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

Transocean (NYSE:RIG - Get Free Report) had its price objective lowered by equities researchers at Barclays from $4.50 to $4.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the offshore drilling services provider's stock. Barclays's price objective would suggest a potential upside of 35.36% from the company's previous close.

Several other equities research analysts have also weighed in on the company. Susquehanna decreased their price objective on Transocean from $7.00 to $6.50 and set a "positive" rating for the company in a report on Friday, November 1st. JPMorgan Chase & Co. raised shares of 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. Evercore ISI downgraded shares of Transocean from an "outperform" rating to an "in-line" rating and cut their price objective for the stock from $6.00 to $5.00 in a report on Wednesday, January 15th. StockNews.com raised shares of Transocean to a "sell" rating in a report on Tuesday, November 12th. Finally, Benchmark reaffirmed a "hold" rating on shares of Transocean in a report on Tuesday, December 3rd. Two research 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 company has an average rating of "Hold" and a consensus target price of $5.75.

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Transocean Stock Performance

RIG stock traded down $0.09 during mid-day trading on Tuesday, hitting $2.96. The company had a trading volume of 32,399,740 shares, compared to its average volume of 28,552,021. Transocean has a 12 month low of $2.95 and a 12 month high of $6.88. The stock's fifty day moving average price is $3.74 and its two-hundred day moving average price is $4.14. The firm has a market cap of $2.60 billion, a PE ratio of -4.05, a price-to-earnings-growth ratio of 0.86 and a beta of 2.70. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.34 and a current ratio of 1.47.

Transocean (NYSE:RIG - Get Free Report) last posted its quarterly earnings data on Monday, February 17th. The offshore drilling services provider reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.11). Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. The firm had revenue of $952.00 million during the quarter, compared to analysts' expectations of $962.28 million. On average, analysts forecast that Transocean will post 0.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Transocean

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the 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 transaction, the executive vice president now owns 313,072 shares of the company's stock, valued at approximately $1,205,327.20. This trade represents a 6.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 13.16% of the company's stock.

Hedge Funds Weigh In On Transocean

A number of institutional investors and hedge funds have recently made changes to their positions in RIG. Creative Planning boosted its position in Transocean by 63.0% in the third quarter. Creative Planning now owns 290,993 shares of the offshore drilling services provider's stock worth $1,237,000 after purchasing an additional 112,512 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Transocean by 335.3% in the third quarter. International Assets Investment Management LLC now owns 196,699 shares of the offshore drilling services provider's stock worth $836,000 after buying an additional 151,507 shares in the last quarter. Murphy Pohlad Asset Management LLC boosted its position in shares of Transocean by 8.4% during the 3rd quarter. Murphy Pohlad Asset Management LLC now owns 106,950 shares of the offshore drilling services provider's stock valued at $455,000 after acquiring an additional 8,300 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of Transocean by 19.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 33,442 shares of the offshore drilling services provider's stock valued at $142,000 after purchasing an additional 5,344 shares during the last quarter. Finally, Atria Investments Inc purchased a new stake in Transocean in the 3rd quarter worth about $51,000. 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.