Transocean (NYSE:RIG) Rating Increased to Hold at StockNews.com

Transocean (NYSE:RIGGet Rating) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report released on Friday.

A number of other equities analysts also recently commented on RIG. Barclays upgraded shares of Transocean from an “underweight” rating to an “overweight” rating and increased their price objective for the stock from $3.50 to $5.00 in a research note on Thursday, October 6th. Susquehanna reduced their price objective on shares of Transocean from $4.20 to $3.30 and set a “neutral” rating for the company in a research note on Monday, October 17th. Susquehanna Bancshares reduced their price objective on shares of Transocean from $4.20 to $3.30 and set a “neutral” rating for the company in a research note on Monday, October 17th. BTIG Research upgraded shares of Transocean from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 6th. Finally, Pareto Securities upgraded shares of Transocean from a “hold” rating to a “buy” rating in a research note on Thursday, August 25th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $4.16.

Transocean Price Performance

Shares of NYSE RIG opened at $4.06 on Friday. The firm has a market cap of $2.87 billion, a PE ratio of -5.08 and a beta of 2.88. The company has a current ratio of 1.49, a quick ratio of 1.24 and a debt-to-equity ratio of 0.57. Transocean has a 1-year low of $2.32 and a 1-year high of $5.56. The company has a fifty day moving average price of $3.25 and a 200 day moving average price of $3.50.

Transocean (NYSE:RIGGet Rating) last announced its earnings results on Wednesday, November 2nd. The offshore drilling services provider reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. Transocean had a negative net margin of 20.50% and a negative return on equity of 3.74%. The firm had revenue of $691.00 million during the quarter, compared to analyst estimates of $665.24 million. During the same period in the prior year, the business earned ($0.19) EPS. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year. Research analysts predict that Transocean will post -0.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Transocean

Several hedge funds have recently bought and sold shares of RIG. Northwestern Mutual Wealth Management Co. raised its holdings in Transocean by 285.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 5,536 shares of the offshore drilling services provider’s stock valued at $25,000 after acquiring an additional 4,100 shares during the period. Citizens Business Bank bought a new position in Transocean in the 3rd quarter valued at about $25,000. US Bancorp DE raised its holdings in Transocean by 336.4% in the 3rd quarter. US Bancorp DE now owns 10,277 shares of the offshore drilling services provider’s stock valued at $25,000 after acquiring an additional 7,922 shares during the period. Kestra Advisory Services LLC bought a new position in Transocean in the 3rd quarter valued at about $25,000. Finally, FNY Investment Advisers LLC bought a new position in Transocean in the 1st quarter valued at about $30,000. 65.64% of the stock is currently owned by institutional investors and hedge funds.

About Transocean

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Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. As of February 14, 2022, the company had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deep water and 10 harsh environment floaters.

Further Reading

Analyst Recommendations for Transocean (NYSE:RIG)

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