Transocean (NYSE:RIG) Price Target Cut to $3.50 by Analysts at Barclays

Transocean (NYSE:RIG) had its target price decreased by research analysts at Barclays from $4.00 to $3.50 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the offshore drilling services provider’s stock. Barclays‘s price target suggests a potential upside of 49.25% from the company’s previous close.

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

Transocean Stock Up 8.1 %

Shares of RIG traded up $0.18 during mid-day trading on Monday, reaching $2.35. The company had a trading volume of 21,800,138 shares, compared to its average volume of 33,029,801. Transocean has a 52 week low of $1.97 and a 52 week high of $6.88. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.34 and a current ratio of 1.47. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of -3.22, a price-to-earnings-growth ratio of 0.86 and a beta of 2.29. The firm has a 50-day moving average price of $3.30 and a 200 day moving average price of $3.85.

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

Insider Activity at Transocean

In related news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction on Friday, January 10th. The stock was sold at an average price of $4.05, for a total transaction of $89,100.00. Following the transaction, the executive vice president now directly owns 229,596 shares in the company, valued at approximately $929,863.80. The trade was a 8.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 13.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. 111 Capital bought a new stake in Transocean during the 4th quarter worth approximately $272,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Transocean during the 4th quarter valued at $627,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of Transocean during the 4th quarter valued at $117,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Transocean by 7.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,289,576 shares of the offshore drilling services provider’s stock worth $4,836,000 after buying an additional 85,660 shares during the period. Finally, Wexford Capital LP purchased a new stake in Transocean in the 4th quarter worth $95,000. 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.