Transocean (RIG) High Level of Revenue Efficiency "New Norm"

November 6, 2012 9:47 AM EST
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Price: $15.39 +1.99%

Rating Summary:
    12 Buy, 24 Hold, 11 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 29 | Down: 30 | New: 23
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Jefferies maintained a Buy rating on Transocean (NYSE: RIG) and boosted its price target to $60.00 (from $57.00).

Commenting on Transocean's Q3 results, analyst Brad Handler said "We think solid operations in 3Q, good revenue efficiency guidance and management's tone all support our view that the day-to-day should get 'better'."

Handler thinks the fact that management was willing to put forth guidance that called for average revenue efficiency of 93 percent through 2013 suggests that "3Q's 94.3% revenue efficiency, while probably exceptionally good, is not far off what should be the new norm".

Jefferies raised Q4 2012 EPS estimates to $0.75 from $0.70 and 2013 estimates to $4.80 from $4.35.

For an analyst ratings summary and ratings history on Transocean click here. For more ratings news on Transocean click here.

Shares of Transocean closed at $48.64 yesterday.

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