Transocean (NYSE:RIG) Price Target Lowered to $4.50 at Barclays

Transocean (NYSE:RIG) had its price objective reduced by Barclays from $6.00 to $4.50 in a research note published on Wednesday, Benzinga reports. They currently have an equal weight rating on the offshore drilling services provider’s stock.

A number of other analysts also recently issued reports on RIG. Benchmark downgraded Transocean from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. DNB Markets upgraded shares of Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Susquehanna decreased their price target on shares of Transocean from $8.00 to $7.00 and set a “positive” rating on the stock in a report on Friday, October 11th. Morgan Stanley lifted their price objective on shares of Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. 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, five have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Transocean has an average rating of “Hold” and a consensus price target of $6.69.

Transocean Trading Down 3.5 %

Shares of Transocean stock opened at $4.10 on Wednesday. The company’s 50-day moving average price is $4.49 and its 200-day moving average price is $5.19. The company has a market cap of $3.86 billion, a price-to-earnings ratio of -7.88 and a beta of 2.79. Transocean has a 12-month low of $3.85 and a 12-month high of $7.15. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 0.63.

Transocean (NYSE:RIG) last released its quarterly earnings results on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $861.00 million for the quarter, compared to analysts’ expectations of $862.25 million. During the same quarter last year, the firm earned ($0.15) earnings per share. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, equities analysts expect that Transocean will post -0.17 earnings per share for the current fiscal year.

Insider Activity at Transocean

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

Institutional Trading of Transocean

Several large investors have recently added to or reduced their stakes in RIG. Vanguard Group Inc. boosted its position in Transocean by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 68,982,142 shares of the offshore drilling services provider’s stock valued at $433,208,000 after acquiring an additional 429,950 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Transocean by 76.9% in the first quarter. Russell Investments Group Ltd. now owns 402,839 shares of the offshore drilling services provider’s stock worth $2,530,000 after purchasing an additional 175,130 shares during the period. Swiss National Bank lifted its position in Transocean by 3.6% during the first quarter. Swiss National Bank now owns 1,437,730 shares of the offshore drilling services provider’s stock valued at $9,029,000 after buying an additional 49,800 shares during the period. The Manufacturers Life Insurance Company lifted its position in Transocean by 214.3% during the second quarter. The Manufacturers Life Insurance Company now owns 382,362 shares of the offshore drilling services provider’s stock valued at $2,046,000 after buying an additional 260,710 shares during the period. Finally, Hodges Capital Management Inc. grew its position in shares of Transocean by 50.7% in the 1st quarter. Hodges Capital Management Inc. now owns 124,340 shares of the offshore drilling services provider’s stock worth $781,000 after buying an additional 41,840 shares during the period. Institutional investors own 67.73% of the company’s stock.

About Transocean

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.