Benchmark Downgrades Transocean (NYSE:RIG) to Hold

Benchmark downgraded shares of Transocean (NYSE:RIG) from a buy rating to a hold rating in a research report released on Tuesday, MarketBeat reports.

Other analysts have also recently issued reports about the stock. Morgan Stanley increased their target price on shares of Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Citigroup downgraded Transocean from a “buy” rating to a “neutral” rating in a research note on Thursday, September 12th. Susquehanna reduced their price objective on Transocean from $8.00 to $7.00 and set a “positive” rating for the company in a research report on Friday, October 11th. StockNews.com upgraded Transocean to a “sell” rating in a research note on Thursday, October 10th. Finally, DNB Markets upgraded shares of Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $6.88.

Transocean Stock Performance

Shares of Transocean stock opened at $4.24 on Tuesday. The firm has a market cap of $3.71 billion, a PE ratio of -9.42 and a beta of 2.79. Transocean has a 1 year low of $3.85 and a 1 year high of $7.56. The firm’s 50-day simple moving average is $4.53 and its 200-day simple moving average is $5.24. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.08 and a current ratio of 1.36.

Transocean (NYSE:RIG) last issued its earnings results on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.07). The firm had revenue of $861.00 million during the quarter, compared to analyst estimates of $862.25 million. Transocean had a negative return on equity of 4.76% and a negative net margin of 11.34%. Transocean’s revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.15) EPS. Equities analysts forecast that Transocean will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director (Cyprus) Ltd Perestroika purchased 2,000,000 shares of Transocean stock in a transaction dated Friday, August 2nd. The stock was bought at an average cost of $5.23 per share, with a total value of $10,460,000.00. Following the purchase, the director now owns 89,574,894 shares in the company, valued at approximately $468,476,695.62. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Perestroika bought 1,500,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was acquired at an average price of $4.13 per share, with a total value of $6,195,000.00. Following the completion of the purchase, the director now directly owns 91,074,894 shares of the company’s stock, valued at $376,139,312.22. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director (Cyprus) Ltd Perestroika purchased 2,000,000 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was acquired at an average price of $5.23 per share, for a total transaction of $10,460,000.00. Following the completion of the transaction, the director now owns 89,574,894 shares of the company’s stock, valued at $468,476,695.62. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 12.54% of the company’s stock.

Hedge Funds Weigh In On Transocean

Hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. lifted its stake in Transocean by 138.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock valued at $25,000 after purchasing an additional 2,693 shares during the last quarter. Nisa Investment Advisors LLC acquired a new stake in shares of Transocean during the 2nd quarter valued at $30,000. Fiducient Advisors LLC bought a new stake in shares of Transocean during the 1st quarter worth $63,000. SG Americas Securities LLC acquired a new position in shares of Transocean in the 2nd quarter worth $64,000. Finally, CWM LLC raised its position in shares of Transocean by 36.1% during the third quarter. CWM LLC now owns 17,065 shares of the offshore drilling services provider’s stock worth $73,000 after purchasing an additional 4,529 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

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.