Transocean Ltd. (NYSE:RIG)’s share price dropped 3.5% during trading on Tuesday . The stock traded as low as $10.02 and last traded at $10.06, with a volume of 11,197,801 shares traded. The stock had previously closed at $10.43.

RIG has been the subject of several analyst reports. Vetr downgraded Transocean from a “sell” rating to a “strong sell” rating and set a $8.83 target price for the company. in a research report on Tuesday, April 19th. Goldman Sachs Group Inc. reiterated a “sell” rating and issued a $7.25 price objective (down previously from $7.50) on shares of Transocean in a research report on Friday, April 22nd. KLR Group reiterated a “buy” rating and issued a $19.00 price objective on shares of Transocean in a research report on Sunday, April 24th. Simmons reiterated an “underweight” rating and issued a $5.60 price objective (up previously from $5.00) on shares of Transocean in a research report on Tuesday, May 10th. Finally, Seaport Global Securities upgraded Transocean from a “reduce” rating to a “neutral” rating and set a $10.00 price objective for the company in a research report on Friday, May 13th. Thirteen research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $10.00.

The firm has a 50-day moving average price of $11.38 and a 200 day moving average price of $10.35. The firm has a market cap of $3.69 billion and a PE ratio of 2.95.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.18. During the same period in the prior year, the firm posted $1.11 EPS. The business had revenue of $943 million for the quarter. The company’s revenue for the quarter was down 49.9% on a year-over-year basis. On average, analysts forecast that Transocean Ltd. will post $0.98 EPS for the current year.

Several hedge funds have recently modified their holdings of the stock. Aberdeen Asset Management PLC UK increased its stake in shares of Transocean by 9.6% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 186,354 shares of the offshore drilling services provider’s stock valued at $2,960,000 after buying an additional 16,372 shares in the last quarter. Comerica Bank increased its stake in shares of Transocean by 3.4% in the fourth quarter. Comerica Bank now owns 109,793 shares of the offshore drilling services provider’s stock valued at $1,180,000 after buying an additional 3,617 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of 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 valued at $59,920,000 after buying an additional 602,670 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Transocean by 38.3% in the fourth quarter. Marshall Wace LLP now owns 382,126 shares of the offshore drilling services provider’s stock valued at $4,731,000 after buying an additional 105,783 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in shares of 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 valued at $1,498,000 after buying an additional 47,822 shares in the last quarter.

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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