Transocean (RIG) Shares Gap Down to $13.13

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Shares of 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 trading hands.

A number of analysts recently weighed in on the company. BMO Capital Markets restated a “sell” rating and issued a $8.00 price target on shares of Transocean in a research note on Friday, August 10th. ValuEngine cut Transocean from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 19th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $13.20 price objective on shares of Transocean in a report on Wednesday, August 1st. Tudor Pickering raised Transocean from a “hold” rating to a “buy” rating in a report on Thursday, July 12th. Finally, Citigroup reduced their price objective on Transocean from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, June 21st. Three analysts have rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Transocean presently has a consensus rating of “Buy” and an average target price of $13.44.

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

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.04) earnings per share for the quarter, topping the Zacks’ 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 company had revenue of $790.00 million during the quarter, compared to analysts’ expectations of $768.68 million. Transocean’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, research analysts anticipate that Transocean LTD will post -0.85 EPS for the current fiscal year.

In other Transocean news, Director Vincent J. Intrieri acquired 10,000 shares of the stock in a transaction dated Thursday, August 16th. The stock was acquired at an average price of $10.62 per share, with a total value of $106,200.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at $106,200. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 14.09% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in RIG. Platinum Investment Management Ltd. purchased a new stake in shares of Transocean in the first quarter valued at $47,837,000. FMR LLC grew its position in shares of Transocean by 1,255.1% in the second quarter. FMR LLC now owns 5,103,811 shares of the offshore drilling services provider’s stock valued at $68,595,000 after purchasing an additional 4,727,168 shares during the period. Elephas Investment Management Ltd purchased a new stake in shares of Transocean in the second quarter valued at $52,095,000. Renaissance Technologies LLC grew its position in shares of Transocean by 17.6% in the second quarter. Renaissance Technologies LLC now owns 8,022,428 shares of the offshore drilling services provider’s stock valued at $107,821,000 after purchasing an additional 1,200,528 shares during the period. Finally, Columbus Circle Investors purchased a new stake in shares of Transocean in the second quarter valued at $11,483,000. 70.74% of the stock is owned by institutional investors and hedge funds.

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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