Susquehanna Lowers Transocean (NYSE:RIG) Price Target to $7.00

Transocean (NYSE:RIG) had its price target cut by Susquehanna from $8.00 to $7.00 in a research report released on Friday, Benzinga reports. They currently have a positive rating on the offshore drilling services provider’s stock.

Other equities analysts have also issued research reports about the stock. Citigroup lowered shares of Transocean from a buy rating to a neutral rating in a report on Thursday, September 12th. Morgan Stanley boosted their target price on shares of Transocean from $5.00 to $6.00 and gave the company an equal weight rating in a report on Thursday, October 3rd. Benchmark restated a buy rating and issued a $8.00 target price on shares of Transocean in a report on Friday, August 2nd. DNB Markets upgraded shares of Transocean from a hold rating to a buy rating in a report on Tuesday, September 3rd. Finally, StockNews.com upgraded shares of Transocean to a sell rating in a report on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently 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 Friday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 0.63. Transocean has a twelve month low of $3.85 and a twelve month high of $7.71. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of -9.41 and a beta of 2.79. The company’s fifty day moving average is $4.60 and its 200 day moving average is $5.29.

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

Insider Buying and Selling

In other Transocean news, Director Perestroika bought 1,500,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were bought at an average price of $4.13 per share, for a total transaction of $6,195,000.00. Following the acquisition, the director now directly owns 91,074,894 shares of the company’s stock, valued at approximately $376,139,312.22. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Transocean news, Director Perestroika bought 1,500,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were bought at an average price of $4.13 per share, for a total transaction of $6,195,000.00. Following the acquisition, the director now directly owns 91,074,894 shares of the company’s stock, valued at approximately $376,139,312.22. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director (Cyprus) Ltd Perestroika bought 2,000,000 shares of the stock in a transaction that occurred 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 acquisition, the director now directly owns 89,574,894 shares in the company, valued at $468,476,695.62. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 13.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Transocean

A number of institutional investors have recently added to or reduced their stakes in RIG. Virtu Financial LLC bought a new stake in Transocean in the 4th quarter worth about $530,000. Fisher Asset Management LLC grew its position in Transocean by 11.0% in the 4th quarter. Fisher Asset Management LLC now owns 27,714 shares of the offshore drilling services provider’s stock worth $176,000 after purchasing an additional 2,743 shares in the last quarter. Vanguard Group Inc. grew its position in Transocean by 6.4% in the 4th quarter. Vanguard Group Inc. now owns 68,552,192 shares of the offshore drilling services provider’s stock worth $435,306,000 after purchasing an additional 4,107,956 shares in the last quarter. Quadrature Capital Ltd grew its position in Transocean by 199.8% in the 4th quarter. Quadrature Capital Ltd now owns 522,973 shares of the offshore drilling services provider’s stock worth $3,323,000 after purchasing an additional 348,507 shares in the last quarter. Finally, Banque Cantonale Vaudoise bought a new stake in Transocean in the 1st quarter worth about $1,521,000. 67.73% of the stock is owned by 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.