Evercore ISI Cuts Transocean (NYSE:RIG) Price Target to $7.00

Transocean (NYSE:RIG) had its price objective cut by Evercore ISI from $9.00 to $7.00 in a report released on Wednesday morning, Benzinga reports. They currently have an outperform rating on the offshore drilling services provider’s stock.

Several other research firms have also issued reports on RIG. Bank of America increased their target price on shares of Transocean from $5.50 to $6.00 and gave the stock an underperform rating in a research note on Monday, April 15th. Morgan Stanley lowered their price target on Transocean from $8.00 to $7.00 and set an equal weight rating on the stock in a research report on Monday, February 26th. Citigroup cut 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. Benchmark reiterated a buy rating and set a $8.00 target price on shares of Transocean in a research report on Tuesday. Finally, StockNews.com raised shares of Transocean to a sell rating in a report on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and an average price target of $7.70.

Transocean Stock Up 3.9 %

Transocean stock opened at $5.58 on Wednesday. Transocean has a 52 week low of $4.45 and a 52 week high of $8.88. The firm has a market cap of $4.57 billion, a price-to-earnings ratio of -10.73 and a beta of 2.83. The business’s 50-day moving average price is $5.76 and its 200 day moving average price is $5.95. The company has a quick ratio of 1.22, a current ratio of 1.35 and a debt-to-equity ratio of 0.65.

Transocean (NYSE:RIG) last posted its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.10. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. The firm had revenue of $767.00 million during the quarter, compared to analyst estimates of $781.86 million. During the same period in the previous year, the firm earned ($0.38) EPS. The business’s quarterly revenue was up 18.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Transocean will post 0.05 earnings per share for the current year.

Institutional Investors Weigh In On Transocean

A number of large investors have recently modified their holdings of RIG. General American Investors Co. Inc. purchased a new position in Transocean in the 1st quarter worth approximately $3,768,000. GSA Capital Partners LLP lifted its position in Transocean by 23.9% during the first quarter. GSA Capital Partners LLP now owns 506,105 shares of the offshore drilling services provider’s stock worth $3,178,000 after buying an additional 97,676 shares in the last quarter. Quent Capital LLC acquired a new position in Transocean during the first quarter worth $146,000. Hosking Partners LLP grew its holdings in Transocean by 19.6% in the 1st quarter. Hosking Partners LLP now owns 1,238,019 shares of the offshore drilling services provider’s stock valued at $7,775,000 after buying an additional 202,992 shares in the last quarter. Finally, Capstone Investment Advisors LLC acquired a new stake in shares of Transocean in the 1st quarter worth $197,000. Hedge funds and other institutional investors 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.