million. Transocean had a positive return on equity of 2.60% and a negative net margin of 40.24%.The company’s revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the firm posted ($1.06) EPS. Research analysts anticipate that Transocean will post 0.18 EPS for the current year.

Hedge Funds Weigh In On Transocean

A number of hedge funds and other institutional investors have recently made changes to their positions in RIG. EverSource Wealth Advisors LLC raised its holdings in shares of Transocean by 27.0% in the first quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider’s stock valued at $43,000 after buying an additional 1,391 shares during the last quarter. Versant Capital Management Inc grew its holdings in Transocean by 15.6% during the 3rd quarter. Versant Capital Management Inc now owns 15,550 shares of the offshore drilling services provider’s stock worth $81,000 after acquiring an additional 2,099 shares during the period. Rockefeller Capital Management L.P. increased its holdings in Transocean by 19.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 24,497 shares of the offshore drilling services provider’s stock valued at $101,000 after purchasing an additional 4,043 shares during the last quarter. Private Advisor Group LLC boosted its stake in Transocean by 16.4% during the 1st quarter. Private Advisor Group LLC now owns 31,876 shares of the offshore drilling services provider’s stock worth $211,000 after acquiring an additional 4,500 shares during the last quarter. Finally, Root Financial Partners LLC grew its holdings in Transocean by 192.6% during the first quarter. Root Financial Partners LLC now owns 7,787 shares of the offshore drilling services provider’s stock valued at $52,000 after purchasing an additional 5,126 shares during the period. 67.73% of the stock is owned by institutional investors.

About Transocean

Transocean Ltd. is an offshore contract drilling company that provides drilling services to the international oil and gas industry. The company operates a fleet of mobile offshore drilling units, including ultra-deepwater and harsh-environment drillships and semisubmersible rigs, which are contracted by energy companies to drill exploration, appraisal and development wells.

Transocean’s services support offshore drilling programs in challenging environments around the world. Its operations have included activity in the Gulf of Mexico, Brazil, the North Sea, West Africa and other major offshore regions.