Transocean (NYSE:RIG) Price Target Lowered to $3.50 at Citigroup

Transocean (NYSE:RIG) had its target price lowered by Citigroup from $4.50 to $3.50 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the offshore drilling services provider’s stock.

A number of other research firms also recently issued reports on RIG. Barclays lowered their price objective on shares of Transocean from $4.50 to $4.00 and set an “overweight” rating for the company in a research report on Tuesday, February 25th. SEB Equity Research set a $2.80 price objective on Transocean in a research note on Wednesday, March 5th. 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 report on Friday, December 6th. Evercore ISI downgraded Transocean from an “outperform” rating to an “in-line” rating and lowered their price target for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. Finally, TD Cowen lowered their target price on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $5.23.

Transocean Stock Down 2.0 %

Transocean stock opened at $3.14 on Wednesday. Transocean has a one year low of $2.55 and a one year high of $6.88. The stock has a fifty day moving average of $3.52 and a 200 day moving average of $3.95. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.34 and a current ratio of 1.47. The stock has a market cap of $2.76 billion, a PE ratio of -4.29, a price-to-earnings-growth ratio of 0.86 and a beta of 2.72.

Transocean (NYSE:RIG) last released its quarterly earnings results 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). The business had revenue of $952.00 million for the quarter, compared to analysts’ expectations of $962.28 million. Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. As a group, sell-side analysts predict that Transocean will post 0.14 EPS for the current year.

Insider Transactions at Transocean

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the 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 transaction, the executive vice president now owns 313,072 shares of the company’s stock, valued at $1,205,327.20. This represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 13.16% of the company’s stock.

Hedge Funds Weigh In On Transocean

Institutional investors have recently made changes to their positions in the company. Pilgrim Global Advisors LLC purchased a new stake in Transocean in the third quarter worth about $77,473,000. American Century Companies Inc. lifted its position in shares of Transocean by 51.5% in the 4th quarter. American Century Companies Inc. now owns 19,257,437 shares of the offshore drilling services provider’s stock worth $72,215,000 after purchasing an additional 6,542,271 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Transocean in the 4th quarter worth approximately $16,608,000. SIR Capital Management L.P. bought a new position in shares of Transocean during the fourth quarter valued at approximately $14,976,000. Finally, Van ECK Associates Corp increased its holdings in Transocean by 33.9% during the fourth quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider’s stock valued at $57,727,000 after buying an additional 3,895,880 shares during the period. Hedge funds and other 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.