Transocean LTD (NYSE:RIG) gapped down prior to trading on Thursday . The stock had previously closed at $13.41, but opened at $13.13. Transocean shares last traded at $12.81, with a volume of 16922465 shares traded.

Several equities research analysts have recently weighed in on RIG shares. Barclays upped their target price on Transocean from $7.00 to $8.00 and gave the stock an “underweight” rating in a research report on Thursday, August 9th. BTIG Research started coverage on Transocean in a research report on Monday, September 17th. They issued a “buy” rating and a $18.00 target price for the company. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of Transocean in a research report on Tuesday, September 4th. BMO Capital Markets reaffirmed a “sell” rating and issued a $8.00 target price on shares of Transocean in a research report on Friday, August 10th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $13.30 target price on shares of Transocean in a research report on Friday, August 17th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $13.44.

The company has a debt-to-equity ratio of 0.63, a current ratio of 1.49 and a quick ratio of 1.35. The company has a market capitalization of $6.44 billion, a P/E ratio of -219.83 and a beta of 1.47.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.04) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.13. Transocean had a negative return on equity of 2.00% and a negative net margin of 99.38%. The business had revenue of $790.00 million for the quarter, compared to analysts’ expectations of $768.68 million. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. Research analysts expect that Transocean LTD will post -0.85 earnings per share for the current fiscal year.

In other Transocean news, Director Vincent J. Intrieri purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The shares were acquired at an average price of $10.62 per share, for a total transaction of $106,200.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at approximately $106,200. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 14.09% of the company’s stock.

Several large investors have recently added to or reduced their stakes in RIG. Asia Research & Capital Management Ltd raised its position in shares of Transocean by 0.4% during the 2nd quarter. Asia Research & Capital Management Ltd now owns 16,849,241 shares of the offshore drilling services provider’s stock worth $226,454,000 after purchasing an additional 71,391 shares during the period. Contrarius Investment Management Ltd raised its position in shares of Transocean by 0.5% during the 2nd quarter. Contrarius Investment Management Ltd now owns 12,631,817 shares of the offshore drilling services provider’s stock worth $169,772,000 after purchasing an additional 64,474 shares during the period. Platinum Investment Management Ltd. raised its position in shares of Transocean by 80.3% during the 2nd quarter. Platinum Investment Management Ltd. now owns 8,714,500 shares of the offshore drilling services provider’s stock worth $117,123,000 after purchasing an additional 3,882,400 shares during the period. Renaissance Technologies LLC raised its position in shares of Transocean by 17.6% during the 2nd quarter. Renaissance Technologies LLC now owns 8,022,428 shares of the offshore drilling services provider’s stock worth $107,821,000 after purchasing an additional 1,200,528 shares during the period. Finally, Odey Asset Management Group Ltd raised its position in shares of Transocean by 2.7% during the 2nd quarter. Odey Asset Management Group Ltd now owns 6,042,430 shares of the offshore drilling services provider’s stock worth $81,210,000 after purchasing an additional 158,931 shares during the period. Institutional investors and hedge funds own 70.74% of the company’s stock.

About Transocean (NYSE:RIG)

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.

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