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

RIG has been the subject of several research reports. Clarkson Capital reissued a “neutral” rating on shares of Transocean in a report on Monday, April 11th. Vetr downgraded Transocean from a “sell” rating to a “strong sell” rating and set a $8.83 target price for the company. in a report on Tuesday, April 19th. Wells Fargo & Co. raised Transocean from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $12.15 to $12.22 in a report on Monday, July 18th. Seaport Global Securities downgraded Transocean from a “neutral” rating to a “sell” rating and set a $10.00 target price for the company. in a report on Monday, July 11th. Finally, Evercore ISI raised Transocean from a “sell” rating to a “hold” rating and boosted their target price for the company from $11.00 to $12.00 in a report on Wednesday, June 29th. Fourteen analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $10.18.

The company’s 50 day moving average price is $11.53 and its 200 day moving average price is $10.29. The company has a market cap of $3.73 billion and a PE ratio of 2.45.

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

Several large investors have added to or reduced their stakes in the stock. Nationwide Fund Advisors boosted its stake in Transocean by 2.0% in the fourth quarter. Nationwide Fund Advisors now owns 101,906 shares of the offshore drilling services provider’s stock worth $1,262,000 after buying an additional 1,982 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake 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. Comerica Bank boosted its stake in Transocean by 3.4% in the fourth quarter. Comerica Bank now owns 109,793 shares of the offshore drilling services provider’s stock worth $1,180,000 after buying an additional 3,617 shares during the period. Rhumbline Advisers boosted its stake in Transocean by 2.5% in the fourth quarter. Rhumbline Advisers now owns 254,127 shares of the offshore drilling services provider’s stock worth $3,146,000 after buying an additional 6,279 shares during the period. Finally, Liberty Mutual Group Asset Management Inc. boosted its stake in Transocean by 10.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 105,334 shares of the offshore drilling services provider’s stock worth $1,312,000 after buying an additional 9,947 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.

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