Transocean (NYSE:RIG) Trading Down 8.4%

Transocean Ltd. (NYSE:RIG) shares traded down 8.4% during trading on Tuesday . The company traded as low as $5.26 and last traded at $5.33. 12,261,868 shares were traded during trading, a decline of 31% from the average session volume of 17,690,680 shares. The stock had previously closed at $5.82.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Citigroup cut their target price on Transocean from $9.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, February 21st. Susquehanna raised 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 report on Monday, April 8th. Barclays lowered their price objective on Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a report on Thursday, February 22nd. Benchmark reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Transocean in a report on Tuesday. Finally, Bank of America lifted their price objective on Transocean from $5.50 to $6.00 and gave the company an “underperform” rating in a report on Monday, April 15th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $7.78.

Transocean Price Performance

The company has a 50 day moving average price of $5.73 and a 200 day moving average price of $5.98. The firm has a market cap of $4.29 billion, a PE ratio of -4.15 and a beta of 2.77. The company has a current ratio of 1.52, a quick ratio of 1.22 and a debt-to-equity ratio of 0.68.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.10. Transocean had a negative return on equity of 7.13% and a negative net margin of 33.69%. The firm had revenue of $767.00 million during the quarter, compared to the consensus estimate of $781.86 million. During the same period in the previous year, the firm posted ($0.38) EPS. The company’s quarterly revenue was up 18.2% compared to the same quarter last year. On average, sell-side analysts expect that Transocean Ltd. will post 0.05 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RIG. Capital World Investors boosted its position in Transocean by 34.7% during the 4th quarter. Capital World Investors now owns 39,014,318 shares of the offshore drilling services provider’s stock worth $247,741,000 after purchasing an additional 10,049,077 shares during the period. Dimensional Fund Advisors LP boosted its position in Transocean by 23.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 35,690,620 shares of the offshore drilling services provider’s stock worth $226,641,000 after purchasing an additional 6,719,483 shares during the period. Primecap Management Co. CA boosted its position in Transocean by 11.4% during the 4th quarter. Primecap Management Co. CA now owns 50,699,389 shares of the offshore drilling services provider’s stock worth $321,941,000 after purchasing an additional 5,168,000 shares during the period. Vanguard Group Inc. boosted its position in Transocean by 6.4% during the 4th quarter. Vanguard Group Inc. now owns 68,552,192 shares of the offshore drilling services provider’s stock worth $435,306,000 after purchasing an additional 4,107,956 shares during the period. Finally, Keybank National Association OH purchased a new stake in Transocean during the 3rd quarter worth $29,946,000. 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.