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RIG

Transocean

$11.93

0.335 (2.89%)

17:29
09/18/18
09/18
17:29
09/18/18
17:29

Transocean initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Connor Lynagh initiated Transocean with an Overweight rating and a price target of $15 as part of his broader research note on Oil Services Drilling/Equipment industry. The analyst cites the company's "hedged position" for a slower North America activity in the short run with a "meaningful contract backlog". Lynagh is also positive on Transocean's "efforts in consolidating the deepwater market" along with the scale of its "high-spec deepwater assets".

RIG Transocean
$11.93

0.335 (2.89%)

09/04/18
JPMS
09/04/18
NO CHANGE
JPMS
Transocean acquisition unlikely to attract new shareholders, says JPMorgan
JPMorgan analyst Sean Meakim says that while Transocean's (RIG) acquisition of Ocean Rig UDW (ORIG) aligns well with its strategy and should be received well by current investors, the deal is unlikely to attract incremental shareholders. The move also highlights the financial constraints of Transocean's peers Ensco (ESV) and Noble Corp. (NE), leaving it positioned as the "last man standing" as a consolidator, Meakim tells investors in a research note. The analyst, however, keeps an Underweight rating on Transocean given his bearish view on pricing. He does not see immediate accretion from Ocean Rig on valuation alone.
09/05/18
UBSW
09/05/18
NO CHANGE
Target $15
UBSW
Buy
Transocean deal for Ocean Rig the right strategic move, says UBS
UBS analyst Sasha Sanwal believes Transocean's (RIG) acquisition of Ocean Rig DW ((ORIG) materially increases the company's upside to a recovery at a fair valuation that is in line to slightly below recent deals. Although there is some pushback on near-term dilution to 2019 estimates, he believes the deal offers a favorable mix of upside for 2020 from future rig activations and higher backlog balanced by a desire to limit stress on the balance sheet and liquidity. Sanwal reiterated his Buy rating and $15 price target on Transocean shares.
09/17/18
BTIG
09/17/18
INITIATION
Target $18
BTIG
Buy
Transocean initiated with a Buy at BTIG
BTIG analyst Gregory Lewis initiated Transocean with a Buy rating and a price target of $18 as part of his broader research note on offshore drilling service industry, saying the company is his "top pick" in the space. The analyst notes that Transocean has a "dominant offshore footprint" and the "largest rolodex" in the business, benefiting from the momentum of the industry recovery. Lewis also expects Transocian to be a "major beneficiary as activity in Brazil and West Africa picks up," anticipating the company to capture more of the new business that its peers.
09/18/18
09/18/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Walmart (WMT) initiated with an Outperform at BMO Capital while Target (TGT) was initiated with a Market Perform. 2. Apache (APA) initiated with an Overweight at Stephens. 3. Supernus (SUPN) initiated with a Buy at Mizuho. 4. Transocean (RIG) initiated with a Buy at BTIG. 5. Noble initiated with a Neutral at BTIG. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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