Transocean (NYSE:RIG) Stock Price Down 3.2% Following Analyst Downgrade

Transocean Ltd. (NYSE:RIG) shares fell 3.2% during mid-day trading on Tuesday after Barclays lowered their price target on the stock from $4.00 to $3.50. Barclays currently has an overweight rating on the stock. Transocean traded as low as $2.30 and last traded at $2.30. 7,766,775 shares changed hands during trading, a decline of 66% from the average session volume of 22,963,192 shares. The stock had previously closed at $2.37.

Several other equities analysts have also recently weighed in on the company. SEB Equity Research set a $2.80 price objective on Transocean in a report on Wednesday, March 5th. Evercore ISI lowered shares of Transocean from an “outperform” rating to an “in-line” rating and dropped their price objective for the stock from $6.00 to $5.00 in a report on Wednesday, January 15th. Citigroup reduced their target price on shares of Transocean from $4.50 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Morgan Stanley dropped their price target on Transocean from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 27th. Finally, TD Cowen reduced their price objective on Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.98.

Insider Activity at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $4.05, for a total transaction of $89,100.00. Following the sale, the executive vice president now directly owns 229,596 shares of the company’s stock, valued at approximately $929,863.80. This represents a 8.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 13.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets increased its position in Transocean by 209.6% during the third quarter. BNP Paribas Financial Markets now owns 173,494 shares of the offshore drilling services provider’s stock worth $737,000 after buying an additional 117,459 shares during the last quarter. Quantinno Capital Management LP bought a new stake in Transocean in the 3rd quarter valued at $68,000. Stifel Financial Corp lifted its holdings in Transocean by 3.8% during the 3rd quarter. Stifel Financial Corp now owns 152,149 shares of the offshore drilling services provider’s stock valued at $647,000 after purchasing an additional 5,636 shares during the last quarter. State Street Corp boosted its position in Transocean by 11.0% during the third quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock worth $83,275,000 after purchasing an additional 1,944,723 shares during the period. Finally, Kovitz Investment Group Partners LLC raised its position in shares of Transocean by 34.0% in the third quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider’s stock valued at $62,000 after purchasing an additional 4,027 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Transocean Trading Down 7.8 %

The business’s 50 day moving average price is $3.20 and its 200-day moving average price is $3.80. The company has a current ratio of 1.47, a quick ratio of 1.34 and a debt-to-equity ratio of 0.60. The company has a market cap of $1.93 billion, a price-to-earnings ratio of -2.99, a PEG ratio of 0.86 and a beta of 2.29.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The business had revenue of $952.00 million for the quarter, compared to the consensus estimate of $962.28 million. On average, equities analysts anticipate that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.