Transocean (NYSE:RIG) Price Target Lowered to $7.00 at Susquehanna

Transocean (NYSE:RIG) had its price target cut by Susquehanna from $8.00 to $7.00 in a research report report published on Friday morning, Benzinga reports. They currently have a positive rating on the offshore drilling services provider’s stock.

Other equities research analysts have also recently issued research reports about the company. StockNews.com upgraded Transocean to a sell rating in a research note on Thursday. Morgan Stanley upped their price objective on Transocean from $5.00 to $6.00 and gave the stock an equal weight rating in a research note on Thursday, October 3rd. DNB Markets upgraded Transocean from a hold rating to a buy rating in a research note on Tuesday, September 3rd. Benchmark reiterated a buy rating and set a $8.00 price objective on shares of Transocean in a research note on Friday, August 2nd. Finally, Citigroup cut Transocean from a buy rating to a neutral rating in a research note on Thursday, September 12th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Transocean presently has an average rating of Hold and an average price target of $6.88.

Transocean Price Performance

Shares of RIG opened at $4.30 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.08 and a current ratio of 1.36. The stock has a 50 day simple moving average of $4.62 and a 200 day simple moving average of $5.31. Transocean has a 52-week low of $3.85 and a 52-week high of $7.96. The firm has a market capitalization of $4.04 billion, a PE ratio of -8.26 and a beta of 2.79.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.07). Transocean had a negative net margin of 11.34% and a negative return on equity of 4.76%. The business had revenue of $861.00 million during the quarter, compared to analyst estimates of $862.25 million. During the same quarter in the prior year, the firm posted ($0.15) earnings per share. Transocean’s revenue for the quarter was up 18.1% compared to the same quarter last year. Sell-side analysts predict that Transocean will post -0.18 EPS for the current fiscal year.

Insider Transactions at Transocean

In related news, Director Perestroika bought 1,500,000 shares of Transocean stock in a transaction dated Thursday, September 12th. The shares were bought at an average cost of $4.13 per share, with a total value of $6,195,000.00. Following the acquisition, the director now owns 91,074,894 shares in the company, valued at $376,139,312.22. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Transocean news, Director Perestroika acquired 1,500,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was acquired at an average cost of $4.13 per share, for a total transaction of $6,195,000.00. Following the transaction, the director now directly owns 91,074,894 shares in the company, valued at $376,139,312.22. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director (Cyprus) Ltd Perestroika acquired 2,000,000 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were acquired at an average price of $5.23 per share, with a total value of $10,460,000.00. Following the completion of the transaction, the director now owns 89,574,894 shares in the company, valued at $468,476,695.62. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 13.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Transocean

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Transocean by 0.6% in the first quarter. Vanguard Group Inc. now owns 68,982,142 shares of the offshore drilling services provider’s stock worth $433,208,000 after acquiring an additional 429,950 shares during the period. Primecap Management Co. CA lifted its stake in shares of Transocean by 0.7% in the second quarter. Primecap Management Co. CA now owns 56,119,489 shares of the offshore drilling services provider’s stock worth $300,239,000 after acquiring an additional 375,450 shares during the period. Capital World Investors lifted its stake in shares of Transocean by 18.8% in the first quarter. Capital World Investors now owns 46,334,990 shares of the offshore drilling services provider’s stock worth $290,984,000 after acquiring an additional 7,320,672 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Transocean by 19.0% in the second quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock worth $196,484,000 after acquiring an additional 5,856,414 shares during the period. Finally, Van ECK Associates Corp lifted its stake in shares of Transocean by 7.0% in the first quarter. Van ECK Associates Corp now owns 17,013,964 shares of the offshore drilling services provider’s stock worth $106,848,000 after acquiring an additional 1,105,747 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

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.