Transocean (NYSE:RIG) Downgraded by Citigroup

Transocean (NYSE:RIG) was downgraded by equities researchers at Citigroup from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, The Fly reports.

A number of other equities analysts have also recently commented on RIG. ValuEngine cut shares of Transocean from a “hold” rating to a “sell” rating in a research report on Wednesday. Bank of America began coverage on shares of Transocean in a research report on Monday. They issued a “neutral” rating and a $6.50 target price on the stock. Zacks Investment Research cut shares of Transocean from a “hold” rating to a “sell” rating in a research report on Tuesday, February 26th. Barclays reiterated an “underweight” rating on shares of Transocean in a research report on Thursday, February 21st. Finally, Goldman Sachs Group began coverage on shares of Transocean in a research report on Sunday, March 10th. They issued a “buy” rating and a $11.00 target price on the stock. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $13.18.

Shares of NYSE:RIG opened at $5.68 on Friday. The firm has a market capitalization of $3.36 billion, a P/E ratio of -7.19 and a beta of 1.83. Transocean has a 52 week low of $5.45 and a 52 week high of $14.47. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.37 and a current ratio of 2.72.

Transocean (NYSE:RIG) last issued its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.01). The business had revenue of $754.00 million during the quarter, compared to analysts’ expectations of $745.43 million. Transocean had a negative return on equity of 2.70% and a negative net margin of 62.97%. Transocean’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.48) EPS. As a group, equities analysts forecast that Transocean will post -1.06 earnings per share for the current fiscal year.

In other news, Director Vanessa C. L. Chang purchased 4,300 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were acquired at an average price of $5.92 per share, with a total value of $25,456.00. Following the acquisition, the director now directly owns 14,000 shares in the company, valued at $82,880. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP David A. Tonnel sold 16,561 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $9.25, for a total transaction of $153,189.25. Following the completion of the sale, the senior vice president now directly owns 111,936 shares in the company, valued at approximately $1,035,408. The disclosure for this sale can be found here. 11.05% of the stock is owned by company insiders.

A number of institutional investors have recently made changes to their positions in RIG. Icon Wealth Partners LLC bought a new stake in shares of Transocean during the 1st quarter valued at about $38,000. Nisa Investment Advisors LLC bought a new stake in shares of Transocean during the 1st quarter valued at about $44,000. Mercer Global Advisors Inc. ADV bought a new stake in shares of Transocean during the 1st quarter valued at about $70,000. National Asset Management Inc. bought a new stake in shares of Transocean during the 4th quarter valued at about $71,000. Finally, Magnus Financial Group LLC bought a new stake in shares of Transocean during the 4th quarter valued at about $71,000. 70.70% of the stock is currently owned by institutional investors and hedge funds.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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