Market Overview

Transocean Downgraded at Citi as Macondo LP Process 'Stalled'

Related RIG
Fast Money Picks For October 22
Cowen & Company Revises Recommendation On Several Drillers
Energy Stocks Move Higher as Oil Spikes (Fox Business)

Shares of Transocean (NYSE: RIG) were earlier downgraded from Buy to Neutral by a Citi analyst. The analyst's price target was raised from $52 to $63.

Citi analyst Robin Shoemaker reduced hos 2013-2015 EPS estimates below the Street consensus, citing the unlikeliness of dormant rigs being reactivated on "not strong enough" market demand.

Shoemaker also attributed the downgrade to a limited partnership deal with the Gulf's Macondo well which "appears to be stalled". Shoemaker now believes the limited partnership option is unlikely to be pursued.

Shares of Transocean opened 1.7 percent lower but regained the loss to bounce off Monday's close of $48.24. The stock last traded at $48.23, down just one penny for the session.

Latest Ratings for RIG

DateFirmActionFromTo
Oct 2014Cowen & CompanyDowngradesOutperformMarket Perform
Oct 2014Deutsche BankMaintainsSell
Oct 2014Iberia CapitalUpgradesSector PerformOutperform

View More Analyst Ratings for RIG
View the Latest Analyst Ratings

Posted-In: Analyst Color Downgrades Price Target Analyst Ratings

 

Related Articles (RIG)

Around the Web, We're Loving...

Get Benzinga's Newsletters