Barclays Cuts Transocean (NYSE:RIG) Price Target to $3.50

Transocean (NYSE:RIG) had its target price decreased by analysts at Barclays from $4.00 to $3.50 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the offshore drilling services provider’s stock. Barclays‘s price objective points to a potential upside of 49.25% from the company’s current price.

RIG has been the subject of several other research reports. TD Cowen cut their price target on 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 price target on shares of Transocean in a research report on Wednesday, March 5th. Evercore ISI lowered shares of Transocean from an “outperform” rating to an “in-line” rating and lowered their price objective for the company from $6.00 to $5.00 in a research report on Wednesday, January 15th. Morgan Stanley dropped their price objective on shares of Transocean from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Thursday, March 27th. Finally, Citigroup decreased their target price on shares of Transocean from $4.50 to $3.50 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $4.98.

Transocean Price Performance

Shares of NYSE:RIG traded up $0.18 during midday trading on Monday, reaching $2.35. 21,800,138 shares of the company were exchanged, compared to its average volume of 33,029,801. The stock has a market cap of $2.07 billion, a PE ratio of -3.22, a price-to-earnings-growth ratio of 0.86 and a beta of 2.29. The business’s fifty day moving average is $3.30 and its two-hundred day moving average is $3.85. Transocean has a one year low of $1.97 and a one year high of $6.88. The company has a current ratio of 1.47, a quick ratio of 1.34 and a debt-to-equity ratio of 0.60.

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

Insider Activity

In other news, EVP Roderick James Mackenzie sold 22,000 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $4.05, for a total transaction of $89,100.00. Following the completion of the sale, the executive vice president now directly owns 229,596 shares of the company’s stock, valued at approximately $929,863.80. The trade was a 8.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 13.16% of the company’s stock.

Institutional Investors Weigh In On Transocean

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