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

Transocean (NYSE:RIG) had its price target cut by Citigroup from $4.50 to $3.50 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the offshore drilling services provider’s stock. Citigroup’s price objective would indicate a potential upside of 7.86% from the company’s current price.

A number of other analysts have also commented on the company. Evercore ISI lowered Transocean from an “outperform” rating to an “in-line” rating and lowered their price objective for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. SEB Equity Research set a $2.80 price objective on Transocean in a research report on Wednesday, March 5th. TD Cowen decreased their target price on Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a research report on Friday, December 6th. Finally, Benchmark restated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $5.23.

Transocean Price Performance

Shares of Transocean stock traded up $0.05 during trading on Wednesday, reaching $3.25. The company’s stock had a trading volume of 10,335,834 shares, compared to its average volume of 31,252,516. The stock has a 50-day moving average price of $3.54 and a two-hundred day moving average price of $3.95. 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 has a one year low of $2.55 and a one year high of $6.88. The stock has a market capitalization of $2.85 billion, a P/E ratio of -4.45, 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) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). The business had revenue of $952.00 million during 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%. As a group, sell-side analysts anticipate that Transocean will post 0.14 EPS for the current fiscal year.

Insider Buying and Selling at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the business’s 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 sale, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 13.16% of the company’s stock.

Institutional Investors Weigh In On Transocean

Several institutional investors have recently bought and sold shares of the company. Pilgrim Global Advisors LLC bought a new stake in shares of Transocean during the 3rd quarter worth approximately $77,473,000. American Century Companies Inc. increased its holdings in shares of Transocean by 51.5% during 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 acquiring an additional 6,542,271 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Transocean in the 4th quarter valued at $16,608,000. SIR Capital Management L.P. acquired a new position in Transocean in the 4th quarter valued at $14,976,000. Finally, Van ECK Associates Corp grew its holdings in Transocean by 33.9% in the 4th 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 in the last quarter. 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.