Analysts Set Transocean Ltd. (NYSE:RIG) Target Price at $7.70

Shares of Transocean Ltd. (NYSE:RIG) have been given an average recommendation of “Hold” by the ten brokerages that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $7.70.

RIG has been the topic of several analyst reports. Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of Transocean in a research note on Tuesday, April 30th. Evercore ISI dropped their price target on Transocean from $9.00 to $7.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Susquehanna raised Transocean from a “neutral” rating to a “positive” rating and raised their price target for the stock from $5.50 to $9.00 in a research report on Monday, April 8th. Finally, Bank of America raised their price target on Transocean from $5.50 to $6.00 and gave the stock an “underperform” rating in a research report on Monday, April 15th.

Insider Buying and Selling at Transocean

In related news, Director (Cyprus) Ltd Perestroika purchased 2,000,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was purchased at an average cost of $6.01 per share, for a total transaction of $12,020,000.00. Following the completion of the purchase, the director now directly owns 87,574,894 shares in the company, valued at $526,325,112.94. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 13.16% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. OLD Point Trust & Financial Services N A bought a new position in shares of Transocean during the 4th quarter worth approximately $25,000. VisionPoint Advisory Group LLC bought a new position in shares of Transocean during the 4th quarter worth approximately $28,000. Nisa Investment Advisors LLC bought a new position in shares of Transocean during the 2nd quarter worth approximately $30,000. Private Trust Co. NA boosted its stake in shares of Transocean by 1,489.8% during the 4th quarter. Private Trust Co. NA now owns 8,537 shares of the offshore drilling services provider’s stock worth $54,000 after acquiring an additional 8,000 shares during the period. Finally, Fiducient Advisors LLC bought a new position in shares of Transocean during the 1st quarter worth approximately $63,000. 67.73% of the stock is currently owned by institutional investors.

Transocean Stock Performance

Transocean stock opened at $5.51 on Wednesday. The business’s 50-day simple moving average is $5.49 and its 200 day simple moving average is $5.56. Transocean has a 12-month low of $4.45 and a 12-month high of $8.88. The company has a current ratio of 1.35, a quick ratio of 1.04 and a debt-to-equity ratio of 0.65.

Transocean (NYSE:RIG) last released 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 return on equity of 4.67% and a negative net margin of 13.27%. The firm had revenue of $767.00 million for the quarter, compared to analyst estimates of $781.86 million. During the same quarter in the prior year, the firm posted ($0.38) earnings per share. The company’s quarterly revenue was up 18.2% on a year-over-year basis. On average, equities analysts predict that Transocean will post -0.04 EPS for the current fiscal year.

About Transocean

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.