Transocean (NYSE:RIG) Stock Gets Downgrade from Wall Street Zen

Transocean (NYSE:RIG) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday, Wall Street Zen reports.

Several other research firms have also recently weighed in on RIG. Zacks Research raised Transocean from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a report on Thursday, October 15th. Fearnley Fonds upgraded Transocean from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Finally, Barclays lowered their price objective on Transocean from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $6.68.

Transocean Stock Up 0.1%

Transocean stock opened at $5.25 on Friday. The company’s 50-day moving average price is $5.74 and its two-hundred day moving average price is $5.87. The company has a quick ratio of 1.24, a current ratio of 1.53 and a debt-to-equity ratio of 0.54. The stock has a market cap of $5.86 billion, a P/E ratio of 37.46, a P/E/G ratio of 3.83 and a beta of 1.44. Transocean has a twelve month low of $3.68 and a twelve month high of $7.66.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, November 2nd. The offshore drilling services provider reported $0.02 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.02. Transocean had a return on equity of 1.84% and a net margin of 7.25%. The company had revenue of $937.00 million during the quarter, compared to analysts’ expectations of $943.99 million. During the same quarter in the previous year, the company posted ($2.00) earnings per share. The business’s revenue was down 8.9% on a year-over-year basis. As a group, analysts expect that Transocean will post 0.18 EPS for the current year.

Hedge Funds Weigh In On Transocean

Hedge funds have recently added to or reduced their stakes in the stock. Hartford Financial Management Inc. acquired a new stake in shares of Transocean in the third quarter valued at about $31,000. Costello Asset Management INC bought a new position in shares of Transocean during the third quarter worth about $33,000. Ascentis Independent Advisors acquired a new position in shares of Transocean in the first quarter worth approximately $43,000. EverSource Wealth Advisors LLC boosted its holdings in Transocean by 27.0% in the first quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider’s stock valued at $43,000 after acquiring an additional 1,391 shares during the last quarter. Finally, Root Financial Partners LLC bought a new stake in Transocean in the third quarter valued at approximately $48,000. Institutional investors own 67.73% of the company’s stock.

About Transocean

Transocean Ltd. is an offshore contract drilling company that provides drilling services to oil and gas companies around the world. Its work focuses on offshore exploration and development, particularly in deepwater and harsh-environment locations.

The company owns and operates a fleet of offshore drilling rigs, including drillships and semisubmersible rigs. It contracts these rigs to customers and provides the crews and related services needed to conduct offshore drilling operations.

Transocean serves customers across multiple offshore regions worldwide.