Transocean (NYSE:RIG) Stock Price Down 3.2% Following Analyst Downgrade

Transocean Ltd. (NYSE:RIG - Get Free Report) shares traded down 3.2% during mid-day trading on Tuesday after Barclays lowered their price target on the stock from $4.00 to $3.50. Barclays currently has an overweight rating on the stock. Transocean traded as low as $2.30 and last traded at $2.30. 7,766,775 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 22,963,192 shares. The stock had previously closed at $2.37.

RIG has been the subject of a number of other reports. TD Cowen reduced their price objective 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. SEB Equity Research set a $2.80 price objective on Transocean in a report on Wednesday, March 5th. Citigroup dropped their target price on Transocean from $4.50 to $3.50 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. Morgan Stanley decreased their price target on Transocean from $5.00 to $4.00 and set an "equal weight" rating for the company in a report on Thursday, March 27th. Finally, Evercore ISI cut Transocean from an "outperform" rating to an "in-line" rating and dropped their price objective for the company from $6.00 to $5.00 in a research note on Wednesday, January 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Transocean currently has a consensus rating of "Hold" and a consensus target price of $4.98.

Insider Transactions at Transocean

In related news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total value of $84,700.00. Following the sale, the executive vice president now owns 313,072 shares of the company's stock, valued at approximately $1,205,327.20. The trade was a 6.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 13.16% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RIG. American Century Companies Inc. increased its holdings in 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 in the fourth quarter worth about $16,608,000. SIR Capital Management L.P. bought a new stake in shares of Transocean in the fourth quarter valued at approximately $14,976,000. Van ECK Associates Corp boosted its holdings 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 buying an additional 3,895,880 shares during the period. Finally, Madison Investment Advisors LLC bought a new position in Transocean in the 4th quarter worth approximately $11,156,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Transocean Price Performance

The firm has a market capitalization of $1.98 billion, a PE ratio of -3.08, a price-to-earnings-growth ratio of 0.86 and a beta of 2.29. The business's 50 day moving average is $3.08 and its two-hundred day moving average is $3.75. 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 released its quarterly earnings data 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). 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 for the quarter, compared to the consensus estimate of $962.28 million. Equities research analysts anticipate that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

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.