Transocean (NYSE:RIG) Downgraded by Fearnley Fonds

Transocean (NYSE:RIG) was downgraded by research analysts at Fearnley Fonds from a “buy” rating to a “hold” rating in a research report issued on Monday, The Fly reports.

Several other research firms also recently commented on RIG. Morgan Stanley decreased their price objective on Transocean from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Monday, October 7th. Scotiabank set a $7.00 price objective on Transocean and gave the stock a “hold” rating in a report on Monday, August 26th. Piper Jaffray Companies set a $8.00 price objective on Transocean and gave the stock a “hold” rating in a report on Wednesday, July 31st. UBS Group set a $10.00 price target on Transocean and gave the company a “buy” rating in a report on Monday, August 26th. Finally, Citigroup boosted their price target on Transocean from $4.90 to $7.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $9.32.

RIG opened at $4.77 on Monday. The company has a market cap of $2.78 billion, a P/E ratio of -6.04 and a beta of 1.81. The business’s 50-day moving average price is $4.93 and its 200-day moving average price is $6.08. The company has a current ratio of 2.88, a quick ratio of 2.55 and a debt-to-equity ratio of 0.74. Transocean has a 12 month low of $3.76 and a 12 month high of $11.70.

Transocean (NYSE:RIG) last released its quarterly earnings data on Monday, July 29th. The offshore drilling services provider reported ($0.34) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.34). The firm had revenue of $758.00 million for the quarter, compared to the consensus estimate of $765.81 million. Transocean had a negative return on equity of 4.18% and a negative net margin of 33.49%. The company’s quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.04) earnings per share. Equities research analysts forecast that Transocean will post -1.22 earnings per share for the current fiscal year.

In other Transocean news, Director Chad C. Deaton purchased 25,000 shares of Transocean stock in a transaction that occurred on Friday, August 2nd. The shares were bought at an average price of $5.29 per share, for a total transaction of $132,250.00. Following the acquisition, the director now directly owns 24,800 shares in the company, valued at $131,192. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have purchased 32,500 shares of company stock worth $162,915. 11.05% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC purchased a new position in Transocean during the 2nd quarter valued at about $35,000. NuWave Investment Management LLC increased its holdings in Transocean by 600.5% during the 3rd quarter. NuWave Investment Management LLC now owns 8,203 shares of the offshore drilling services provider’s stock valued at $36,000 after purchasing an additional 7,032 shares during the period. Ballentine Partners LLC purchased a new position in Transocean during the 3rd quarter valued at about $48,000. Meeder Asset Management Inc. increased its holdings in Transocean by 535.2% during the 2nd quarter. Meeder Asset Management Inc. now owns 8,962 shares of the offshore drilling services provider’s stock valued at $57,000 after purchasing an additional 7,551 shares during the period. Finally, Oppenheimer Asset Management Inc. bought a new stake in Transocean during the 2nd quarter valued at approximately $64,000. Institutional investors own 70.99% of the company’s stock.

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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