Rig Stock – Transocean (NYSE:RIG) Downgraded by Barclays
Transocean (NYSE:RIG) was downgraded by analysts at Barclays from an “equal weight” rating to an “underweight” rating in a note issued to investors on Friday, The Fly reports.
Other equities analysts have also issued research reports about the company. Zacks Investment Research lowered Transocean from a “buy” rating to a “hold” rating and set a $2.00 price objective for the company. in a research note on Tuesday, December 1st. Wells Fargo & Company lowered Transocean from an “equal weight” rating to an “underweight” rating in a research note on Monday, December 7th. Finally, Royal Bank of Canada reiterated a “sell” rating and set a $3.00 price objective on shares of Transocean in a research note on Friday, December 25th. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has issued a buy rating to the stock. Transocean has an average rating of “Hold” and a consensus target price of $2.08.
Shares of RIG stock opened at $4.10 on Friday. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of -4.02 and a beta of 3.75. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.05 and a quick ratio of 1.75. The business has a fifty day moving average of $3.38 and a 200 day moving average of $1.96. Transocean has a 1 year low of $0.65 and a 1 year high of $4.24.
Transocean (NYSE:RIG) last issued its earnings results on Sunday, February 21st. The offshore drilling services provider reported ($0.34) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.19) by ($0.15). The firm had revenue of $690.00 million during the quarter, compared to analysts’ expectations of $695.28 million. Transocean had a negative return on equity of 4.55% and a negative net margin of 17.85%. The business’s revenue was down 12.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.43) EPS. As a group, equities research analysts expect that Transocean will post -0.52 earnings per share for the current year.
Hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its holdings in Transocean by 74.0% in the 3rd quarter. Victory Capital Management Inc. now owns 227,976 shares of the offshore drilling services provider’s stock worth $184,000 after buying an additional 96,951 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Transocean by 13.2% during the 3rd quarter. Van ECK Associates Corp now owns 12,104,961 shares of the offshore drilling services provider’s stock worth $9,767,000 after purchasing an additional 1,414,373 shares during the last quarter. California Public Employees Retirement System boosted its holdings in shares of Transocean by 6.7% during the 3rd quarter. California Public Employees Retirement System now owns 1,380,207 shares of the offshore drilling services provider’s stock worth $1,114,000 after purchasing an additional 87,203 shares during the last quarter. Brookstone Capital Management acquired a new position in shares of Transocean during the 4th quarter worth approximately $50,000. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Transocean by 156.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 13,000 shares of the offshore drilling services provider’s stock worth $30,000 after purchasing an additional 7,930 shares during the last quarter. Institutional investors own 46.56% of the company’s stock.
Transocean Company Profile
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its drilling rigs, related equipment, and work crews to drill oil and gas wells. As of October 27, 2020, the company owned or had partial ownership interests in and operated 38 mobile offshore drilling units, including 27 ultra-deepwater floaters and 11 harsh environment floaters.
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Rig Stock – Transocean (NYSE:RIG) Downgraded by Barclays]
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