Barclays Cuts Transocean (NYSE:RIG) Price Target to $4.00

Transocean (NYSE:RIG) had its price target decreased by Barclays from $4.50 to $4.00 in a research note released on Tuesday morning,Benzinga reports. Barclays currently has an overweight rating on the offshore drilling services provider’s stock.

Several other equities analysts also recently issued reports on RIG. TD Cowen reduced their price target on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a report on Wednesday, January 8th. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a research report on Friday, December 6th. StockNews.com raised Transocean to a “sell” rating in a report on Tuesday, November 12th. Evercore ISI downgraded Transocean from an “outperform” rating to an “in-line” rating and reduced their price objective for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. Finally, Susquehanna lowered their target price on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research report on Friday, November 1st. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.75.

Transocean Price Performance

RIG opened at $3.04 on Tuesday. The company has a quick ratio of 1.34, a current ratio of 1.47 and a debt-to-equity ratio of 0.60. The company’s 50-day moving average price is $3.75 and its 200 day moving average price is $4.15. Transocean has a fifty-two week low of $3.03 and a fifty-two week high of $6.88. The firm has a market cap of $2.67 billion, a price-to-earnings ratio of -4.16, a price-to-earnings-growth ratio of 0.86 and a beta of 2.70.

Transocean (NYSE:RIG) last announced 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 for the quarter, compared to analyst estimates of $962.28 million. As a group, sell-side analysts expect that Transocean will post 0.14 earnings per share for the current year.

Insider Buying and Selling at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total value of $84,700.00. Following the transaction, the executive vice president now owns 313,072 shares in the company, valued at approximately $1,205,327.20. The trade was a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 13.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Transocean

Several large investors have recently modified their holdings of RIG. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Transocean during the fourth quarter valued at $117,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Transocean by 7.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,289,576 shares of the offshore drilling services provider’s stock valued at $4,836,000 after buying an additional 85,660 shares in the last quarter. Wexford Capital LP acquired a new position in shares of Transocean in the fourth quarter worth about $95,000. Two Sigma Advisers LP increased its position in shares of Transocean by 118.3% in the fourth quarter. Two Sigma Advisers LP now owns 1,577,454 shares of the offshore drilling services provider’s stock worth $5,915,000 after acquiring an additional 854,800 shares in the last quarter. Finally, State of Wyoming raised its holdings in shares of Transocean by 33.1% during the fourth quarter. State of Wyoming now owns 53,770 shares of the offshore drilling services provider’s stock valued at $202,000 after acquiring an additional 13,370 shares during the period. 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.