Transocean (NYSE:RIG) Sets New 12-Month Low - Here's Why

Transocean Ltd. (NYSE:RIG - Get Free Report)'s stock price reached a new 52-week low during trading on Monday . The stock traded as low as $2.92 and last traded at $2.93, with a volume of 3693944 shares changing hands. The stock had previously closed at $2.95.

Analyst Upgrades and Downgrades

RIG has been the topic of several analyst reports. Benchmark reiterated a "hold" rating on shares of Transocean in a research note on Tuesday, December 3rd. Barclays reduced their price target on Transocean from $4.50 to $4.00 and set an "overweight" rating for the company in a research report on Tuesday, February 25th. Evercore ISI lowered Transocean from an "outperform" rating to an "in-line" rating and lowered their price objective for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. TD Cowen dropped their price objective on shares of Transocean from $6.50 to $5.50 and set a "hold" rating on the stock in a research note on Wednesday, January 8th. Finally, 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 note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $5.75.

Transocean Stock Down 9.5 %

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's 50 day moving average is $3.72 and its 200-day moving average is $4.11. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of -3.66, a PEG ratio of 0.86 and a beta of 2.70.

Transocean (NYSE:RIG - Get Free Report) last announced its earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share (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 company had revenue of $952.00 million during the quarter, compared to analyst estimates of $962.28 million. On average, sell-side analysts predict that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean 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 sale, the executive vice president now owns 313,072 shares of the company's stock, valued at $1,205,327.20. The trade was a 6.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 13.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Transocean

A number of hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in Transocean by 4.1% during the 3rd 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 in the last quarter. Hosking Partners LLP grew its position in shares of Transocean by 23.5% in the fourth quarter. Hosking Partners LLP now owns 1,706,143 shares of the offshore drilling services provider's stock valued at $6,398,000 after purchasing an additional 324,955 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Transocean by 33.9% in the fourth quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider's stock valued at $57,727,000 after purchasing an additional 3,895,880 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its position in Transocean by 25.2% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 499,801 shares of the offshore drilling services provider's stock worth $1,874,000 after buying an additional 100,691 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Transocean by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 11,606,320 shares of the offshore drilling services provider's stock worth $49,327,000 after buying an additional 826,229 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.