Transocean (NYSE:RIG) Stock Price Down 8.4%

Transocean Ltd. (NYSE:RIG)’s stock price was down 8.4% during trading on Tuesday . The company 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on RIG shares. Evercore ISI reduced their target price on shares of Transocean from $9.00 to $7.00 and set an “outperform” rating for the company in a report on Wednesday. Barclays dropped their price target on shares of Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. Susquehanna upgraded shares of Transocean from a “neutral” rating to a “positive” rating and boosted their price target for the stock from $5.50 to $9.00 in a research note 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 note on Monday, February 26th. Finally, Bank of America boosted 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. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $7.70.

Transocean Trading Up 0.9 %

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

Transocean (NYSE:RIG) last issued its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, topping 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 company had revenue of $767.00 million for the quarter, compared to analyst estimates of $781.86 million. During the same period in the prior year, the business posted ($0.38) earnings per share. The firm’s revenue for the quarter was up 18.2% compared to the same quarter last year. Equities analysts anticipate that Transocean Ltd. will post 0.05 EPS for the current year.

Institutional Trading of Transocean

Large investors have recently modified their holdings of the business. OLD Point Trust & Financial Services N A acquired a new stake in shares of Transocean in the fourth quarter valued at approximately $25,000. VisionPoint Advisory Group LLC purchased a new position in shares of Transocean during the fourth quarter valued at approximately $28,000. Private Trust Co. NA lifted its stake in shares of Transocean by 1,489.8% during the fourth quarter. Private Trust Co. NA now owns 8,537 shares of the offshore drilling services provider’s stock valued at $54,000 after buying an additional 8,000 shares during the period. Fermata Advisors LLC purchased a new position in shares of Transocean during the first quarter valued at approximately $75,000. Finally, First Western Trust Bank purchased a new position in shares of Transocean during the fourth quarter valued at approximately $76,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.