Transocean (NYSE:RIG) Price Target Cut to $3.50 by Analysts at Citigroup

Transocean (NYSE:RIG) had its target price lowered by Citigroup from $4.50 to $3.50 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the offshore drilling services provider’s stock.

A number of other brokerages also recently commented on RIG. SEB Equity Research set a $2.80 target price on Transocean in a report on Wednesday, March 5th. Barclays dropped 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. TD Cowen reduced their price target on shares of Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a research report on Wednesday, January 8th. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective for the company in a report on Friday, December 6th. Finally, Evercore ISI downgraded Transocean from an “outperform” rating to an “in-line” rating and reduced their target price for the stock from $6.00 to $5.00 in a report on Wednesday, January 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Transocean presently has an average rating of “Hold” and an average target price of $5.23.

Transocean Price Performance

Shares of Transocean stock opened at $3.14 on Wednesday. The company’s fifty day simple moving average is $3.52 and its two-hundred day simple moving average is $3.95. Transocean has a 12-month low of $2.55 and a 12-month high of $6.88. The firm has a market cap of $2.76 billion, a PE ratio of -4.29, a price-to-earnings-growth ratio of 0.86 and a beta of 2.72. The company has a quick ratio of 1.34, a current ratio of 1.47 and a debt-to-equity ratio of 0.60.

Transocean (NYSE:RIG) last posted 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). The business had revenue of $952.00 million during the quarter, compared to the consensus estimate of $962.28 million. Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. As a group, equities analysts expect that Transocean will post 0.14 EPS for the current year.

Insider Transactions at Transocean

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the company’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 transaction, the executive vice president now owns 313,072 shares in the company, 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 at this hyperlink. Insiders own 13.16% of the company’s stock.

Institutional Investors Weigh In On Transocean

Institutional investors have recently made changes to their positions in the company. Twin Tree Management LP bought a new position in Transocean in the 4th quarter valued at approximately $27,000. Optiver Holding B.V. lifted its holdings in shares of Transocean by 53.6% during the fourth quarter. Optiver Holding B.V. now owns 8,400 shares of the offshore drilling services provider’s stock valued at $32,000 after purchasing an additional 2,933 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Transocean by 96.2% during the fourth quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock valued at $37,000 after buying an additional 4,826 shares during the last quarter. Adero Partners LLC purchased a new stake in shares of Transocean during the fourth quarter valued at $38,000. Finally, Stratos Wealth Partners LTD. purchased a new position in Transocean in the 4th quarter worth about $40,000. 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.