Barclays Lowers Transocean (NYSE:RIG) Price Target to $4.00

Transocean (NYSE:RIG) had its target price cut by Barclays from $4.50 to $4.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the offshore drilling services provider’s stock. Barclays‘s price target would suggest a potential upside of 29.66% from the stock’s current price.

Several other brokerages also recently issued reports on RIG. JPMorgan Chase & Co. raised Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price on the stock in a research note on Friday, December 6th. Susquehanna reduced their price objective on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research note on Friday, November 1st. TD Cowen reduced their price objective on Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a research note on Wednesday, January 8th. Benchmark reaffirmed a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. Finally, Evercore ISI downgraded Transocean from an “outperform” rating to an “in-line” rating and reduced their price objective for the stock from $6.00 to $5.00 in a research note on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $5.75.

Transocean Stock Down 3.3 %

Shares of RIG opened at $3.09 on Tuesday. The business’s 50 day moving average is $3.76 and its 200 day moving average is $4.16. The company has a market capitalization of $2.71 billion, a PE ratio of -4.23, a price-to-earnings-growth ratio of 0.86 and a beta of 2.70. Transocean has a 12-month low of $3.06 and a 12-month 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 issued its earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.11). The business had revenue of $952.00 million for the quarter, compared to the consensus estimate of $962.28 million. Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. Research analysts expect that Transocean will post 0.14 earnings per share for the current fiscal year.

Insider Transactions at Transocean

In other news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.85, for a total value of $84,700.00. Following the completion of the transaction, the executive vice president now owns 313,072 shares in the company, valued at approximately $1,205,327.20. The trade was a 6.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 13.16% of the company’s stock.

Hedge Funds Weigh In On Transocean

Several hedge funds have recently bought and sold shares of RIG. Creative Planning grew its position in Transocean by 63.0% in the 3rd quarter. Creative Planning now owns 290,993 shares of the offshore drilling services provider’s stock valued at $1,237,000 after acquiring an additional 112,512 shares during the last quarter. International Assets Investment Management LLC grew its position in Transocean by 335.3% in the 3rd quarter. International Assets Investment Management LLC now owns 196,699 shares of the offshore drilling services provider’s stock valued at $836,000 after acquiring an additional 151,507 shares during the last quarter. Murphy Pohlad Asset Management LLC grew its position in Transocean by 8.4% in the 3rd quarter. Murphy Pohlad Asset Management LLC now owns 106,950 shares of the offshore drilling services provider’s stock valued at $455,000 after acquiring an additional 8,300 shares during the last quarter. Harbor Capital Advisors Inc. grew its position in Transocean by 19.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 33,442 shares of the offshore drilling services provider’s stock valued at $142,000 after acquiring an additional 5,344 shares during the last quarter. Finally, Atria Investments Inc bought a new position in Transocean in the 3rd quarter valued at $51,000. 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.