Transocean (NYSE:RIG) Shares Down 7.1% – What’s Next?

Transocean Ltd. (NYSE:RIG) fell 7.1% on Thursday . The stock traded as low as $5.19 and last traded at $5.1850. 5,666,968 shares were traded during trading, a decline of 86% from the average daily volume of 39,602,875 shares. The stock had previously closed at $5.58.

Wall Street Analyst Weigh In

RIG has been the subject of a number of research reports. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $6.00 to $8.00 in a research report on Thursday, May 7th. TD Cowen boosted their price target on shares of Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Susquehanna upped their price target on shares of Transocean from $7.50 to $8.00 and gave the company a “positive” rating in a research note on Tuesday, April 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a report on Tuesday, April 21st. Finally, Morgan Stanley lifted their price target on Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Transocean currently has an average rating of “Hold” and an average target price of $6.96.

Transocean Stock Performance

The stock has a market capitalization of $5.92 billion, a PE ratio of -1.78 and a beta of 1.28. The business’s 50 day moving average is $6.33 and its 200 day moving average is $5.67. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period last year, the company earned ($0.10) earnings per share. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. On average, equities research analysts predict that Transocean Ltd. will post 0.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Transocean

Institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC lifted its stake in Transocean by 27.0% in the first quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider’s stock worth $43,000 after acquiring an additional 1,391 shares during the period. Fruth Investment Management increased its position in Transocean by 2.8% during the 4th quarter. Fruth Investment Management now owns 90,378 shares of the offshore drilling services provider’s stock valued at $373,000 after purchasing an additional 2,500 shares during the period. Annandale Capital LLC raised its holdings in shares of Transocean by 17.7% in the 4th quarter. Annandale Capital LLC now owns 16,600 shares of the offshore drilling services provider’s stock valued at $69,000 after purchasing an additional 2,500 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Transocean by 9.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 35,604 shares of the offshore drilling services provider’s stock valued at $114,000 after purchasing an additional 2,932 shares in the last quarter. Finally, Townsend & Associates Inc lifted its position in shares of Transocean by 16.0% in the 4th quarter. Townsend & Associates Inc now owns 29,000 shares of the offshore drilling services provider’s stock worth $126,000 after purchasing an additional 4,000 shares during the period. 67.73% of the stock is owned by institutional investors.

About Transocean

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.