Transocean (NYSE:RIG) Stock Price Down 8.4%

Transocean Ltd. (NYSE:RIG)’s stock price dropped 8.4% on Tuesday . The stock traded as low as $5.26 and last traded at $5.33. Approximately 12,261,868 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 17,690,680 shares. The stock had previously closed at $5.82.

Analysts Set New Price Targets

RIG has been the topic of several recent research reports. Susquehanna upgraded shares of Transocean from a “neutral” rating to a “positive” rating and lifted their price objective for the company from $5.50 to $9.00 in a research report on Monday, April 8th. Morgan Stanley dropped their price target on shares of Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Monday, February 26th. Bank of America upped their price target on shares of Transocean from $5.50 to $6.00 and gave the stock an “underperform” rating in a research note on Monday, April 15th. StockNews.com raised shares of Transocean to a “sell” rating in a research note on Tuesday, February 20th. Finally, Barclays reduced their price target on shares of Transocean from $7.00 to $6.00 and set an “equal weight” rating for the company in a research note on Thursday, February 22nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $7.70.

Transocean Stock Up 0.9 %

The firm’s 50 day moving average is $5.74 and its 200 day moving average is $5.96. The company has a current ratio of 1.35, a quick ratio of 1.22 and a debt-to-equity ratio of 0.65.

Transocean (NYSE:RIG) last released its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.10. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. The business had revenue of $767.00 million during the quarter, compared to analyst estimates of $781.86 million. During the same period in the prior year, the business earned ($0.38) earnings per share. The business’s quarterly revenue was up 18.2% on a year-over-year basis. Equities analysts predict that Transocean Ltd. will post 0.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Transocean

A number of large investors have recently made changes to their positions in the company. Capstone Investment Advisors LLC acquired a new stake in shares of Transocean during the first quarter valued at approximately $197,000. Janney Montgomery Scott LLC increased its stake in Transocean by 1,748.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 245,861 shares of the offshore drilling services provider’s stock valued at $1,544,000 after buying an additional 232,561 shares during the period. Van ECK Associates Corp increased its stake in Transocean by 7.0% in the 1st quarter. Van ECK Associates Corp now owns 17,013,964 shares of the offshore drilling services provider’s stock valued at $106,848,000 after buying an additional 1,105,747 shares during the period. Kailix Advisors LLC acquired a new position in Transocean in the 1st quarter valued at approximately $14,534,000. Finally, Narwhal Capital Management increased its stake in Transocean by 44.8% in the 1st quarter. Narwhal Capital Management now owns 160,000 shares of the offshore drilling services provider’s stock valued at $1,005,000 after buying an additional 49,500 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

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.