Transocean (NYSE:RIG) Price Target Cut to $5.00 by Analysts at Morgan Stanley

Transocean (NYSE:RIG) had its target price cut by Morgan Stanley from $7.00 to $5.00 in a report issued on Monday morning, Benzinga reports. They currently have an equal weight rating on the offshore drilling services provider’s stock.

RIG has been the topic of a number of other research reports. DNB Markets upgraded Transocean from a hold rating to a buy rating in a research note on Tuesday, September 3rd. StockNews.com upgraded shares of Transocean to a sell rating in a research note on Monday, August 5th. Citigroup lowered shares of Transocean from a buy rating to a neutral rating in a research note on Thursday, September 12th. Finally, Benchmark restated a buy rating and set a $8.00 price objective on shares of Transocean in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Transocean has a consensus rating of Hold and an average price target of $7.00.

Transocean Price Performance

NYSE:RIG opened at $4.54 on Monday. The stock has a market capitalization of $4.27 billion, a PE ratio of -8.73 and a beta of 2.79. Transocean has a 1-year low of $3.85 and a 1-year high of $8.71. The firm has a fifty day simple moving average of $4.99 and a 200 day simple moving average of $5.46. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 0.63.

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

Insider Buying and Selling at Transocean

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

Institutional Trading of Transocean

A number of institutional investors and hedge funds have recently bought and sold shares of RIG. Sanctuary Advisors LLC acquired a new stake in shares of Transocean in the second quarter valued at about $412,000. Quarry LP bought a new position in Transocean during the 2nd quarter worth approximately $126,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Transocean by 138.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock worth $25,000 after purchasing an additional 2,693 shares during the period. Silver Lake Advisory LLC bought a new stake in shares of Transocean in the 2nd quarter valued at $367,000. Finally, Creative Planning increased its position in shares of Transocean by 3.5% during the second quarter. Creative Planning now owns 178,481 shares of the offshore drilling services provider’s stock worth $955,000 after buying an additional 6,084 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.