Transocean (NYSE:RIG) Shares Gap Down to $5.24

Transocean LTD (NYSE:RIG)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $5.08, but opened at $5.24. Transocean shares last traded at $5.07, with a volume of 10,585,913 shares trading hands.

RIG has been the topic of a number of analyst reports. Bernstein Bank initiated coverage on shares of Transocean in a research note on Tuesday, January 14th. They issued an “underperform” rating and a $2.90 price objective on the stock. Morgan Stanley cut their target price on shares of Transocean from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Monday, October 7th. Fearnley Fonds lowered shares of Transocean from a “buy” rating to a “hold” rating and set a $6.00 target price on the stock. in a research note on Monday, October 21st. Sanford C. Bernstein initiated coverage on shares of Transocean in a research note on Monday, January 13th. They set an “underperform” rating and a $2.90 target price on the stock. Finally, ValuEngine raised shares of Transocean from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $7.38.

The firm has a market capitalization of $3.21 billion, a P/E ratio of -2.07 and a beta of 2.00. The company’s 50 day moving average is $6.21 and its 200-day moving average is $5.33. The company has a quick ratio of 2.21, a current ratio of 2.53 and a debt-to-equity ratio of 0.76.

Transocean (NYSE:RIG) last released its quarterly earnings data on Monday, October 28th. The offshore drilling services provider reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.02. Transocean had a negative net margin of 47.50% and a negative return on equity of 6.26%. The firm had revenue of $784.00 million for the quarter, compared to analyst estimates of $773.64 million. During the same period last year, the firm earned $0.06 earnings per share. The business’s quarterly revenue was down 3.9% compared to the same quarter last year. On average, analysts predict that Transocean LTD will post -1.32 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in RIG. Penn Capital Management Co. Inc. lifted its stake in shares of Transocean by 482.8% in the second quarter. Penn Capital Management Co. Inc. now owns 1,068,524 shares of the offshore drilling services provider’s stock valued at $6,849,000 after buying an additional 885,192 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Transocean by 2.9% in the second quarter. BlackRock Inc. now owns 48,524,391 shares of the offshore drilling services provider’s stock valued at $311,041,000 after buying an additional 1,375,500 shares in the last quarter. Private Advisor Group LLC lifted its stake in shares of Transocean by 18.8% in the second quarter. Private Advisor Group LLC now owns 24,066 shares of the offshore drilling services provider’s stock valued at $154,000 after buying an additional 3,804 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Transocean by 2.6% in the second quarter. Vanguard Group Inc. now owns 52,908,745 shares of the offshore drilling services provider’s stock valued at $339,145,000 after buying an additional 1,352,823 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Transocean by 10.0% in the second quarter. Invesco Ltd. now owns 2,077,951 shares of the offshore drilling services provider’s stock valued at $13,319,000 after buying an additional 189,018 shares in the last quarter. 70.70% of the stock is currently owned by hedge funds and other institutional investors.

Transocean Company Profile (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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