Barclays Cuts Transocean (NYSE:RIG) Price Target to $3.50

Transocean (NYSE:RIG) had its price objective lowered by Barclays from $4.00 to $3.50 in a research report sent to investors on Monday,Benzinga reports. Barclays currently has an overweight rating on the offshore drilling services provider’s stock.

Several other brokerages have also weighed in on RIG. TD Cowen decreased their target price on shares of Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a research report on Wednesday, January 8th. Morgan Stanley decreased their price objective on Transocean from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. Citigroup dropped their target price on Transocean from $4.50 to $3.50 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Evercore ISI lowered Transocean from an “outperform” rating to an “in-line” rating and decreased their price target for the company from $6.00 to $5.00 in a research note on Wednesday, January 15th. Finally, SEB Equity Research set a $2.80 price target on Transocean in a research report on Wednesday, March 5th. Two research 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. Based on data from MarketBeat, Transocean has an average rating of “Hold” and an average price target of $4.98.

Transocean Trading Up 9.8 %

Transocean stock opened at $2.41 on Monday. Transocean has a 12 month low of $1.97 and a 12 month high of $6.47. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -3.29, a price-to-earnings-growth ratio of 0.86 and a beta of 2.29. The business has a 50 day moving average price of $3.14 and a two-hundred day moving average price of $3.78. The company has a quick ratio of 1.34, a current ratio of 1.47 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) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.11). Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The firm had revenue of $952.00 million during the quarter, compared to the consensus estimate of $962.28 million. As a group, equities analysts forecast that Transocean will post 0.14 EPS for the current year.

Insider Activity

In other news, EVP Roderick James Mackenzie sold 22,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $4.05, for a total transaction of $89,100.00. Following the transaction, the executive vice president now directly owns 229,596 shares in the company, valued at approximately $929,863.80. This represents a 8.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 13.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Twin Tree Management LP bought a new position in Transocean in the 4th quarter valued at $27,000. Parallel Advisors LLC lifted its stake in shares of Transocean by 154.8% during the first quarter. Parallel Advisors LLC now owns 8,810 shares of the offshore drilling services provider’s stock valued at $28,000 after acquiring an additional 5,353 shares during the period. Optiver Holding B.V. boosted its holdings in Transocean by 53.6% in the fourth quarter. Optiver Holding B.V. now owns 8,400 shares of the offshore drilling services provider’s stock valued at $32,000 after acquiring an additional 2,933 shares during the last quarter. Blue Trust Inc. increased its position in Transocean by 96.2% in the fourth quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock worth $37,000 after purchasing an additional 4,826 shares during the period. Finally, Adero Partners LLC bought a new stake in Transocean during the 4th quarter worth about $38,000. 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.