Transocean (NYSE:RIG) Downgraded to “Neutral” at Citigroup

Citigroup downgraded shares of Transocean (NYSE:RIG) from a buy rating to a neutral rating in a research note released on Thursday morning, Marketbeat reports.

Several other brokerages have also recently issued reports on RIG. Benchmark reaffirmed a buy rating and set a $8.00 target price on shares of Transocean in a research report on Friday, August 2nd. DNB Markets raised Transocean from a hold rating to a buy rating in a research report on Tuesday, September 3rd. Finally, StockNews.com upgraded Transocean to a sell rating in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average price target of $7.25.

Transocean Price Performance

NYSE:RIG opened at $4.13 on Thursday. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 0.63. Transocean has a 1-year low of $3.85 and a 1-year high of $8.88. The company has a 50-day moving average of $5.02 and a 200 day moving average of $5.47.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.07). Transocean had a negative net margin of 11.34% and a negative return on equity of 4.76%. The business had revenue of $861.00 million during the quarter, compared to the consensus estimate of $862.25 million. During the same quarter in the prior year, the firm posted ($0.15) EPS. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. Research analysts anticipate that Transocean will post -0.19 EPS for the current fiscal year.

Insider Buying and Selling at Transocean

In other Transocean news, Director Perestroika purchased 1,500,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were acquired at an average price of $4.13 per share, for a total transaction of $6,195,000.00. Following the completion of the purchase, the director now owns 91,074,894 shares of the company’s stock, valued at $376,139,312.22. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director (Cyprus) Ltd Perestroika bought 2,000,000 shares of Transocean stock in a transaction that occurred on Friday, August 2nd. The stock was bought at an average price of $5.23 per share, for a total transaction of $10,460,000.00. Following the purchase, the director now directly owns 89,574,894 shares of the company’s stock, valued at approximately $468,476,695.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Perestroika purchased 1,500,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were purchased at an average price of $4.13 per share, for a total transaction of $6,195,000.00. Following the purchase, the director now owns 91,074,894 shares in the company, valued at approximately $376,139,312.22. The disclosure for this purchase can be found here. 13.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. OLD Point Trust & Financial Services N A purchased a new stake in Transocean in the fourth quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. lifted its stake in Transocean by 138.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock valued at $25,000 after acquiring an additional 2,693 shares during the period. Nisa Investment Advisors LLC purchased a new stake in shares of Transocean in the 2nd quarter valued at $30,000. Fiducient Advisors LLC acquired a new stake in shares of Transocean in the first quarter worth $63,000. Finally, SG Americas Securities LLC purchased a new position in shares of Transocean during the second quarter worth $64,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

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.