Transocean (NYSE:RIG) Stock Price Down 5.9% – Time to Sell?

Transocean Ltd. (NYSE:RIG)’s stock price fell 5.9% on Thursday . The company traded as low as $6.94 and last traded at $6.9050. 18,069,539 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 41,869,531 shares. The stock had previously closed at $7.34.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. BTIG Research raised their target price on shares of Transocean from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, February 9th. Pareto Securities downgraded shares of Transocean from a “hold” rating to a “sell” rating and set a $5.25 price objective on the stock. in a research note on Tuesday, February 10th. Fearnley Fonds lowered shares of Transocean from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Clarkson Capital downgraded shares of Transocean from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 19th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a report on Tuesday, April 21st. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.96.

Transocean Stock Down 7.3%

The business’s fifty day moving average price is $6.52 and its two-hundred day moving average price is $5.36. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.54. The firm has a market capitalization of $7.60 billion, a P/E ratio of -2.28 and a beta of 1.34.

Transocean (NYSE:RIG) last posted its earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.02 billion. During the same period in the previous year, the company earned ($0.10) EPS. The company’s revenue was up 19.3% on a year-over-year basis. Equities analysts expect that Transocean Ltd. will post 0.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Transocean

In other news, EVP Roderick James Mackenzie sold 78,370 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $6.36, for a total value of $498,433.20. Following the completion of the sale, the executive vice president owned 268,025 shares of the company’s stock, valued at $1,704,639. This trade represents a 22.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 9.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Transocean

Several institutional investors have recently added to or reduced their stakes in the business. Kentucky Retirement Systems purchased a new stake in shares of Transocean during the first quarter worth about $186,000. Janus Henderson Group PLC boosted its stake in Transocean by 5.3% in the 1st quarter. Janus Henderson Group PLC now owns 444,630 shares of the offshore drilling services provider’s stock worth $2,948,000 after purchasing an additional 22,453 shares in the last quarter. Amundi grew its position in Transocean by 406.1% during the 1st quarter. Amundi now owns 140,359 shares of the offshore drilling services provider’s stock worth $931,000 after purchasing an additional 112,628 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Transocean by 27.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider’s stock valued at $43,000 after purchasing an additional 1,391 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of Transocean by 23.5% in the first quarter. California State Teachers Retirement System now owns 1,157,178 shares of the offshore drilling services provider’s stock worth $7,672,000 after buying an additional 220,119 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

About Transocean

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.