Transocean (NYSE:RIG) Shares Down 5.6% - Here's What Happened

Transocean Ltd. (NYSE:RIG - Get Free Report) traded down 5.6% during trading on Wednesday . The stock traded as low as $3.19 and last traded at $3.14. 1,981,378 shares changed hands during trading, a decline of 91% from the average session volume of 22,299,702 shares. The stock had previously closed at $3.32.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Barclays cut their target price on shares of Transocean from $4.50 to $4.00 and set an "overweight" rating for the company in a research report on Tuesday, February 25th. SEB Equity Research set a $2.80 price objective on shares of Transocean in a research report on Wednesday, March 5th. TD Cowen decreased 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. Morgan Stanley cut 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 lowered their price objective for the company from $6.00 to $5.00 in a research report on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Transocean has an average rating of "Hold" and an average price target of $5.03.

Transocean Stock Down 21.1 %

The company has a current ratio of 1.47, a quick ratio of 1.34 and a debt-to-equity ratio of 0.60. The company has a 50 day simple moving average of $3.30 and a two-hundred day simple moving average of $3.86. The firm has a market capitalization of $1.89 billion, a P/E ratio of -2.94, a P/E/G ratio of 0.86 and a beta of 2.72.

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Transocean (NYSE:RIG - Get Free Report) last announced 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). Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The company had revenue of $952.00 million during the quarter, compared to analysts' expectations of $962.28 million. On average, equities analysts predict that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Roderick James Mackenzie sold 22,000 shares of the business's 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 sale, the executive vice president now directly owns 313,072 shares in the company, valued at $1,205,327.20. The trade was a 6.57 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 12.54% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIG. Cerity Partners LLC boosted its holdings in shares of Transocean by 20.4% in the 3rd quarter. Cerity Partners LLC now owns 99,114 shares of the offshore drilling services provider's stock worth $421,000 after purchasing an additional 16,812 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Transocean by 334.2% during the third quarter. The Manufacturers Life Insurance Company now owns 1,660,176 shares of the offshore drilling services provider's stock worth $7,056,000 after buying an additional 1,277,814 shares during the period. BNP Paribas Financial Markets increased its position in Transocean by 209.6% during the third quarter. BNP Paribas Financial Markets now owns 173,494 shares of the offshore drilling services provider's stock valued at $737,000 after acquiring an additional 117,459 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of Transocean by 125.9% in the third quarter. MetLife Investment Management LLC now owns 415,031 shares of the offshore drilling services provider's stock valued at $1,764,000 after acquiring an additional 231,334 shares during the period. Finally, Centiva Capital LP lifted its holdings in shares of Transocean by 101.8% in the 3rd quarter. Centiva Capital LP now owns 201,761 shares of the offshore drilling services provider's stock worth $857,000 after acquiring an additional 101,761 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Transocean Company Profile

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.