Transocean (NYSE:RIG) Given New $3.50 Price Target at Citigroup

Transocean (NYSE:RIG - Get Free Report) had its price target dropped by equities research analysts at Citigroup from $4.50 to $3.50 in a report released on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the offshore drilling services provider's stock. Citigroup's target price points to a potential upside of 9.55% from the company's current price.

A number of other equities research analysts also recently issued reports on RIG. Evercore ISI downgraded shares of Transocean from an "outperform" rating to an "in-line" rating and cut their price objective for the company from $6.00 to $5.00 in a research report on Wednesday, January 15th. Benchmark reissued a "hold" rating on shares of Transocean in a report on Tuesday, December 3rd. SEB Equity Research set a $2.80 price target on Transocean in a research report on Wednesday, March 5th. Barclays lowered their price objective on Transocean from $4.50 to $4.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 25th. Finally, TD Cowen dropped their target price 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. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $5.23.

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Transocean Stock Performance

Shares of RIG stock traded down $0.05 during trading hours on Wednesday, reaching $3.20. The company had a trading volume of 40,840,001 shares, compared to its average volume of 21,785,819. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.34 and a current ratio of 1.47. The business has a fifty day moving average price of $3.49 and a 200-day moving average price of $3.93. Transocean has a one year low of $2.55 and a one year high of $6.88. The firm has a market cap of $2.81 billion, a PE ratio of -4.38, a price-to-earnings-growth ratio of 0.86 and a beta of 2.72.

Transocean (NYSE:RIG - Get Free Report) last released its quarterly earnings results 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). The business had revenue of $952.00 million for the quarter, compared to analysts' expectations of $962.28 million. Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. Sell-side analysts predict that Transocean will post 0.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total value of $84,700.00. Following the completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Transocean

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pilgrim Global Advisors LLC purchased a new position in Transocean during the third quarter worth $77,473,000. American Century Companies Inc. lifted its holdings in shares of Transocean by 51.5% in the 4th quarter. American Century Companies Inc. now owns 19,257,437 shares of the offshore drilling services provider's stock worth $72,215,000 after acquiring an additional 6,542,271 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Transocean during the 4th quarter worth about $16,608,000. SIR Capital Management L.P. bought a new position in Transocean during the 4th quarter valued at about $14,976,000. Finally, Van ECK Associates Corp raised its position in Transocean by 33.9% in the 4th quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider's stock worth $57,727,000 after purchasing an additional 3,895,880 shares during the period. 67.73% of the stock is currently owned by hedge funds and other 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.