Transocean (NYSE:RIG) Given New $3.50 Price Target at Citigroup

Transocean (NYSE:RIG) had its target price cut by Citigroup from $4.50 to $3.50 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the offshore drilling services provider’s stock. Citigroup’s target price suggests a potential upside of 8.19% from the company’s current price.

Other research analysts have also issued research reports about the company. TD Cowen lowered their price target on Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research report on Wednesday, January 8th. SEB Equity Research set a $2.80 target price on Transocean in a research report on Wednesday, March 5th. Evercore ISI lowered Transocean from an “outperform” rating to an “in-line” rating and decreased their target price for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. Barclays decreased their target price on Transocean from $4.50 to $4.00 and set an “overweight” rating for the company in a research report on Tuesday, February 25th. Finally, Benchmark reissued a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $5.23.

Transocean Trading Up 2.7 %

RIG opened at $3.24 on Wednesday. The business has a 50 day simple moving average of $3.51 and a two-hundred day simple moving average of $3.94. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of -4.43, a PEG ratio of 0.86 and a beta of 2.72. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.47 and a quick ratio of 1.34. Transocean has a one year low of $2.55 and a one year high of $6.88.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 14.53% and a negative return on equity of 0.52%. Analysts predict that Transocean will post 0.14 EPS for the current year.

Insider Buying and Selling

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the 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 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 this hyperlink. 13.16% of the stock is currently owned by company insiders.

Institutional Trading of Transocean

Several institutional investors have recently added to or reduced their stakes in RIG. Twin Tree Management LP purchased a new stake in Transocean during the 4th quarter valued at $27,000. Optiver Holding B.V. boosted its stake in Transocean by 53.6% during 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 purchasing an additional 2,933 shares during the last quarter. Blue Trust Inc. boosted its stake 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 valued at $37,000 after purchasing an additional 4,826 shares during the last quarter. Adero Partners LLC purchased a new stake in Transocean during the 4th quarter valued at $38,000. Finally, Stratos Wealth Partners LTD. purchased a new position in shares of Transocean in the 4th quarter worth $40,000. 67.73% of the stock is currently owned by hedge funds and other 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.