Transocean (NYSE:RIG) Price Target Cut to $4.00 by Analysts at Morgan Stanley

Transocean (NYSE:RIG) had its price objective decreased by Morgan Stanley from $5.00 to $4.00 in a research report sent to investors on Thursday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the offshore drilling services provider’s stock.

A number of other analysts also recently weighed in on the stock. Barclays reduced their target price on shares of Transocean from $4.50 to $4.00 and set an “overweight” rating on the stock in a report on Tuesday, February 25th. Evercore ISI cut Transocean from an “outperform” rating to an “in-line” rating and reduced their price objective for the stock from $6.00 to $5.00 in a research note on Wednesday, January 15th. Benchmark restated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. SEB Equity Research set a $2.80 target price on Transocean in a report on Wednesday, March 5th. Finally, Citigroup decreased their price target on Transocean from $4.50 to $3.50 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. 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. According to MarketBeat, Transocean has an average rating of “Hold” and a consensus price target of $5.03.

Transocean Stock Performance

Shares of RIG opened at $3.30 on Thursday. Transocean has a 52 week low of $2.55 and a 52 week high of $6.88. The company has a quick ratio of 1.34, a current ratio of 1.47 and a debt-to-equity ratio of 0.60. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of -4.51, a PEG ratio of 0.86 and a beta of 2.72. The business has a 50-day simple moving average of $3.42 and a two-hundred day simple moving average of $3.91.

Transocean (NYSE:RIG) last issued 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). Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The business had revenue of $952.00 million during the quarter, compared to analysts’ expectations of $962.28 million. On average, analysts expect that Transocean will post 0.14 EPS for the current year.

Insider Buying and Selling at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the firm’s stock in a transaction dated 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 owns 229,596 shares of the company’s stock, valued at approximately $929,863.80. This trade represents a 8.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 13.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Transocean

Institutional investors have recently bought and sold shares of the business. Twin Tree Management LP purchased a new stake in Transocean during the fourth quarter worth $27,000. Optiver Holding B.V. lifted its stake in shares of Transocean by 53.6% during the 4th quarter. Optiver Holding B.V. now owns 8,400 shares of the offshore drilling services provider’s stock worth $32,000 after purchasing an additional 2,933 shares during the last quarter. Blue Trust Inc. boosted its position in Transocean by 96.2% during the fourth quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock valued at $37,000 after purchasing an additional 4,826 shares in the last quarter. Adero Partners LLC bought a new stake in Transocean during the fourth quarter valued at about $38,000. Finally, Stratos Wealth Partners LTD. purchased a new position in Transocean in the fourth quarter valued at about $40,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

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.