Citigroup Cuts Transocean (NYSE:RIG) Price Target to $3.50

Transocean (NYSE:RIG) had its price objective reduced by Citigroup from $4.50 to $3.50 in a research note released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the offshore drilling services provider’s stock.

A number of other brokerages have also issued reports on RIG. Barclays cut their target price on Transocean from $4.50 to $4.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 25th. Benchmark restated a “hold” rating on shares of Transocean in a report on Tuesday, December 3rd. TD Cowen decreased their target price on Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. raised Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target on the stock in a research report on Friday, December 6th. Finally, SEB Equity Research set a $2.80 price target on shares of Transocean in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.23.

Transocean Trading Down 1.4 %

Transocean stock opened at $3.20 on Wednesday. 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 firm’s 50-day moving average is $3.49 and its 200-day moving average is $3.93. The company has a market cap of $2.81 billion, a P/E ratio of -4.38, a PEG ratio of 0.86 and a beta of 2.72. Transocean has a 1 year low of $2.55 and a 1 year high of $6.88.

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 analysts’ consensus estimates of $0.02 by ($0.11). Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The company had revenue of $952.00 million during the quarter, compared to analyst estimates of $962.28 million. On average, equities analysts expect that Transocean will post 0.14 earnings per share for the current year.

Insider Transactions at Transocean

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the company’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total transaction of $84,700.00. Following the completion of the sale, the executive vice president now directly owns 313,072 shares of the company’s stock, valued at approximately $1,205,327.20. This represents a 6.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Atria Investments Inc acquired a new stake in shares of Transocean in the third quarter valued at about $51,000. Oppenheimer Asset Management Inc. boosted its stake in Transocean by 10.9% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 25,170 shares of the offshore drilling services provider’s stock valued at $107,000 after purchasing an additional 2,469 shares during the period. KBC Group NV boosted its stake in Transocean by 28.7% during the 3rd quarter. KBC Group NV now owns 23,785 shares of the offshore drilling services provider’s stock valued at $101,000 after purchasing an additional 5,306 shares during the period. Intech Investment Management LLC acquired a new stake in Transocean in the 3rd quarter valued at approximately $670,000. Finally, Primecap Management Co. CA increased its position in Transocean by 0.4% in the 3rd quarter. Primecap Management Co. CA now owns 56,342,169 shares of the offshore drilling services provider’s stock worth $239,454,000 after buying an additional 222,680 shares during the period. 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.