Transocean (NYSE:RIG) Stock Rating Reaffirmed by Benchmark

Benchmark reissued their buy rating on shares of Transocean (NYSE:RIG) in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a $8.00 target price on the offshore drilling services provider’s stock.

RIG has been the subject of a number of other research reports. Citigroup lowered their price target on Transocean from $9.00 to $7.00 and set a buy rating for the company in a report on Wednesday, February 21st. Barclays decreased their price target on shares of Transocean from $7.00 to $6.00 and set an equal weight rating on the stock in a report on Thursday, February 22nd. 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. StockNews.com raised shares of Transocean to a sell rating in a research note on Tuesday, February 20th. Finally, Morgan Stanley dropped their price target on 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 research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $7.70.

Transocean Stock Up 3.9 %

RIG stock opened at $5.58 on Tuesday. Transocean has a 52 week low of $4.45 and a 52 week high of $8.88. The business has a 50-day simple moving average of $5.76 and a 200 day simple moving average of $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. The company has a market cap of $4.57 billion, a PE ratio of -10.73 and a beta of 2.83.

Transocean (NYSE:RIG) 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. The company had revenue of $767.00 million during the quarter, compared to the consensus estimate of $781.86 million. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. The firm’s quarterly revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.38) EPS. Sell-side analysts anticipate that Transocean will post 0.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Transocean

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Transocean by 6.4% during the 4th quarter. Vanguard Group Inc. now owns 68,552,192 shares of the offshore drilling services provider’s stock valued at $435,306,000 after purchasing an additional 4,107,956 shares during the period. Primecap Management Co. CA increased its position in shares of Transocean by 11.4% during the fourth quarter. Primecap Management Co. CA now owns 50,699,389 shares of the offshore drilling services provider’s stock worth $321,941,000 after buying an additional 5,168,000 shares during the period. Capital World Investors boosted its position in shares of Transocean by 34.7% during the 4th quarter. Capital World Investors now owns 39,014,318 shares of the offshore drilling services provider’s stock valued at $247,741,000 after purchasing an additional 10,049,077 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Transocean by 23.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 35,690,620 shares of the offshore drilling services provider’s stock worth $226,641,000 after purchasing an additional 6,719,483 shares during the period. Finally, Van ECK Associates Corp increased its holdings in Transocean by 7.0% in the first quarter. Van ECK Associates Corp now owns 17,013,964 shares of the offshore drilling services provider’s stock worth $106,848,000 after purchasing an additional 1,105,747 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

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.