Susquehanna Trims Transocean (NYSE:RIG) Target Price to $7.00

Transocean (NYSE:RIG) had its price objective cut by Susquehanna from $8.00 to $7.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a positive rating on the offshore drilling services provider’s stock.

A number of other equities analysts have also issued reports on RIG. Morgan Stanley raised their price target on Transocean from $5.00 to $6.00 and gave the stock an equal weight rating in a report on Thursday, October 3rd. StockNews.com upgraded Transocean to a sell rating in a research note on Thursday. Citigroup cut Transocean from a buy rating to a neutral rating in a research note on Thursday, September 12th. Benchmark reiterated a buy rating and issued a $8.00 price objective on shares of Transocean in a research report on Friday, August 2nd. Finally, DNB Markets upgraded shares of Transocean from a hold rating to a buy rating in a research report on Tuesday, September 3rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and an average target price of $6.88.

Transocean Trading Up 1.2 %

RIG opened at $4.30 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 0.63. Transocean has a 52 week low of $3.85 and a 52 week high of $7.96. The business’s 50 day moving average is $4.62 and its two-hundred day moving average is $5.30.

Transocean (NYSE:RIG) last announced its earnings results on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). Transocean had a negative net margin of 11.34% and a negative return on equity of 4.76%. The business had revenue of $861.00 million during the quarter, compared to analyst estimates of $862.25 million. During the same period in the previous year, the firm earned ($0.15) earnings per share. The business’s revenue was up 18.1% compared to the same quarter last year. Analysts predict that Transocean will post -0.18 earnings per share for the current fiscal year.

Insider Activity

In related news, Director (Cyprus) Ltd Perestroika acquired 2,000,000 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were purchased at an average price of $5.23 per share, with a total value of $10,460,000.00. Following the completion of the acquisition, the director now owns 89,574,894 shares in the company, valued at approximately $468,476,695.62. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director (Cyprus) Ltd Perestroika acquired 2,000,000 shares of Transocean stock in a transaction that occurred on Friday, August 2nd. The stock was purchased at an average cost of $5.23 per share, with a total value of $10,460,000.00. Following the completion of the acquisition, the director now owns 89,574,894 shares in the company, valued at $468,476,695.62. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Perestroika purchased 1,500,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The stock was purchased at an average price of $4.13 per share, with a total value of $6,195,000.00. Following the transaction, the director now owns 91,074,894 shares of the company’s stock, valued at approximately $376,139,312.22. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 13.16% of the company’s stock.

Institutional Trading of Transocean

Several large investors have recently modified their holdings of the business. Capital World Investors lifted its stake in Transocean by 18.8% in the 1st quarter. Capital World Investors now owns 46,334,990 shares of the offshore drilling services provider’s stock valued at $290,984,000 after buying an additional 7,320,672 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Transocean by 19.0% during the second quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock valued at $196,484,000 after acquiring an additional 5,856,414 shares during the last quarter. Vanguard Group Inc. increased its position in Transocean by 6.4% during the 4th quarter. Vanguard Group Inc. now owns 68,552,192 shares of the offshore drilling services provider’s stock worth $435,306,000 after purchasing an additional 4,107,956 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Transocean in the 2nd quarter valued at about $16,179,000. Finally, American Century Companies Inc. lifted its holdings in Transocean by 24.3% in the 2nd quarter. American Century Companies Inc. now owns 13,437,572 shares of the offshore drilling services provider’s stock valued at $71,891,000 after purchasing an additional 2,623,615 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.