Transocean (NYSE:RIG) Stock Price Down 5.6% – What’s Next?

Shares of Transocean Ltd. (NYSE:RIG) fell 5.6% on Wednesday . The stock traded as low as $3.19 and last traded at $3.14. 1,981,378 shares changed hands during trading, a decline of 91% from the average session volume of 22,299,702 shares. The stock had previously closed at $3.32.

Analyst Ratings Changes

RIG has been the topic of a number of research reports. Morgan Stanley lowered their price objective 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. JPMorgan Chase & Co. raised shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target on the stock in a research report on Friday, December 6th. TD Cowen cut their price objective on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a report on Wednesday, January 8th. SEB Equity Research set a $2.80 target price on shares of Transocean in a report on Wednesday, March 5th. Finally, Evercore ISI lowered Transocean from an “outperform” rating to an “in-line” rating and cut their price target for the stock from $6.00 to $5.00 in a report on Wednesday, January 15th. Two equities research 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $5.03.

Transocean Stock Performance

The firm has a market capitalization of $2.80 billion, a PE ratio of -4.35, a PEG ratio of 0.86 and a beta of 2.72. The company has a quick ratio of 1.34, a current ratio of 1.47 and a debt-to-equity ratio of 0.60. The company has a 50-day moving average of $3.37 and a 200 day moving average of $3.89.

Transocean (NYSE:RIG) last announced its earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). The company had revenue of $952.00 million during the quarter, compared to analysts’ expectations of $962.28 million. Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. Equities research analysts predict that Transocean Ltd. will post 0.14 EPS for the current year.

Insider Buying and Selling at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the firm’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total value of $84,700.00. Following the sale, the executive vice president now owns 313,072 shares of the company’s stock, valued at $1,205,327.20. This trade represents a 6.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 12.54% of the company’s stock.

Institutional Trading of Transocean

A number of institutional investors have recently modified their holdings of the company. Twin Tree Management LP bought a new position in Transocean during the 4th quarter valued at approximately $27,000. Optiver Holding B.V. lifted its stake in Transocean by 53.6% in the fourth quarter. Optiver Holding B.V. now owns 8,400 shares of the offshore drilling services provider’s stock worth $32,000 after acquiring an additional 2,933 shares during the period. Blue Trust Inc. boosted its holdings in Transocean by 96.2% in the fourth quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock valued at $37,000 after acquiring an additional 4,826 shares in the last quarter. Adero Partners LLC purchased a new position in Transocean during the 4th quarter valued at $38,000. Finally, Stratos Wealth Partners LTD. bought a new position in Transocean in the 4th quarter worth $40,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

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.