Vetr cut shares of Transocean LTD (NYSE:RIG) from a strong-buy rating to a buy rating in a report published on Wednesday morning. Vetr currently has $14.51 price target on the offshore drilling services provider’s stock.
Several other brokerages have also weighed in on RIG. Raymond James Financial, Inc. reissued an underperform rating on shares of Transocean LTD in a report on Monday, February 27th. Credit Suisse Group AG raised Transocean LTD from a neutral rating to an outperform rating and decreased their price objective for the stock from $18.00 to $12.85 in a report on Friday, February 3rd. Zacks Investment Research raised Transocean LTD from a hold rating to a buy rating and set a $17.00 price objective on the stock in a report on Thursday, December 22nd. Royal Bank of Canada lowered Transocean LTD from a sector perform rating to an underperform rating and lifted their price objective for the stock from $11.00 to $17.00 in a report on Friday, December 16th. Finally, Instinet lifted their price objective on Transocean LTD from $7.00 to $8.00 and gave the stock a reduce rating in a report on Monday, February 27th. Fourteen investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $13.15.
Transocean LTD (NYSE:RIG) opened at 11.92 on Wednesday. Transocean LTD has a one year low of $8.34 and a one year high of $16.66. The stock’s 50 day moving average price is $13.37 and its 200-day moving average price is $12.30. The firm has a market capitalization of $4.64 billion, a price-to-earnings ratio of 5.73 and a beta of 1.87.
Transocean LTD (NYSE:RIG) last announced its quarterly earnings data on Thursday, February 23rd. The offshore drilling services provider reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.55. Transocean LTD had a return on equity of 6.80% and a net margin of 23.14%. On average, equities research analysts anticipate that Transocean LTD will post ($0.55) earnings per share for the current fiscal year.
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Several large investors have recently made changes to their positions in RIG. TD Asset Management Inc. increased its stake in shares of Transocean LTD by 31.0% in the third quarter. TD Asset Management Inc. now owns 907,343 shares of the offshore drilling services provider’s stock valued at $9,672,000 after buying an additional 214,598 shares during the period. BlackRock Advisors LLC increased its stake in shares of Transocean LTD by 2.0% in the third quarter. BlackRock Advisors LLC now owns 144,849 shares of the offshore drilling services provider’s stock valued at $1,544,000 after buying an additional 2,829 shares during the period. Commonwealth Bank of Australia increased its stake in shares of Transocean LTD by 52.8% in the third quarter. Commonwealth Bank of Australia now owns 447,658 shares of the offshore drilling services provider’s stock valued at $4,771,000 after buying an additional 154,600 shares during the period. Renaissance Technologies LLC increased its stake in shares of Transocean LTD by 96.8% in the fourth quarter. Renaissance Technologies LLC now owns 3,102,028 shares of the offshore drilling services provider’s stock valued at $45,724,000 after buying an additional 1,525,528 shares during the period. Finally, Baird Financial Group Inc. boosted its position in Transocean LTD by 2.9% in the fourth quarter. Baird Financial Group Inc. now owns 160,233 shares of the offshore drilling services provider’s stock valued at $2,362,000 after buying an additional 4,495 shares in the last quarter. Institutional investors own 63.84% of the company’s stock.
About Transocean LTD
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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.
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