Susquehanna Issues Positive Forecast for Transocean (NYSE:RIG) Stock Price

Transocean (NYSE:RIG) had its target price boosted by Susquehanna from $7.50 to $8.00 in a research report released on Tuesday morning,Benzinga reports. Susquehanna currently has a positive rating on the offshore drilling services provider’s stock.

A number of other analysts have also recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research report on Thursday, January 22nd. Clarkson Capital cut Transocean from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 19th. Morgan Stanley lifted their price target on Transocean from $4.50 to $5.00 and gave the stock an “equal weight” rating in a research report on Monday, February 23rd. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Transocean in a research report on Wednesday, December 10th. Finally, Barclays cut Transocean from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $4.50 to $6.00 in a research report on Wednesday, February 18th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Transocean has an average rating of “Reduce” and a consensus price target of $6.46.

Transocean Stock Performance

Shares of RIG opened at $6.69 on Tuesday. The stock has a 50-day moving average of $6.15 and a two-hundred day moving average of $4.73. Transocean has a one year low of $2.03 and a one year high of $7.14. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.27 and a current ratio of 1.56. The stock has a market cap of $7.40 billion, a P/E ratio of -2.12 and a beta of 1.37.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Friday, February 20th. The offshore drilling services provider reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Transocean had a positive return on equity of 0.41% and a negative net margin of 73.52%.The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the firm posted ($0.09) EPS. The business’s revenue was up 9.6% compared to the same quarter last year. As a group, research analysts predict that Transocean will post 0.14 EPS for the current year.

Insider Activity

In other news, EVP Roderick James Mackenzie sold 78,370 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $6.36, for a total value of $498,433.20. Following the completion of the transaction, the executive vice president owned 268,025 shares of the company’s stock, valued at $1,704,639. The trade was a 22.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Keelan Adamson sold 58,687 shares of the business’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $5.00, for a total value of $293,435.00. Following the completion of the transaction, the chief executive officer directly owned 1,222,182 shares of the company’s stock, valued at approximately $6,110,910. This trade represents a 4.58% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 159,903 shares of company stock valued at $906,098. Insiders own 12.27% of the company’s stock.

Hedge Funds Weigh In On Transocean

Several institutional investors and hedge funds have recently modified their holdings of RIG. Integrated Wealth Concepts LLC lifted its holdings in shares of Transocean by 12.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider’s stock valued at $221,000 after buying an additional 7,520 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Transocean by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 434,031 shares of the offshore drilling services provider’s stock worth $1,376,000 after purchasing an additional 18,957 shares during the period. Goldman Sachs Group Inc. raised its holdings in Transocean by 88.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock worth $38,521,000 after purchasing an additional 5,719,637 shares during the period. Cetera Investment Advisers raised its holdings in Transocean by 5.7% in the 2nd quarter. Cetera Investment Advisers now owns 233,984 shares of the offshore drilling services provider’s stock worth $606,000 after purchasing an additional 12,532 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Transocean by 299.9% in the 2nd quarter. Franklin Resources Inc. now owns 164,517 shares of the offshore drilling services provider’s stock worth $426,000 after purchasing an additional 123,379 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

Transocean Company Profile

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.