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Credit Suisse Believes Transocean LTD (RIG) Still Has Room to Grow


In a report released yesterday, Gregory Lewis from Credit Suisse maintained a Buy rating on Transocean LTD (NYSE: RIG), with a price target of $16. The company’s shares closed yesterday at $13.47, close to its 52-week high of $14.34.

Lewis has an average return of 15.9% when recommending Transocean LTD.

According to TipRanks.com, Lewis is ranked #3972 out of 4843 analysts.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Transocean LTD with a $15.67 average price target, representing a 16.3% upside. In a report issued on July 9, Susquehanna also upgraded the stock to Buy with a $16 price target.

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Based on Transocean LTD’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $664 million and GAAP net loss of $210 million. In comparison, last year the company earned revenue of $751 million and had a GAAP net loss of $1.69 billion.

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Transocean Ltd. engages in the provision of offshore contract drilling services for oil and gas wells. It also owns and operates offshore drilling fleet such as ultra-deepwater, harsh-environment, deepwater, and midwater rigs. The company was founded in 1954 and is headquartered in Vernier, Switzerland.