Barclays Has Lowered Expectations for Transocean (NYSE:RIG) Stock Price

Transocean (NYSE:RIG) had its price target lowered by Barclays from $4.00 to $3.50 in a research note issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the offshore drilling services provider’s stock. Barclays‘s price objective would indicate a potential upside of 60.18% from the company’s previous close.

RIG has been the topic of several other reports. SEB Equity Research set a $2.80 price objective on shares of Transocean in a report on Wednesday, March 5th. Evercore ISI downgraded Transocean from an “outperform” rating to an “in-line” rating and cut their price target for the company from $6.00 to $5.00 in a research note on Wednesday, January 15th. Morgan Stanley reduced their price target on Transocean from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. TD Cowen dropped their price objective on Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a report on Wednesday, January 8th. Finally, Citigroup reduced their target price on Transocean from $4.50 to $3.50 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Transocean has an average rating of “Hold” and a consensus target price of $4.98.

Transocean Stock Down 7.8 %

Shares of RIG opened at $2.19 on Monday. The business’s fifty day moving average price is $3.20 and its two-hundred day moving average price is $3.80. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of -2.99, a PEG ratio of 0.86 and a beta of 2.29. Transocean has a 52 week low of $1.97 and a 52 week high of $6.65. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.34 and a current ratio of 1.47.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.11). Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. The firm had revenue of $952.00 million during the quarter, compared to the consensus estimate of $962.28 million. On average, analysts predict that Transocean will post 0.14 earnings per share for the current year.

Insider Activity

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the firm’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total transaction of $84,700.00. Following the sale, the executive vice president now directly owns 313,072 shares in the company, valued at $1,205,327.20. This trade represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 13.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Transocean

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIG. Charles Schwab Investment Management Inc. boosted its position in shares of Transocean by 7.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,465,534 shares of the offshore drilling services provider’s stock worth $46,746,000 after buying an additional 859,214 shares during the period. Hosking Partners LLP boosted its position in Transocean by 23.5% during the 4th quarter. Hosking Partners LLP now owns 1,706,143 shares of the offshore drilling services provider’s stock worth $6,398,000 after acquiring an additional 324,955 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Transocean by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock worth $73,307,000 after acquiring an additional 680,242 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Transocean by 33.9% in the fourth 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 purchasing an additional 3,895,880 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its holdings in shares of Transocean by 25.2% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 499,801 shares of the offshore drilling services provider’s stock valued at $1,874,000 after purchasing an additional 100,691 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

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.