Transocean (NYSE:RIG) PT Lowered to $7.00

Transocean (NYSE:RIG - Free Report) had its price objective trimmed by Evercore ISI from $9.00 to $7.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an outperform rating on the offshore drilling services provider's stock.

A number of other analysts also recently weighed in on RIG. 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 increased their price objective for the company from $5.50 to $9.00 in a research note on Monday, April 8th. Bank of America increased their price objective on shares of Transocean from $5.50 to $6.00 and gave the company an underperform rating in a research note on Monday, April 15th. Benchmark reissued a buy rating and issued a $8.00 price objective on shares of Transocean in a research note on Tuesday. Finally, Morgan Stanley dropped their price objective on shares of Transocean from $8.00 to $7.00 and set an equal weight rating for the company in a research note on Monday, February 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $7.70.

Transocean Stock Performance

NYSE RIG traded up $0.04 during trading on Wednesday, reaching $5.27. The company's stock had a trading volume of 26,337,244 shares, compared to its average volume of 18,326,840. The firm has a 50 day moving average price of $5.74 and a 200 day moving average price of $5.96. Transocean has a 12 month low of $4.45 and a 12 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. The firm has a market capitalization of $4.32 billion, a price-to-earnings ratio of -10.13 and a beta of 2.78.

Transocean (NYSE:RIG - Get Free Report) last issued its quarterly earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.10. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.68%. The company had revenue of $767.00 million during the quarter, compared to the consensus estimate of $781.86 million. During the same quarter in the prior year, the firm posted ($0.38) EPS. The firm's quarterly revenue was up 18.2% on a year-over-year basis. As a group, equities analysts anticipate that Transocean will post 0.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Transocean

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pekin Hardy Strauss Inc. increased its position in Transocean by 949.5% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 126,006 shares of the offshore drilling services provider's stock valued at $1,035,000 after acquiring an additional 114,000 shares during the period. Lisanti Capital Growth LLC increased its position in Transocean by 299.9% in 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 acquiring an additional 1,328,032 shares during the period. Janney Montgomery Scott LLC increased its position in Transocean by 180.5% in 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 acquiring an additional 20,935 shares during the period. Hosking Partners LLP increased 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 valued at $9,134,000 after acquiring an additional 861,209 shares during the period. Finally, B. Riley Wealth Advisors Inc. increased its position in shares of Transocean by 16.2% during 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 buying an additional 2,000 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.