Transocean (NYSE:RIG) was downgraded by stock analysts at UBS Group from a “positive” rating to a “neutral” rating in a research note issued to investors on Wednesday, The Fly reports. They presently have a $1.15 target price on the offshore drilling services provider’s stock, down from their prior target price of $2.50. UBS Group’s price objective suggests a potential upside of 7.48% from the stock’s current price.
RIG has been the topic of several other research reports. Tudor Pickering cut shares of Transocean from a “buy” rating to a “hold” rating in a research note on Thursday, May 21st. Morgan Stanley cut shares of Transocean from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, July 8th. Evercore ISI started coverage on shares of Transocean in a research note on Thursday, August 6th. They set a “hold” rating and a $4.00 target price on the stock. Clarkson Capital cut shares of Transocean from a “buy” rating to a “neutral” rating and set a $2.40 target price on the stock. in a research note on Monday, June 15th. Finally, Susquehanna Bancshares cut shares of Transocean from a “positive” rating to a “neutral” rating and lowered their price objective for the stock from $2.50 to $1.15 in a research note on Wednesday. Seven investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $2.38.
RIG opened at $1.07 on Wednesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.78 and a current ratio of 2.07. The stock has a market capitalization of $657.68 million, a P/E ratio of -0.37 and a beta of 2.34. The company’s 50-day simple moving average is $1.67 and its two-hundred day simple moving average is $1.70. Transocean has a 52-week low of $0.76 and a 52-week high of $7.28.
A number of institutional investors and hedge funds have recently bought and sold shares of RIG. National Asset Management Inc. purchased a new position in Transocean in the first quarter valued at about $26,000. Marathon Trading Investment Management LLC purchased a new stake in shares of Transocean during the first quarter worth about $27,000. Fortem Financial Group LLC purchased a new stake in shares of Transocean during the second quarter worth about $27,000. Glassman Wealth Services grew its stake in shares of Transocean by 2,920.3% during the second quarter. Glassman Wealth Services now owns 16,400 shares of the offshore drilling services provider’s stock worth $30,000 after acquiring an additional 15,857 shares during the last quarter. Finally, Private Advisor Group LLC grew its stake in shares of Transocean by 103.0% during the first quarter. Private Advisor Group LLC now owns 26,816 shares of the offshore drilling services provider’s stock worth $31,000 after acquiring an additional 13,604 shares during the last quarter. Institutional investors own 56.71% of the company’s stock.
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.
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