Dahlman Rose maintains a 'Buy' on Transocean (RIG); Weakness From Dividend Announcement Offers Opportunity

Dahlman Rose maintains a 'Buy' on Transocean (NYSE: RIG) price target of $61.00.

Analyst, James Crandell, said, "In its proposed agenda for the 2012 annual shareholder meeting, Transocean announced that it will not continue paying a dividend in order to strengthen its balance sheet and maintain investment grade status on its debt. The Board did not, however, rule out the possibility of reinstating a dividend in the future. On March 21, 2012, the company will be paying the fourth and final installment of its ~$1 billion dividend."

"We maintain our recommendation on RIG with a $61 price target and would be a buyer of the stock on weakness."

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 $50.79 yesterday.

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