Transocean Ltd. (NYSE:RIG) dropped 5.6% during mid-day trading on Monday . The company traded as low as $10.19 and last traded at $10.38, with a volume of 14,437,244 shares. The stock had previously closed at $10.99.

RIG has been the topic of a number of analyst reports. Vetr upgraded shares of Transocean from a “buy” rating to a “strong-buy” rating and set a $9.75 price objective on the stock in a research note on Monday, April 4th. Nomura initiated coverage on shares of Transocean in a research note on Friday, April 8th. They set a “reduce” rating and a $7.00 price objective on the stock. Clarkson Capital reiterated a “neutral” rating on shares of Transocean in a research note on Monday, April 11th. Goldman Sachs Group Inc. reiterated a “sell” rating and set a $7.25 price objective (down from $7.50) on shares of Transocean in a research note on Friday, April 22nd. Finally, KLR Group reissued a “buy” rating and issued a $19.00 target price on shares of Transocean in a report on Sunday, April 24th. Fifteen investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $10.18.

The firm has a market cap of $3.74 billion and a P/E ratio of 2.46. The company has a 50 day moving average price of $11.56 and a 200-day moving average price of $10.29.

Transocean (NYSE:RIG) last announced its earnings results on Wednesday, May 4th. The offshore drilling services provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.40. During the same quarter in the prior year, the company earned $1.10 EPS. The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.14 billion. Transocean’s revenue was down 34.4% compared to the same quarter last year. On average, equities analysts predict that Transocean Ltd. will post $0.67 earnings per share for the current fiscal year.

Several institutional investors have made changes to their positions in the stock. State of Tennessee Treasury Department increased its position in shares of Transocean by 74.4% in the fourth quarter. State of Tennessee Treasury Department now owns 304,043 shares of the offshore drilling services provider’s stock worth $3,764,000 after buying an additional 129,692 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Transocean by 14.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,840,322 shares of the offshore drilling services provider’s stock worth $59,920,000 after buying an additional 602,670 shares during the period. BNP Paribas Arbitrage SA increased its position in Transocean by 65.4% in the fourth quarter. BNP Paribas Arbitrage SA now owns 120,978 shares of the offshore drilling services provider’s stock worth $1,498,000 after buying an additional 47,822 shares during the period. Marshall Wace LLP increased its position in Transocean by 38.3% in the fourth quarter. Marshall Wace LLP now owns 382,126 shares of the offshore drilling services provider’s stock worth $4,731,000 after buying an additional 105,783 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its position in Transocean by 2.0% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 131,002 shares of the offshore drilling services provider’s stock worth $1,622,000 after buying an additional 2,527 shares during the period.

Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.