Transocean (NYSE:RIG) has been given a $11.00 price objective by research analysts at Cowen in a research report issued to clients and investors on Thursday. The firm presently has a “hold” rating on the offshore drilling services provider’s stock. Cowen’s price target indicates a potential downside of 9.84% from the company’s current price.
RIG has been the topic of a number of other reports. started coverage on Transocean in a research report on Thursday, October 19th. They set a “hold” rating and a $12.00 price objective on the stock. Jefferies Group upped their price objective on Transocean from $10.50 to $11.00 and gave the company a “hold” rating in a research report on Friday, November 3rd. Zacks Investment Research upgraded Transocean from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Tuesday, October 3rd. ValuEngine upgraded Transocean from a “hold” rating to a “buy” rating in a research report on Thursday, November 2nd. Finally, Deutsche Bank started coverage on Transocean in a research report on Tuesday, October 10th. They set a “buy” rating and a $13.00 price objective on the stock. Eleven equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $12.28.
Shares of Transocean (NYSE RIG) opened at $12.20 on Thursday. Transocean has a 52-week low of $7.20 and a 52-week high of $16.16. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.13 and a current ratio of 2.36. The stock has a market capitalization of $4,770.00, a P/E ratio of -1.71 and a beta of 1.79.
Transocean (NYSE:RIG) last issued its quarterly earnings data on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.20. Transocean had a positive return on equity of 2.10% and a negative net margin of 84.09%. The business had revenue of $808.00 million for the quarter, compared to the consensus estimate of $703.13 million. During the same period in the prior year, the business posted $0.25 earnings per share. The company’s quarterly revenue was down 10.8% compared to the same quarter last year. equities research analysts predict that Transocean will post -0.34 EPS for the current year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in RIG. BlackRock Inc. grew its stake in Transocean by 12.1% in the second quarter. BlackRock Inc. now owns 25,538,929 shares of the offshore drilling services provider’s stock worth $210,185,000 after purchasing an additional 2,756,207 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in Transocean in the third quarter worth approximately $26,661,000. Principal Financial Group Inc. grew its stake in Transocean by 310.7% in the third quarter. Principal Financial Group Inc. now owns 2,536,811 shares of the offshore drilling services provider’s stock worth $27,296,000 after purchasing an additional 1,919,171 shares in the last quarter. Horseman Capital Management Ltd bought a new position in Transocean in the third quarter worth approximately $19,456,000. Finally, State Street Corp grew its stake in Transocean by 7.5% in the second quarter. State Street Corp now owns 22,918,962 shares of the offshore drilling services provider’s stock worth $188,616,000 after purchasing an additional 1,593,179 shares in the last quarter. 72.88% of the stock is currently owned by hedge funds and other institutional investors.
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Transocean Company Profile
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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