Transocean (NYSE:RIG) Given a $12.00 Price Target at HSBC

HSBC set a $12.00 price target on Transocean (NYSE:RIG) in a research report released on Monday, TipRanks reports. The brokerage currently has a buy rating on the offshore drilling services provider’s stock.

RIG has been the topic of a number of other reports. Morgan Stanley set a $70.00 price target on Edison International and gave the stock a hold rating in a research report on Monday. Bank of America set a $77.00 price target on Citigroup and gave the stock a buy rating in a research report on Monday, June 10th. ValuEngine downgraded Welbilt from a hold rating to a sell rating in a research report on Wednesday, June 12th. Finally, Citigroup reduced their price target on Broadcom from $320.00 to $300.00 and set a buy rating on the stock in a research report on Friday, June 14th. Five research analysts have rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $12.23.

NYSE:RIG traded down $0.24 during trading hours on Monday, reaching $5.82. The company’s stock had a trading volume of 14,059,384 shares, compared to its average volume of 14,173,302. The stock has a market cap of $3.71 billion, a P/E ratio of -7.37 and a beta of 1.77. Transocean has a 12 month low of $5.28 and a 12 month high of $14.47. The company has a quick ratio of 2.37, a current ratio of 2.72 and a debt-to-equity ratio of 0.70. The firm has a 50 day simple moving average of $6.16.



Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.01). The business had revenue of $754.00 million during the quarter, compared to the consensus estimate of $745.43 million. Transocean had a negative return on equity of 2.70% and a negative net margin of 62.97%. The business’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period last year, the firm earned ($0.48) EPS. On average, analysts expect that Transocean will post -0.95 EPS for the current fiscal year.

In related news, Director Vanessa C. L. Chang acquired 4,300 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were purchased at an average cost of $5.92 per share, with a total value of $25,456.00. Following the completion of the acquisition, the director now directly owns 14,000 shares of the company’s stock, valued at $82,880. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Howard E. Davis acquired 98,049 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were bought at an average cost of $6.35 per share, for a total transaction of $622,611.15. The disclosure for this purchase can be found here. Insiders have bought 112,349 shares of company stock worth $721,567 over the last three months. Corporate insiders own 11.05% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in RIG. Norges Bank purchased a new stake in shares of Transocean during the fourth quarter valued at $46,425,000. FMR LLC grew its holdings in shares of Transocean by 44.6% during the fourth quarter. FMR LLC now owns 11,313,110 shares of the offshore drilling services provider’s stock valued at $78,513,000 after buying an additional 3,488,128 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Transocean by 23.9% during the fourth quarter. Geode Capital Management LLC now owns 4,978,814 shares of the offshore drilling services provider’s stock valued at $34,552,000 after buying an additional 959,861 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Transocean by 1.7% during the first quarter. BlackRock Inc. now owns 47,148,891 shares of the offshore drilling services provider’s stock valued at $410,666,000 after buying an additional 785,189 shares during the last quarter. Finally, Elephas Investment Management Ltd grew its holdings in shares of Transocean by 242.5% during the first quarter. Elephas Investment Management Ltd now owns 1,061,737 shares of the offshore drilling services provider’s stock valued at $9,248,000 after buying an additional 751,759 shares during the last quarter. 70.14% of the stock is currently owned by hedge funds and other institutional investors.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Analyst Recommendations for Transocean (NYSE:RIG)

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