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Nomura started coverage on shares of Transocean LTD (NYSE:RIG) in a research report sent to investors on Friday, Analyst Ratings reports. The firm issued a reduce rating and a $7.00 price objective on the offshore drilling services provider’s stock.
Shares of Transocean LTD (NYSE:RIG) opened at 9.59 on Friday. The company has a 50-day moving average of $9.82 and a 200 day moving average of $12.04. The firm has a market capitalization of $3.49 billion and a P/E ratio of 4.44. Transocean LTD has a 52 week low of $7.67 and a 52 week high of $21.90.
Transocean LTD (NYSE:RIG) last posted its earnings results on Wednesday, February 24th. The offshore drilling services provider reported $1.68 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.95. The company earned $1.85 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the business posted $0.95 earnings per share. The company’s revenue for the quarter was down 17.3% on a year-over-year basis. Equities research analysts anticipate that Transocean LTD will post $0.28 earnings per share for the current year.
Several large investors recently added to or reduced their stakes in the stock. Detwiler Fenton Investment Management bought a new stake in Transocean LTD during the fourth quarter valued at about $176,000. Capstone Asset Management Company boosted its stake in Transocean LTD by 137.6% in the fourth quarter. Capstone Asset Management Company now owns 88,050 shares of the offshore drilling services provider’s stock valued at $1,090,000 after buying an additional 50,990 shares during the last quarter. Quantitative Investment Management LLC boosted its stake in Transocean LTD by 506.2% in the fourth quarter. Quantitative Investment Management LLC now owns 88,500 shares of the offshore drilling services provider’s stock valued at $1,095,000 after buying an additional 73,900 shares during the last quarter. Mitsubishi UFJ Securities International PLC boosted its stake in Transocean LTD by 60.3% in the fourth quarter. Mitsubishi UFJ Securities International PLC now owns 94,364 shares of the offshore drilling services provider’s stock valued at $1,168,000 after buying an additional 35,510 shares during the last quarter. Finally, Comerica Bank boosted its stake in Transocean LTD by 3.4% in the fourth quarter. Comerica Bank now owns 109,793 shares of the offshore drilling services provider’s stock valued at $1,180,000 after buying an additional 3,617 shares during the last quarter.
RIG has been the subject of several other reports. Cowen and Company dropped their target price on shares of Transocean LTD from $12.00 to $9.00 in a research report on Monday, March 21st. Barclays decreased their price target on shares of Transocean LTD from $6.00 to $5.00 and set an underweight rating for the company in a research note on Monday, March 28th. RBC Capital decreased their price target on shares of Transocean LTD from $12.00 to $10.00 and set a sector perform rating for the company in a research note on Friday, February 12th. Zacks Investment Research lowered shares of Transocean LTD from a buy rating to a hold rating in a research note on Monday, January 25th. Finally, Howard Weil decreased their price target on shares of Transocean LTD from $17.00 to $16.00 in a research note on Monday, December 14th. Fifteen investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the stock. Transocean LTD presently has an average rating of Hold and a consensus price target of $10.31.
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews primarily on a day rate basis to drill oil and gas wells. The Company specializes in technically demanding regions of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services.
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Broad Street Alerts has not been compensated for the mention of (NYSE: RIG ) and we do not hold any positions.