In a report released yesterday, Ian Macpherson from Piper Jaffray reiterated a Hold rating on Transocean LTD (NYSE: RIG), with a price target of $13.30. The company’s shares closed yesterday at $10.76.
According to TipRanks.com, Macpherson is a 3-star analyst with an average return of 2.8% and a 44.4% success rate. Macpherson covers the Basic Materials sector, focusing on stocks such as Ncs Multistage Holdings Inc, Select Energy Services Inc, and Oceaneering International.
Transocean LTD has an analyst consensus of Moderate Buy, with a price target consensus of $13.38.
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Based on Transocean LTD’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $790 million and GAAP net loss of $1.14 billion. In comparison, last year the company earned revenue of $751 million and had a GAAP net loss of $1.69 billion.
Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RIG in relation to earlier this year.
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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.
