StockNews.com Downgrades Transocean (NYSE:RIG) to Sell

Transocean (NYSE:RIGGet Rating) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.

RIG has been the subject of a number of other research reports. Capital One Financial reaffirmed an “equal weight” rating on shares of Transocean in a research report on Wednesday, February 23rd. Pareto Securities raised shares of Transocean from a “sell” rating to a “hold” rating and set a $5.00 target price for the company in a research report on Thursday, March 24th. Finally, Piper Sandler lifted their target price on shares of Transocean from $3.00 to $3.85 and gave the stock a “neutral” rating in a research report on Monday, April 18th. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $3.98.

Shares of RIG traded down $0.03 on Tuesday, hitting $3.83. 17,514,295 shares of the stock traded hands, compared to its average volume of 22,661,697. The company has a market capitalization of $2.61 billion, a PE ratio of -4.12 and a beta of 3.08. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.57 and a current ratio of 1.88. The business has a 50 day simple moving average of $4.25 and a 200 day simple moving average of $3.68. Transocean has a one year low of $2.63 and a one year high of $5.56.

Transocean (NYSE:RIGGet Rating) last announced its quarterly earnings results on Tuesday, February 22nd. The offshore drilling services provider reported ($0.19) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by ($0.09). The firm had revenue of $621.00 million for the quarter, compared to the consensus estimate of $658.84 million. Transocean had a negative net margin of 23.16% and a negative return on equity of 4.20%. Transocean’s revenue was down 10.0% on a year-over-year basis. During the same period last year, the business earned ($0.34) EPS. On average, equities analysts expect that Transocean will post -0.6 earnings per share for the current year.

In other news, COO Keelan Adamson sold 349,418 shares of the business’s stock in a transaction on Monday, March 7th. The shares were sold at an average price of $5.00, for a total transaction of $1,747,090.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.29% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Captrust Financial Advisors grew its position in shares of Transocean by 154.4% during the 3rd quarter. Captrust Financial Advisors now owns 6,800 shares of the offshore drilling services provider’s stock valued at $26,000 after acquiring an additional 4,127 shares during the period. Beck Mack & Oliver LLC purchased a new position in shares of Transocean during the 4th quarter valued at $28,000. Budros Ruhlin & Roe Inc. purchased a new position in shares of Transocean during the 4th quarter valued at $28,000. Kestra Private Wealth Services LLC purchased a new position in shares of Transocean during the 4th quarter valued at $29,000. Finally, Vanguard Capital Wealth Advisors purchased a new position in shares of Transocean during the 4th quarter valued at $30,000. 49.64% of the stock is owned by hedge funds and other institutional investors.

About Transocean (Get Rating)

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. As of February 14, 2022, the company had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deep water and 10 harsh environment floaters.

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Analyst Recommendations for Transocean (NYSE:RIG)

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