Transocean (NYSE:RIG) Shares Gap Down to $4.92

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Transocean LTD (NYSE:RIG) gapped down before the market opened on Tuesday . The stock had previously closed at $5.04, but opened at $4.92. Transocean shares last traded at $4.86, with a volume of 10,442,298 shares.

Several research analysts have recently weighed in on RIG shares. Deutsche Bank initiated coverage on shares of Transocean in a research report on Wednesday, November 27th. They set a “sell” rating and a $3.00 price target on the stock. Fearnley Fonds cut shares of Transocean from a “buy” rating to a “hold” rating and set a $6.00 price objective for the company. in a research report on Monday, October 21st. Royal Bank of Canada downgraded shares of Transocean from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $17.00 to $9.00 in a research note on Wednesday, September 25th. Citigroup boosted their target price on shares of Transocean from $4.90 to $7.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. Finally, UBS Group set a $10.00 price target on shares of Transocean and gave the company a “buy” rating in a research note on Monday, August 26th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. Transocean currently has a consensus rating of “Hold” and a consensus target price of $8.58.

The stock has a market capitalization of $2.97 billion, a PE ratio of -6.15 and a beta of 1.91. The firm’s fifty day moving average is $4.90 and its 200-day moving average is $5.37. The company has a current ratio of 2.53, a quick ratio of 2.21 and a debt-to-equity ratio of 0.76.

Transocean (NYSE:RIG) last announced its earnings results on Monday, October 28th. The offshore drilling services provider reported ($0.38) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 company had revenue of $784.00 million during the quarter, compared to analyst estimates of $773.64 million. During the same quarter last year, the firm posted $0.06 earnings per share. Transocean’s revenue was down 3.9% compared to the same quarter last year. As a group, equities analysts predict that Transocean LTD will post -1.26 EPS for the current year.

Large investors have recently bought and sold shares of the stock. World Asset Management Inc increased its stake in Transocean by 4.0% during the second quarter. World Asset Management Inc now owns 48,529 shares of the offshore drilling services provider’s stock worth $311,000 after purchasing an additional 1,880 shares during the period. Quantitative Systematic Strategies LLC increased its stake in Transocean by 17.7% during the 2nd quarter. Quantitative Systematic Strategies LLC now owns 12,851 shares of the offshore drilling services provider’s stock worth $82,000 after buying an additional 1,930 shares during the period. Sheaff Brock Investment Advisors LLC increased its stake in Transocean by 15.5% during the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 20,200 shares of the offshore drilling services provider’s stock worth $90,000 after buying an additional 2,718 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in Transocean by 1.4% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 205,516 shares of the offshore drilling services provider’s stock worth $1,317,000 after buying an additional 2,899 shares in the last quarter. Finally, STA Wealth Management LLC lifted its holdings in Transocean by 11.6% during the 2nd quarter. STA Wealth Management LLC now owns 30,990 shares of the offshore drilling services provider’s stock worth $199,000 after buying an additional 3,218 shares in the last quarter. 70.65% of the stock is 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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