Shares of Transocean Ltd. (NYSE:RIG) dropped 3.5% on Tuesday . The company 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 topic of a number of recent analyst reports. Nomura set a $7.00 price objective on shares of Transocean and gave the stock a “sell” rating in a research report on Tuesday. Credit Suisse Group AG reissued a “sell” rating and issued a $5.00 price objective on shares of Transocean in a research report on Monday, August 8th. Vetr raised shares of Transocean from a “strong sell” rating to a “sell” rating and set a $10.68 price objective on the stock in a research report on Monday, July 25th. Wells Fargo & Co. raised shares of Transocean from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $12.15 to $12.22 in a research report on Monday, July 18th. Finally, RBC Capital Markets reissued a “sector perform” rating and issued a $11.00 price objective (down from $14.00) on shares of Transocean in a research report on Friday, August 12th. Thirteen investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $10.00.

The company has a 50 day moving average price of $11.33 and a 200-day moving average price of $10.35. The company has a market capitalization of $3.69 billion and a price-to-earnings ratio of 2.95.

Transocean (NYSE:RIG) last posted its earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.18. During the same quarter last year, the business earned $1.11 earnings per share. The company earned $943 million during the quarter. Transocean’s revenue was down 49.9% on a year-over-year basis. Equities analysts forecast that Transocean Ltd. will post $0.96 EPS for the current fiscal year.

Several hedge funds and institutional investors recently bought and sold shares of the stock. 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. 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. 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. Finally, Comerica Bank increased its position 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.

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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