Transocean Ltd. (RIG)

[eastunder]

Transocean Ltd. Receives ‘Hold’ Rating from Multiple Coverage Firms, but Institutional Investors Remain Committed



Roberto Liccardo by Roberto Liccardo April 24, 2023

https://beststocks.com/transocean-ltd-receives-hold-rating-from-multip/

On April 24, 2023, Bloomberg Ratings reported that Transocean Ltd. (NYSE:RIG) had received a “Hold” rating from fourteen coverage firms. The company provides offshore drilling services for oil and gas wells and has several fleets of rigs for different environments. It was founded in 1953 and is located in Switzerland.

Even with various ratings, the stock remains stable as institutional investors and hedge funds have made changes to their positions in RIG. Citizens Business Bank purchased a new stake in the company worth about $25,000 during the third quarter while Kestra Advisory Services LLC also bought its own stake during the same period.

US Bancorp DE increased its shares by 336.4% in the same quarter to a total worth of $25,000 after purchasing an additional 7,922 shares of stocks. On the other hand, Transparent Wealth Partners LLC also acquired a new position at around the same time as Penn Capital Management Company LLC did likewise.

Overall, more than half of RIG’s stocks belong to institutional investors and hedge funds who have long-term commitments to it. Despite only having an average one-year price target among analysts that have updated their coverage on the stock set at $6.98 over the past year, this stability indicates some confidence within these financial groups.

It is worth noting that Transocean plays an important role in offshore drilling industry. With its various fleets catering to diverse environments for oil and gas drilling services, it has become one of Switzerland’s most successful businesses since inception in 1953.

In summing up this analysis on Transocean Ltd., even though there are varying analyst ratings for its stock performance; there appear to be strong positive signs given by institutional investors and hedge funds holding stakes at various periods over time.

Transocean Ltd., the Swiss-based offshore drilling contractor, has been a subject of scrutiny among investors in recent weeks. The company, which provides contract drilling services for oil and gas wells, has seen its stock price fluctuate as key events unfold.

Analysts from various research firms have issued reports on Transocean’s stocks in the past few weeks. Susquehanna increased its price target from $6.00 to $6.50, while Benchmark raised its target price from $7.50 to $12.00 with a “buy” rating for the company. Citigroup also raised its price target from $5.50 to $6.50 but gave a “neutral” rating, leaving some investors unsure of their position on the stock.

Barclays decreased its price objective, while Compass Point upgraded Transocean from “neutral” to “buy,” setting a price target of $7.50 on the stock.

In related news, Chief Accounting Officer David A. Tonnel sold 12,000 shares of the company’s stock at an average price of $6.53 per share in a transaction that took place on April 17th.

Meanwhile, Director Chad C. Deaton purchased 30,000 shares at an average cost of $7.40 per share in a transaction that occurred on March 2nd.

Corporate insiders own 13% of Transocean’s outstanding shares, indicating confidence in the company despite recent market volatility.

Transocean posted earnings data last February 21st showing ($0.49) loss per share for Q4-2022 – missing analysts’ consensus estimate by ($0.30). Despite this setback, sell-side analysts predict that the firm will recover with -0.37 earnings per share for this fiscal year.

Transocean stock opened at $6.06 on April 24th, with a current market cap of $4.44 billion and a P/E ratio of -6.89. The stock has a 50-day moving average price of $6.62 and a 200-day moving average price of $5.32.

Altogether, these key events may contribute to the unpredictability in Transocean’s stock price performance in the coming weeks. As always, investors are advised to closely monitor company developments and review their investment strategies accordingly.