Transocean (NYSE:RIG) was downgraded by stock analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued on Wednesday, ValuEngine reports.

RIG has been the subject of a number of other reports. Zacks Investment Research lowered shares of Transocean from a “hold” rating to a “sell” rating in a research note on Tuesday, February 26th. Barclays reaffirmed an “underweight” rating on shares of Transocean in a research note on Thursday, February 21st. Goldman Sachs Group began coverage on shares of Transocean in a research note on Sunday, March 10th. They set a “buy” rating and a $11.00 price objective for the company. Finally, Bank of America began coverage on shares of Transocean in a research note on Monday. They set a “neutral” rating and a $6.50 price objective for the company. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $13.18.

RIG stock traded down $0.40 during mid-day trading on Wednesday, reaching $5.50. 24,533,072 shares of the stock traded hands, compared to its average volume of 13,949,772. The company has a current ratio of 2.72, a quick ratio of 2.37 and a debt-to-equity ratio of 0.70. Transocean has a 52-week low of $5.47 and a 52-week high of $14.47. The firm has a market capitalization of $3.48 billion, a PE ratio of -6.96 and a beta of 1.83.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.01). Transocean had a negative net margin of 62.97% and a negative return on equity of 2.70%. The firm had revenue of $754.00 million for the quarter, compared to analysts’ expectations of $745.43 million. During the same period in the prior year, the company posted ($0.48) earnings per share. Transocean’s quarterly revenue was up 13.6% compared to the same quarter last year. On average, equities research analysts anticipate that Transocean will post -1 earnings per share for the current year.

In related news, Director Vincent J. Intrieri purchased 10,000 shares of Transocean stock in a transaction dated Tuesday, May 7th. The stock was acquired at an average cost of $7.35 per share, with a total value of $73,500.00. Following the completion of the transaction, the director now directly owns 19,900 shares of the company’s stock, valued at $146,265. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vanessa C. L. Chang purchased 4,300 shares of Transocean stock in a transaction dated Thursday, June 6th. The stock was bought at an average cost of $5.92 per share, with a total value of $25,456.00. Following the completion of the transaction, the director now directly owns 14,000 shares of the company’s stock, valued at $82,880. The disclosure for this purchase can be found here. 11.05% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Westpac Banking Corp acquired a new position in Transocean in the fourth quarter worth approximately $1,833,000. Nordea Investment Management AB increased its holdings in Transocean by 1.9% in the fourth quarter. Nordea Investment Management AB now owns 94,800 shares of the offshore drilling services provider’s stock worth $658,000 after buying an additional 1,800 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Transocean by 4.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,155 shares of the offshore drilling services provider’s stock worth $533,000 after buying an additional 2,653 shares during the last quarter. Oakbrook Investments LLC acquired a new position in Transocean in the first quarter worth approximately $451,000. Finally, Van ECK Associates Corp grew its holdings in Transocean by 15.1% during the fourth quarter. Van ECK Associates Corp now owns 9,627,227 shares of the offshore drilling services provider’s stock valued at $66,813,000 after purchasing an additional 1,261,299 shares during the last quarter. 70.70% of the stock is owned by institutional investors and hedge funds.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

See Also: Why is cost of goods sold important?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Transocean (NYSE:RIG)

Receive News & Ratings for Transocean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transocean and related companies with MarketBeat.com's FREE daily email newsletter.