Transocean (NYSE:RIG) Hits New 12-Month Low – Here’s What Happened

Transocean Ltd. (NYSE:RIG)’s share price reached a new 52-week low during mid-day trading on Friday . The company traded as low as $2.27 and last traded at $2.34, with a volume of 13815386 shares changing hands. The stock had previously closed at $2.72.

Wall Street Analysts Forecast Growth

RIG has been the subject of a number of analyst reports. Morgan Stanley lowered their target price on shares of Transocean from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a research report on Friday, December 6th. SEB Equity Research set a $2.80 price objective on shares of Transocean in a research note on Wednesday, March 5th. Barclays decreased their target price on Transocean from $4.50 to $4.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Finally, TD Cowen cut their price objective on Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a report on Wednesday, January 8th. 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 an average price target of $5.03.

Transocean Stock Down 20.0 %

The stock’s fifty day moving average price is $3.34 and its 200-day moving average price is $3.87. The company has a quick ratio of 1.34, a current ratio of 1.47 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of -2.97, a P/E/G ratio of 0.86 and a beta of 2.72.

Transocean (NYSE:RIG) last issued 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). The business had revenue of $952.00 million for 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%. On average, sell-side analysts predict that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the firm’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 completion of the sale, the executive vice president now directly owns 313,072 shares in the company, valued at approximately $1,205,327.20. This trade represents a 6.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 12.54% of the stock is currently owned by insiders.

Institutional Trading of Transocean

Several institutional investors and hedge funds have recently bought and sold shares of the business. Twin Tree Management LP bought a new position in shares of Transocean in the fourth quarter valued at about $27,000. Optiver Holding B.V. grew its holdings in Transocean by 53.6% in the 4th quarter. Optiver Holding B.V. now owns 8,400 shares of the offshore drilling services provider’s stock valued at $32,000 after buying an additional 2,933 shares in the last quarter. Blue Trust Inc. increased its position in Transocean by 96.2% during the 4th quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock worth $37,000 after buying an additional 4,826 shares during the period. Adero Partners LLC acquired a new stake in shares of Transocean during the fourth quarter worth $38,000. Finally, Stratos Wealth Partners LTD. bought a new stake in shares of Transocean in the fourth quarter valued at about $40,000. Institutional investors own 67.73% of the company’s stock.

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.