Transocean (NYSE:RIG) Price Target Increased to $6.00 by Analysts at Bank of America

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

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

Transocean Price Performance

RIG opened at $6.05 on Monday. The stock has a market cap of $4.95 billion, a price-to-earnings ratio of -4.76 and a beta of 2.77. Transocean has a 1 year low of $4.45 and a 1 year 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 stock has a fifty day moving average price of $5.59 and a 200 day moving average price of $6.12.

Transocean (NYSE:RIG) last released its quarterly earnings data on Monday, February 19th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.12. The firm had revenue of $741.00 million during the quarter, compared to analysts’ expectations of $779.17 million. Transocean had a negative return on equity of 7.13% and a negative net margin of 33.69%. During the same quarter last year, the firm earned ($0.49) earnings per share. Analysts forecast that Transocean will post 0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Transocean

Large investors have recently made changes to their positions in the business. Murphy Pohlad Asset Management LLC increased its stake in Transocean by 1.7% during the first quarter. Murphy Pohlad Asset Management LLC now owns 96,150 shares of the offshore drilling services provider’s stock valued at $604,000 after acquiring an additional 1,600 shares during the period. Traynor Capital Management Inc. increased its stake in Transocean by 5.2% during the first quarter. Traynor Capital Management Inc. now owns 33,257 shares of the offshore drilling services provider’s stock valued at $209,000 after acquiring an additional 1,650 shares during the period. LaFleur & Godfrey LLC increased its stake in Transocean by 13.3% during the third quarter. LaFleur & Godfrey LLC now owns 15,300 shares of the offshore drilling services provider’s stock valued at $126,000 after acquiring an additional 1,800 shares during the period. B. Riley Wealth Advisors Inc. increased its stake in 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 valued at $118,000 after acquiring an additional 2,000 shares during the period. Finally, 180 Wealth Advisors LLC increased its stake in Transocean by 7.4% during the fourth quarter. 180 Wealth Advisors LLC now owns 31,496 shares of the offshore drilling services provider’s stock valued at $197,000 after acquiring an additional 2,170 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

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.