Transocean (NYSE:RIG) Price Target Cut to $6.50 by Analysts at Susquehanna

Transocean (NYSE:RIG) had its price objective lowered by Susquehanna from $7.00 to $6.50 in a report released on Friday, Benzinga reports. The firm currently has a positive rating on the offshore drilling services provider’s stock.

A number of other brokerages have also recently commented on RIG. Benchmark cut shares of Transocean from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. DNB Markets raised shares of Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Morgan Stanley raised their price target on shares of Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. StockNews.com upgraded shares of Transocean to a “sell” rating in a research note on Thursday, October 10th. Finally, Barclays decreased their price target on shares of Transocean from $6.00 to $4.50 and set an “equal weight” rating for the company in a research note on Wednesday, October 23rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $6.63.

Transocean Price Performance

NYSE RIG traded down $0.10 on Friday, reaching $4.24. The company had a trading volume of 27,832,389 shares, compared to its average volume of 17,382,054. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.08 and a current ratio of 1.64. The business has a 50 day moving average of $4.34 and a two-hundred day moving average of $5.08. Transocean has a fifty-two week low of $3.85 and a fifty-two week high of $7.05.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). The firm had revenue of $861.00 million for the quarter, compared to the consensus estimate of $862.25 million. Transocean had a negative net margin of 18.81% and a negative return on equity of 1.48%. The business’s revenue was up 18.1% compared to the same quarter last year. During the same period last year, the company posted ($0.15) EPS. On average, sell-side analysts anticipate that Transocean will post -0.18 earnings per share for the current year.

Insider Buying and Selling at Transocean

In related news, Director Perestroika purchased 1,500,000 shares of Transocean 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 13.16% of the company’s stock.

Institutional Investors Weigh In On Transocean

Several hedge funds have recently bought and sold shares of RIG. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Transocean by 138.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock worth $25,000 after buying an additional 2,693 shares in the last quarter. Nisa Investment Advisors LLC bought a new position in shares of Transocean during the second quarter worth $30,000. Atria Investments Inc bought a new position in shares of Transocean during the third quarter worth $51,000. Fiducient Advisors LLC bought a new position in Transocean during the first quarter valued at $63,000. Finally, SG Americas Securities LLC bought a new stake in shares of Transocean in the 2nd quarter worth about $64,000. Institutional investors own 67.73% of the company’s stock.

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.