Transocean (NYSE:RIG) Price Target Lowered to $3.50 at Barclays

Transocean (NYSE:RIG - Free Report) had its price objective decreased by Barclays from $4.00 to $3.50 in a research note released on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the offshore drilling services provider's stock.

A number of other analysts also recently commented on the stock. Evercore ISI downgraded shares of Transocean from an "outperform" rating to an "in-line" rating and dropped their price target for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. TD Cowen dropped their target price on Transocean from $6.50 to $5.50 and set a "hold" rating on the stock in a report on Wednesday, January 8th. SEB Equity Research set a $2.80 price target on Transocean in a research report on Wednesday, March 5th. Citigroup cut their price objective on Transocean from $4.50 to $3.50 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Finally, Morgan Stanley reduced their price objective on shares of Transocean from $5.00 to $4.00 and set an "equal weight" rating for the company in a research report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $4.98.

Transocean Stock Performance

RIG stock traded up $0.08 during mid-day trading on Monday, reaching $2.25. The company had a trading volume of 53,516,473 shares, compared to its average volume of 23,722,248. Transocean has a one year low of $1.97 and a one year high of $6.45. The stock has a market capitalization of $1.98 billion, a P/E ratio of -3.08, a P/E/G ratio of 0.86 and a beta of 2.29. 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 stock's 50-day simple moving average is $3.08 and its two-hundred day simple moving average is $3.75.

Transocean (NYSE:RIG - Get Free Report) last announced its quarterly earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.02 by ($0.11). The business had revenue of $952.00 million for the quarter, compared to analyst estimates of $962.28 million. Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. Research analysts anticipate that Transocean will post 0.14 EPS for the current year.

Insider Buying and Selling

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the company's stock in a transaction dated 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 in the company, valued at $1,205,327.20. This represents a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 13.16% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Transocean

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Transocean by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 78,811,863 shares of the offshore drilling services provider's stock valued at $295,544,000 after purchasing an additional 931,684 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Transocean by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 40,008,596 shares of the offshore drilling services provider's stock valued at $150,029,000 after buying an additional 809,864 shares during the last quarter. State Street Corp lifted its stake in shares of Transocean by 11.0% in the third quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider's stock valued at $83,275,000 after buying an additional 1,944,723 shares during the period. American Century Companies Inc. grew its position in Transocean by 51.5% during the fourth quarter. American Century Companies Inc. now owns 19,257,437 shares of the offshore drilling services provider's stock worth $72,215,000 after buying an additional 6,542,271 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Transocean by 4.1% during the third quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider's stock valued at $73,307,000 after acquiring an additional 680,242 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.