Transocean (NYSE:RIG) Stock Price Down 5.6%

Shares of Transocean LTD (NYSE:RIG) were down 5.6% during trading on Thursday . The company traded as low as $5.51 and last traded at $5.74, approximately 23,071,686 shares changed hands during mid-day trading. An increase of 57% from the average daily volume of 14,716,000 shares. The stock had previously closed at $6.08.

A number of analysts have recently commented on RIG shares. Morgan Stanley set a $10.00 price target on shares of Transocean and gave the stock a “buy” rating in a research note on Monday, July 15th. Citigroup lowered shares of Transocean from a “buy” rating to a “neutral” rating and set a $7.00 price target for the company. in a research note on Friday, June 14th. HSBC set a $12.00 price target on shares of Transocean and gave the stock a “buy” rating in a research note on Monday, July 15th. Bank of America started coverage on shares of Transocean in a research note on Monday, June 10th. They issued a “neutral” rating and a $6.50 price target for the company. Finally, ValuEngine upgraded shares of Transocean from a “sell” rating to a “hold” rating in a research note on Thursday. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $12.16.

The business’s 50-day moving average is $6.02. The company has a quick ratio of 2.37, a current ratio of 2.88 and a debt-to-equity ratio of 0.74. The firm has a market cap of $3.72 billion, a P/E ratio of -6.68 and a beta of 1.76.

Transocean (NYSE:RIG) last announced its earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.34). The company had revenue of $758.00 million during the quarter, compared to analyst estimates of $765.81 million. Transocean had a negative net margin of 33.49% and a negative return on equity of 4.18%. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.04) earnings per share. Sell-side analysts expect that Transocean LTD will post -1 earnings per share for the current fiscal year.

In other Transocean news, Director Vincent J. Intrieri bought 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was bought at an average cost of $7.35 per share, for a total transaction of $73,500.00. Following the completion of the transaction, the director now owns 19,900 shares of the company’s stock, valued at approximately $146,265. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vanessa C. L. Chang bought 4,300 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 14,000 shares of the company’s stock, valued at approximately $82,880. The disclosure for this purchase can be found here. Insiders have purchased 112,349 shares of company stock valued at $721,567 over the last 90 days. 11.05% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Qube Research & Technologies Ltd bought a new position in Transocean during the second quarter valued at $171,000. Swiss National Bank increased its position in Transocean by 2.2% during the second quarter. Swiss National Bank now owns 964,930 shares of the offshore drilling services provider’s stock valued at $6,185,000 after acquiring an additional 20,600 shares during the last quarter. Sigma Planning Corp increased its position in Transocean by 36.8% during the second quarter. Sigma Planning Corp now owns 25,654 shares of the offshore drilling services provider’s stock valued at $164,000 after acquiring an additional 6,900 shares during the last quarter. Advisory Services Network LLC increased its position in Transocean by 47.8% during the second quarter. Advisory Services Network LLC now owns 86,423 shares of the offshore drilling services provider’s stock valued at $554,000 after acquiring an additional 27,959 shares during the last quarter. Finally, Coastal Investment Advisors Inc. increased its position in Transocean by 95.5% during the second quarter. Coastal Investment Advisors Inc. now owns 19,747 shares of the offshore drilling services provider’s stock valued at $125,000 after acquiring an additional 9,647 shares during the last quarter. Institutional investors own 70.92% of the company’s stock.

About Transocean (NYSE:RIG)

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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