Transocean Ltd. (NYSE:RIG – Get Free Report) has earned an average rating of “Hold” from the eleven ratings firms that are covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $6.68.
Several equities research analysts have weighed in on RIG shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research report on Friday, July 17th. Barclays decreased their price objective on Transocean from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Wednesday, August 12th. Susquehanna dropped their target price on Transocean from $8.00 to $7.00 and set a “positive” rating on the stock in a report on Wednesday, July 8th. Finally, Fearnley Fonds raised Transocean from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th.
View Our Latest Stock Analysis on Transocean
Transocean Stock Performance
Transocean (NYSE:RIG – Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The offshore drilling services provider reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. The firm had revenue of $966.00 million for the quarter, compared to analyst estimates of $956.64 million. Transocean had a negative net margin of 40.24% and a positive return on equity of 2.60%. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.06) earnings per share. As a group, analysts predict that Transocean will post 0.18 earnings per share for the current year.
Hedge Funds Weigh In On Transocean
Several large investors have recently made changes to their positions in the company. State Street Corp boosted its holdings in Transocean by 8.7% during the second quarter. State Street Corp now owns 27,148,850 shares of the offshore drilling services provider’s stock worth $132,758,000 after buying an additional 2,166,646 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Transocean by 40.3% in the second quarter. Sequoia Financial Advisors LLC now owns 44,338 shares of the offshore drilling services provider’s stock worth $217,000 after acquiring an additional 12,734 shares during the period. Arlington Capital Management Inc. purchased a new stake in shares of Transocean during the 2nd quarter worth about $2,613,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Transocean during the 2nd quarter valued at about $313,000. Finally, Beaconlight Capital LLC grew its position in shares of Transocean by 199.1% during the 2nd quarter. Beaconlight Capital LLC now owns 977,964 shares of the offshore drilling services provider’s stock valued at $4,782,000 after acquiring an additional 651,017 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.
About Transocean
Transocean Ltd. is an offshore contract drilling company that provides drilling services to the international oil and gas industry. The company operates a fleet of mobile offshore drilling units, including ultra-deepwater and harsh-environment drillships and semisubmersible rigs, which are contracted by energy companies to drill exploration, appraisal and development wells.
Transocean’s services support offshore drilling programs in challenging environments around the world. Its operations have included activity in the Gulf of Mexico, Brazil, the North Sea, West Africa and other major offshore regions.
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