Transocean (NYSE:RIG) Shares Down 5.6% - What's Next?

Transocean Ltd. (NYSE:RIG - Get Free Report)'s stock price traded down 5.6% on Wednesday . The stock traded as low as $3.19 and last traded at $3.14. 1,981,378 shares changed hands during trading, a decline of 91% from the average session volume of 22,299,702 shares. The stock had previously closed at $3.32.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Evercore ISI cut shares of 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 research report on Wednesday, January 15th. Barclays reduced their target price on Transocean from $4.00 to $3.50 and set an "overweight" rating on the stock in a research report on Monday. TD Cowen cut their target price on Transocean from $6.50 to $5.50 and set a "hold" rating on the stock in a research report on Wednesday, January 8th. Morgan Stanley dropped their price target on shares of Transocean from $5.00 to $4.00 and set an "equal weight" rating for the company in a research note on Thursday, March 27th. Finally, Citigroup lowered their price objective on Transocean from $4.50 to $3.50 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $4.98.

Transocean Stock Up 9.4 %

The firm has a 50 day moving average of $3.30 and a 200-day moving average of $3.85. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.47 and a quick ratio of 1.34. The stock has a market capitalization of $2.10 billion, a P/E ratio of -3.23, a price-to-earnings-growth ratio of 0.86 and a beta of 2.29.

Transocean (NYSE:RIG - Get Free Report) last posted its quarterly earnings data on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.11). Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. The company had revenue of $952.00 million during the quarter, compared to analyst estimates of $962.28 million. On average, equities research analysts expect that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the company's stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $3.85, for a total transaction 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 $1,205,327.20. This represents a 6.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 13.16% of the company's stock.

Institutional Investors Weigh In On Transocean

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in shares of Transocean by 7.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,465,534 shares of the offshore drilling services provider's stock worth $46,746,000 after acquiring an additional 859,214 shares in the last quarter. Hosking Partners LLP raised its stake in shares of Transocean by 23.5% in the fourth quarter. Hosking Partners LLP now owns 1,706,143 shares of the offshore drilling services provider's stock valued at $6,398,000 after buying an additional 324,955 shares during the period. Geode Capital Management LLC boosted its position in Transocean by 4.1% during the third quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider's stock worth $73,307,000 after purchasing an additional 680,242 shares during the period. Van ECK Associates Corp raised its holdings in Transocean by 33.9% during the 4th quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider's stock valued at $57,727,000 after acquiring an additional 3,895,880 shares during the period. Finally, State of New Jersey Common Pension Fund D boosted its position in shares of Transocean by 25.2% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 499,801 shares of the offshore drilling services provider's stock valued at $1,874,000 after acquiring an additional 100,691 shares during the period. 67.73% of the stock is currently 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. 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.