Transocean Ltd. (NYSE:RIG) Receives Consensus Recommendation of “Hold” from Analysts (2024)

Posted by Tech Dows on Jun 4th, 2024

Shares of Transocean Ltd. (NYSE:RIG – Get Free Report) have earned a consensus recommendation of “Hold” from the ten brokerages that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $7.70.

A number of equities analysts have issued reports on RIG shares. Benchmark reaffirmed a “buy” rating and issued a $8.00 target price on shares of Transocean in a research report on Tuesday, April 30th. Morgan Stanley cut their target price on Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Monday, February 26th. StockNews.com upgraded Transocean to a “sell” rating in a report on Tuesday, February 20th. 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. Finally, Barclays dropped their price target on Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 22nd.

View Our Latest Analysis on Transocean

Insiders Place Their Bets

In related news, Director (Cyprus) Ltd Perestroika bought 2,000,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were purchased at an average cost of $6.01 per share, with a total value of $12,020,000.00. Following the completion of the transaction, the director now directly owns 87,574,894 shares of the company’s stock, valued at $526,325,112.94. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Transocean

Several large investors have recently added to or reduced their stakes in the stock. OLD Point Trust & Financial Services N A acquired a new position in shares of Transocean during the fourth quarter valued at $25,000. VisionPoint Advisory Group LLC acquired a new position in shares of Transocean in the 4th quarter valued at $28,000. Private Trust Co. NA boosted its position in shares of Transocean by 1,489.8% in the 4th quarter. Private Trust Co. NA now owns 8,537 shares of the offshore drilling services provider’s stock valued at $54,000 after purchasing an additional 8,000 shares during the period. Fiducient Advisors LLC acquired a new position in shares of Transocean in the 1st quarter valued at $63,000. Finally, Fermata Advisors LLC acquired a new stake in Transocean during the 1st quarter worth about $75,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Transocean Stock Performance

Transocean stock opened at $5.71 on Tuesday. The stock’s 50 day moving average price is $5.98 and its 200 day moving average price is $5.80. Transocean has a one year low of $4.45 and a one year high of $8.88. The firm has a market capitalization of $4.68 billion, a PE ratio of -10.98 and a beta of 2.82. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.04 and a current ratio of 1.35.

Transocean (NYSE:RIG – Get Free Report) last announced its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $767.00 million for the quarter, compared to analyst estimates of $781.86 million. During the same period in the prior year, the company posted ($0.38) EPS. Transocean’s quarterly revenue was up 18.2% on a year-over-year basis.

Transocean Company Profile

(Get Free Report

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.

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