Transocean (NYSE:RIG) Stock Rating Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Transocean (NYSE:RIG) from a hold rating to a sell rating in a report published on Saturday morning,Wall Street Zen reports.

RIG has been the subject of several other reports. Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a report on Thursday, October 15th. Barclays cut their target price on shares of Transocean from $8.00 to $7.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 12th. Fearnley Fonds upgraded shares of Transocean from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Finally, Zacks Research raised shares of Transocean from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Transocean currently has an average rating of “Hold” and an average price target of $6.68.

Transocean Stock Up 2.8%

Shares of NYSE RIG opened at $5.25 on Friday. The company has a current ratio of 1.53, a quick ratio of 1.27 and a debt-to-equity ratio of 0.54. The business has a 50-day moving average of $5.74 and a 200-day moving average of $5.87. The firm has a market capitalization of $5.86 billion, a price-to-earnings ratio of 37.46, a PEG ratio of 3.83 and a beta of 1.44. Transocean has a 12 month low of $3.68 and a 12 month high of $7.66.

Transocean (NYSE:RIG) last announced its earnings results on Monday, November 2nd. The offshore drilling services provider reported $0.02 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.02. Transocean had a net margin of 7.25% and a return on equity of 1.84%. The business had revenue of $937.00 million for the quarter, compared to the consensus estimate of $943.99 million. During the same period last year, the firm posted ($2.00) earnings per share. Transocean’s quarterly revenue was down 8.9% on a year-over-year basis. Sell-side analysts expect that Transocean will post 0.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Transocean

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its stake in shares of Transocean by 12.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 48,819,576 shares of the offshore drilling services provider’s stock worth $323,682,000 after acquiring an additional 5,349,264 shares in the last quarter. State Street Corp boosted its stake in Transocean by 8.7% during the second quarter. State Street Corp now owns 27,148,850 shares of the offshore drilling services provider’s stock worth $132,758,000 after acquiring an additional 2,166,646 shares in the last quarter. Elliott Investment Management L.P. bought a new stake in Transocean during the first quarter worth about $103,606,000. Keybank National Association OH purchased a new stake in Transocean in the third quarter worth about $67,428,000. Finally, Bank of New York Mellon Corp grew its holdings in Transocean by 67.8% in the first quarter. Bank of New York Mellon Corp now owns 5,698,827 shares of the offshore drilling services provider’s stock worth $37,783,000 after purchasing an additional 2,303,297 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

About Transocean

Transocean Ltd. is an offshore drilling contractor that provides drilling services to international oil and gas companies. The company specializes in ultra-deepwater and harsh-environment drilling, helping customers explore for and develop offshore energy resources.

Transocean owns and operates a fleet of mobile offshore drilling units, including ultra-deepwater drillships and semisubmersible rigs. Its services generally include contract drilling, rig operations, well-construction support, and related offshore drilling management.

With roots tracing back to the 1920s, Transocean serves customers in major offshore energy regions around the world.