Transocean (NYSE:RIG) Stock Rating Reaffirmed by Benchmark

Transocean (NYSE:RIG)‘s stock had its “buy” rating restated by equities researchers at Benchmark in a research report issued on Friday, Benzinga reports. They currently have a $12.00 price target on the offshore drilling services provider’s stock. Benchmark’s price objective would indicate a potential upside of 44.40% from the stock’s current price.

A number of other research analysts have also issued reports on RIG. Citigroup increased their target price on Transocean from $9.50 to $10.50 and gave the company a “buy” rating in a research report on Tuesday, September 12th. Barclays increased their target price on Transocean from $6.00 to $7.00 and gave the company an “equal weight” rating in a research report on Monday, August 7th. StockNews.com upgraded Transocean to a “sell” rating in a report on Friday, June 16th. Susquehanna raised their price objective on Transocean from $7.50 to $9.00 and gave the company a “neutral” rating in a report on Wednesday, August 2nd. Finally, BTIG Research raised their price objective on Transocean from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $8.38.

Transocean Price Performance

Shares of NYSE RIG opened at $8.31 on Friday. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of -6.02 and a beta of 2.99. Transocean has a 12 month low of $2.33 and a 12 month high of $8.88. The firm’s 50 day simple moving average is $8.23 and its 200-day simple moving average is $6.99. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.96 and a quick ratio of 1.61.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, July 31st. The offshore drilling services provider reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). Transocean had a negative return on equity of 7.32% and a negative net margin of 37.68%. The firm had revenue of $729.00 million for the quarter, compared to analyst estimates of $732.58 million. During the same period in the previous year, the business earned ($0.10) EPS. Transocean’s revenue for the quarter was up 5.3% compared to the same quarter last year. Analysts expect that Transocean will post -0.71 EPS for the current year.

Insider Transactions at Transocean

In other news, CAO David A. Tonnel sold 57,259 shares of Transocean stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $8.22, for a total transaction of $470,668.98. Following the transaction, the chief accounting officer now owns 417,789 shares in the company, valued at approximately $3,434,225.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Mark-Anthony Lovell Mey sold 396,170 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $8.50, for a total transaction of $3,367,445.00. Following the completion of the sale, the chief financial officer now directly owns 984,317 shares of the company’s stock, valued at approximately $8,366,694.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO David A. Tonnel sold 57,259 shares of the firm’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $8.22, for a total value of $470,668.98. Following the sale, the chief accounting officer now directly owns 417,789 shares of the company’s stock, valued at $3,434,225.58. The disclosure for this sale can be found here. Insiders have sold a total of 455,183 shares of company stock worth $3,853,479 in the last quarter. Company insiders own 13.16% of the company’s stock.

Hedge Funds Weigh In On Transocean

Institutional investors have recently bought and sold shares of the company. Vanguard Personalized Indexing Management LLC grew its position in Transocean by 10.9% in the 1st quarter. Vanguard Personalized Indexing Management LLC now owns 47,297 shares of the offshore drilling services provider’s stock valued at $301,000 after acquiring an additional 4,642 shares in the last quarter. Sargent Investment Group LLC boosted its stake in shares of Transocean by 38.0% in the 1st quarter. Sargent Investment Group LLC now owns 63,630 shares of the offshore drilling services provider’s stock valued at $448,000 after buying an additional 17,530 shares during the period. Goehring & Rozencwajg Associates LLC purchased a new position in shares of Transocean in the 4th quarter valued at about $2,335,000. Highland Peak Capital LLC purchased a new position in shares of Transocean in the 1st quarter valued at about $10,570,000. Finally, Jade Capital Advisors LLC purchased a new position in shares of Transocean in the 4th quarter valued at about $137,000. 66.70% of the stock is 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 its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. It serves integrated energy companies, government-owned or government-controlled energy companies, and other independent energy companies.