Transocean (NYSE:RIG) Given New $6.00 Price Target at Bank of America

Transocean (NYSE:RIG - Free Report) had its target price hoisted by Bank of America from $5.50 to $6.00 in a report issued on Monday morning, Benzinga reports. Bank of America currently has an underperform rating on the offshore drilling services provider's stock.

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

Transocean Stock Performance

Shares of NYSE:RIG traded down $0.13 during midday trading on Monday, reaching $6.05. 13,368,506 shares of the company traded hands, compared to its average volume of 17,908,846. The firm's fifty day moving average price is $5.59 and its two-hundred day moving average price is $6.12. The firm has a market capitalization of $4.95 billion, a price-to-earnings ratio of -4.76 and a beta of 2.77. The company has a quick ratio of 1.22, a current ratio of 1.52 and a debt-to-equity ratio of 0.68. Transocean has a 12 month low of $4.45 and a 12 month high of $8.88.

Transocean (NYSE:RIG - Get Free Report) last announced its quarterly earnings results on Monday, February 19th. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.12. Transocean had a negative return on equity of 7.13% and a negative net margin of 33.69%. The firm had revenue of $741.00 million for the quarter, compared to analysts' expectations of $779.17 million. During the same period in the prior year, the business posted ($0.49) earnings per share. On average, equities analysts expect that Transocean will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On Transocean

Several institutional investors have recently modified their holdings of the company. Pekin Hardy Strauss Inc. boosted its stake in Transocean by 949.5% in the third quarter. Pekin Hardy Strauss Inc. now owns 126,006 shares of the offshore drilling services provider's stock worth $1,035,000 after buying an additional 114,000 shares in the last quarter. Lisanti Capital Growth LLC grew its holdings in shares of Transocean by 299.9% during the 3rd quarter. Lisanti Capital Growth LLC now owns 1,770,822 shares of the offshore drilling services provider's stock valued at $14,538,000 after purchasing an additional 1,328,032 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Transocean by 180.5% during the 3rd quarter. Janney Montgomery Scott LLC now owns 32,535 shares of the offshore drilling services provider's stock valued at $267,000 after purchasing an additional 20,935 shares during the last quarter. Hosking Partners LLP raised its position in Transocean by 342.7% in the 3rd quarter. Hosking Partners LLP now owns 1,112,543 shares of the offshore drilling services provider's stock worth $9,134,000 after purchasing an additional 861,209 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its stake in Transocean by 16.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 14,371 shares of the offshore drilling services provider's stock worth $118,000 after purchasing an additional 2,000 shares during the last quarter. 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.