Transocean (NYSE:RIG) Stock Price Down 4.5%

Shares of Transocean Ltd. (NYSE:RIG) dropped 4.5% during trading on Thursday . The stock traded as low as $4.21 and last traded at $4.22. Approximately 9,506,857 shares were traded during trading, a decline of 48% from the average daily volume of 18,384,230 shares. The stock had previously closed at $4.42.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on RIG shares. Benchmark reaffirmed a “buy” rating and set a $8.00 price objective on shares of Transocean in a report on Friday, August 2nd. Morgan Stanley lowered their price target on shares of Transocean from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. StockNews.com raised shares of Transocean to a “sell” rating in a research report on Thursday. Citigroup downgraded Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. Finally, DNB Markets raised Transocean from a “hold” rating to a “buy” rating in a report on Tuesday, September 3rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.00.

Transocean Stock Down 6.3 %

The company’s 50-day moving average is $4.90 and its 200 day moving average is $5.43. The company has a market capitalization of $3.90 billion, a PE ratio of -8.19 and a beta of 2.79. 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 announced its quarterly earnings results on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). The company had revenue of $861.00 million for the quarter, compared to analysts’ expectations of $862.25 million. Transocean had a negative net margin of 11.34% and a negative return on equity of 4.76%. The business’s revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.15) EPS. As a group, analysts anticipate that Transocean Ltd. will post -0.18 EPS for the current year.

Insiders Place Their Bets

In related news, Director Perestroika acquired 1,500,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were purchased at an average price of $4.13 per share, for a total transaction of $6,195,000.00. Following the completion of the acquisition, the director now directly owns 91,074,894 shares in the company, valued at approximately $376,139,312.22. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Perestroika bought 1,500,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was acquired at an average cost of $4.13 per share, with a total value of $6,195,000.00. Following the purchase, the director now directly owns 91,074,894 shares of the company’s stock, valued at $376,139,312.22. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director (Cyprus) Ltd Perestroika purchased 2,000,000 shares of the stock in a transaction dated Friday, August 2nd. The shares were acquired at an average price of $5.23 per share, with a total value of $10,460,000.00. Following the completion of the acquisition, the director now owns 89,574,894 shares in the company, valued at approximately $468,476,695.62. The disclosure for this purchase can be found here. 13.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Transocean

Several institutional investors have recently bought and sold shares of RIG. OLD Point Trust & Financial Services N A acquired a new position in shares of Transocean during the 4th quarter valued at about $25,000. Northwestern Mutual Wealth Management Co. increased its position in Transocean by 138.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock worth $25,000 after purchasing an additional 2,693 shares in the last quarter. Nisa Investment Advisors LLC purchased a new position in Transocean in the 2nd quarter worth approximately $30,000. Fiducient Advisors LLC purchased a new position in shares of Transocean during the 1st quarter valued at approximately $63,000. Finally, SG Americas Securities LLC purchased a new position in shares of Transocean during the 2nd quarter valued at approximately $64,000. 67.73% of the stock is owned by institutional investors and hedge funds.

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.