Transocean (NYSE:RIG) Hits New 12-Month Low - Here's Why

Transocean Ltd. (NYSE:RIG - Get Free Report) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $2.92 and last traded at $2.93, with a volume of 3693944 shares changing hands. The stock had previously closed at $2.95.

Analysts Set New Price Targets

Several analysts have issued reports on RIG shares. TD Cowen dropped 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. raised shares of Transocean from an "underweight" rating to a "neutral" rating and set a $5.00 price objective for the company in a research report on Friday, December 6th. Barclays dropped their price objective on shares of Transocean from $4.50 to $4.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 25th. Benchmark reaffirmed a "hold" rating on shares of Transocean in a report on Tuesday, December 3rd. Finally, Evercore ISI cut Transocean from an "outperform" rating to an "in-line" rating and reduced their price objective for the stock from $6.00 to $5.00 in a report on Wednesday, January 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $5.75.

Transocean Stock Up 1.6 %

The stock has a 50-day simple moving average of $3.69 and a 200-day simple moving average of $4.08. The firm has a market capitalization of $2.44 billion, a PE ratio of -3.80, a P/E/G ratio of 0.86 and a beta of 2.70. 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 - Get Free Report) last issued its quarterly earnings data on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.02 by ($0.11). Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The business had revenue of $952.00 million during the quarter, compared to analysts' expectations of $962.28 million. Analysts forecast that Transocean Ltd. will post 0.14 EPS for the current year.

Insider Activity at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the company's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $4.05, for a total transaction of $89,100.00. Following the completion of the sale, the executive vice president now directly owns 229,596 shares in the company, valued at $929,863.80. This represents a 8.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 13.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Transocean

Institutional investors and hedge funds have recently bought and sold shares of the stock. Oppenheimer Asset Management Inc. grew its holdings in shares of Transocean by 10.9% in the third quarter. Oppenheimer Asset Management Inc. now owns 25,170 shares of the offshore drilling services provider's stock worth $107,000 after purchasing an additional 2,469 shares during the last quarter. 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 worth $32,000 after acquiring an additional 2,933 shares during the last quarter. Ballentine Partners LLC increased its position in shares of Transocean by 19.4% in the fourth quarter. Ballentine Partners LLC now owns 18,247 shares of the offshore drilling services provider's stock valued at $68,000 after acquiring an additional 2,963 shares during the period. Van Den Berg Management I Inc. raised its stake in shares of Transocean by 11.9% during the fourth quarter. Van Den Berg Management I Inc. now owns 28,155 shares of the offshore drilling services provider's stock valued at $106,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Pallas Capital Advisors LLC lifted its holdings in Transocean by 25.6% in the 4th quarter. Pallas Capital Advisors LLC now owns 15,332 shares of the offshore drilling services provider's stock worth $57,000 after buying an additional 3,127 shares during the period. 67.73% of the stock is currently owned by institutional investors.

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.