Transocean (NYSE:RIG) Trading Down 6.6% (2024)

Transocean Ltd. (NYSE:RIG – Get Free Report)’s share price dropped 6.6% on Monday . The company traded as low as $5.78 and last traded at $5.79. Approximately 5,410,607 shares were traded during trading, a decline of 69% from the average daily volume of 17,343,354 shares. The stock had previously closed at $6.20.

Analysts Set New Price Targets

A number of research analysts have recently commented on RIG shares. StockNews.com raised shares of Transocean to a “sell” rating in a research report on Tuesday, February 20th. Citigroup cut their price objective on shares of Transocean from $9.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Evercore ISI lowered their target price on shares of Transocean from $9.00 to $7.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Morgan Stanley lowered their target price on shares of Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Monday, February 26th. Finally, Bank of America upped their target price on shares of Transocean from $5.50 to $6.00 and gave the company an “underperform” rating in a research note on Monday, April 15th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Transocean currently has a consensus rating of “Hold” and a consensus target price of $7.70.

Get Our Latest Research Report on RIG

Transocean Stock Down 5.3 %

The business’s 50-day moving average price is $5.96 and its 200 day moving average price is $5.79. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.35 and a quick ratio of 1.04.

Transocean (NYSE:RIG – Get Free Report) last posted its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.10. The company had revenue of $767.00 million during the quarter, compared to analysts’ expectations of $781.86 million. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. Transocean’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.38) EPS.

Insiders Place Their Bets

In other news, Director (Cyprus) Ltd Perestroika bought 2,000,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was bought at an average cost of $6.01 per share, for a total transaction of $12,020,000.00. Following the transaction, the director now owns 87,574,894 shares of the company’s stock, valued at $526,325,112.94. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 12.54% of the company’s stock.

Institutional Investors Weigh In On Transocean

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cetera Advisors LLC grew its holdings in Transocean by 185.0% during the 1st quarter. Cetera Advisors LLC now owns 76,036 shares of the offshore drilling services provider’s stock worth $478,000 after acquiring an additional 49,356 shares during the last quarter. Rokos Capital Management LLP bought a new stake in Transocean during the 1st quarter worth approximately $3,114,000. Jaffetilchin Investment Partners LLC bought a new stake in shares of Transocean in the 1st quarter valued at $193,000. Castleark Management LLC boosted its stake in shares of Transocean by 823.5% in the 1st quarter. Castleark Management LLC now owns 417,600 shares of the offshore drilling services provider’s stock valued at $2,623,000 after purchasing an additional 372,380 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in shares of Transocean by 4.1% in the 1st quarter. California State Teachers Retirement System now owns 654,772 shares of the offshore drilling services provider’s stock valued at $4,112,000 after purchasing an additional 25,537 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

About Transocean

(Get Free Report)

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.

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