Transocean (NYSE:RIG) PT Set at $10.00 by Morgan Stanley

Transocean (NYSE:RIG) received a $10.00 price objective from stock analysts at Morgan Stanley in a research note issued on Monday, TipRanks reports. The brokerage presently has a “buy” rating on the offshore drilling services provider’s stock. Morgan Stanley’s target price points to a potential upside of 71.82% from the company’s current price.

RIG has been the subject of a number of other reports. Bank of America set a $77.00 price objective on shares of Citigroup and gave the company a “buy” rating in a report on Monday, June 10th. Citigroup reduced their price objective on shares of Broadcom from $320.00 to $300.00 and set a “buy” rating for the company in a report on Friday, June 14th. Finally, ValuEngine cut shares of Welbilt from a “hold” rating to a “sell” rating in a report on Wednesday, June 12th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $12.23.

Shares of NYSE RIG traded down $0.24 during mid-day trading on Monday, reaching $5.82. 14,059,384 shares of the company’s stock traded hands, compared to its average volume of 14,173,302. The company has a market capitalization of $3.71 billion, a PE ratio of -7.37 and a beta of 1.77. The business has a 50-day moving average of $6.16. Transocean has a 1-year low of $5.28 and a 1-year high of $14.47. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.37 and a current ratio of 2.72.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.01). The business had revenue of $754.00 million for the quarter, compared to analyst estimates of $745.43 million. Transocean had a negative net margin of 62.97% and a negative return on equity of 2.70%. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.48) earnings per share. As a group, sell-side analysts anticipate that Transocean will post -0.95 EPS for the current year.

In related news, Director Vincent J. Intrieri acquired 10,000 shares of the stock in a transaction on Tuesday, May 7th. The shares were acquired at an average price of $7.35 per share, with a total value of $73,500.00. Following the completion of the transaction, the director now owns 19,900 shares in the company, valued at approximately $146,265. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Howard E. Davis acquired 98,049 shares of the stock in a transaction on Friday, June 28th. The stock was 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. Over the last 90 days, insiders have purchased 112,349 shares of company stock worth $721,567. 11.05% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in RIG. Icon Wealth Partners LLC bought a new stake in Transocean in the first quarter worth about $38,000. Nisa Investment Advisors LLC bought a new stake in Transocean in the first quarter worth about $44,000. Mercer Global Advisors Inc. ADV bought a new stake in shares of Transocean in the first quarter valued at approximately $70,000. Quinn Opportunity Partners LLC bought a new stake in shares of Transocean in the first quarter valued at approximately $87,000. Finally, MinichMacGregor Wealth Management LLC bought a new stake in shares of Transocean in the first quarter valued at approximately $92,000. 70.14% 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. 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.

Further Reading: Tariff

Analyst Recommendations for Transocean (NYSE:RIG)

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