Transocean (NYSE:RIG) Raised to Buy at DNB Markets

DNB Markets upgraded shares of Transocean (NYSE:RIG) from a hold rating to a buy rating in a report published on Tuesday, MarketBeat Ratings reports.

Several other research analysts also recently weighed in on RIG. StockNews.com raised Transocean to a sell rating in a research note on Monday, August 5th. Benchmark restated a buy rating and set a $8.00 price objective on shares of Transocean in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Transocean presently has an average rating of Hold and an average price target of $7.25.

Transocean Stock Performance

Shares of NYSE RIG opened at $4.32 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 0.63. The firm’s 50 day simple moving average is $5.19 and its 200-day simple moving average is $5.50. Transocean has a 12 month low of $4.26 and a 12 month high of $8.88.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). Transocean had a negative return on equity of 4.76% and a negative net margin of 11.34%. The firm had revenue of $861.00 million during the quarter, compared to analyst estimates of $862.25 million. During the same quarter last year, the company posted ($0.15) EPS. The company’s revenue was up 18.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Transocean will post -0.19 EPS for the current year.

Insider Transactions at Transocean

In related news, Director (Cyprus) Ltd Perestroika purchased 2,000,000 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was acquired at an average cost of $5.23 per share, for a total transaction of $10,460,000.00. Following the completion of the transaction, the director now directly owns 89,574,894 shares of the company’s stock, valued at $468,476,695.62. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 13.16% of the company’s stock.

Institutional Investors Weigh In On Transocean

Hedge funds have recently modified their holdings of the company. Murphy Pohlad Asset Management LLC increased its stake in Transocean by 1.7% during the first quarter. Murphy Pohlad Asset Management LLC now owns 96,150 shares of the offshore drilling services provider’s stock worth $604,000 after acquiring an additional 1,600 shares during the last quarter. Traynor Capital Management Inc. lifted its stake in shares of Transocean by 5.2% in the 1st quarter. Traynor Capital Management Inc. now owns 33,257 shares of the offshore drilling services provider’s stock valued at $209,000 after purchasing an additional 1,650 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Transocean by 8.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 22,237 shares of the offshore drilling services provider’s stock worth $140,000 after purchasing an additional 1,767 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Transocean by 138.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock worth $25,000 after purchasing an additional 2,693 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in Transocean by 11.0% in the 4th quarter. Fisher Asset Management LLC now owns 27,714 shares of the offshore drilling services provider’s stock valued at $176,000 after buying an additional 2,743 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

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.