Transocean (NYSE:RIG) Stock Rating Lowered by Citigroup

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Citigroup downgraded shares of Transocean (NYSE:RIG) from a buy rating to a neutral rating in a report released on Friday morning, Benzinga reports. Citigroup currently has $7.00 target price on the offshore drilling services provider’s stock.

Other research analysts have also recently issued reports about the stock. ValuEngine cut shares of Transocean from a hold rating to a sell rating in a report on Wednesday, June 12th. Barclays restated an underweight rating on shares of Transocean in a report on Thursday, February 21st. Bank of America assumed coverage on shares of Transocean in a report on Monday, June 10th. They set a neutral rating and a $6.50 price target on the stock. Goldman Sachs Group assumed coverage on shares of Transocean in a report on Sunday, March 10th. They set a buy rating and a $11.00 price target on the stock. Finally, Zacks Investment Research cut shares of Transocean from a hold rating to a sell rating in a report on Tuesday, February 26th. Five research analysts have rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $12.61.

Transocean stock opened at $5.58 on Friday. Transocean has a fifty-two week low of $5.28 and a fifty-two week high of $14.47. The stock has a market capitalization of $3.32 billion, a PE ratio of -7.06 and a beta of 1.83. The stock’s 50-day moving average price is $6.86. The company has a current ratio of 2.72, a quick ratio of 2.37 and a debt-to-equity ratio of 0.70.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.01). Transocean had a negative return on equity of 2.70% and a negative net margin of 62.97%. The firm had revenue of $754.00 million for the quarter, compared to analysts’ expectations of $745.43 million. During the same quarter last year, the firm posted ($0.48) earnings per share. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. On average, equities analysts predict that Transocean will post -1.06 EPS for the current fiscal year.

In other Transocean news, Director Vincent J. Intrieri purchased 10,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were bought at an average price of $7.35 per share, with a total value of $73,500.00. Following the completion of the transaction, the director now directly owns 19,900 shares in the company, valued at approximately $146,265. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP David A. Tonnel sold 16,561 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $9.25, for a total transaction of $153,189.25. Following the completion of the sale, the senior vice president now directly owns 111,936 shares in the company, valued at approximately $1,035,408. The disclosure for this sale can be found here. Insiders own 11.05% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Icon Wealth Partners LLC bought a new stake in Transocean during the 1st quarter worth approximately $38,000. Nisa Investment Advisors LLC bought a new stake in Transocean during the 1st quarter worth approximately $44,000. Mercer Global Advisors Inc. ADV bought a new stake in Transocean during the 1st quarter worth approximately $70,000. National Asset Management Inc. bought a new stake in Transocean during the 4th quarter worth approximately $71,000. Finally, Magnus Financial Group LLC bought a new stake in Transocean during the 4th quarter worth approximately $71,000. 70.18% of the stock is currently owned by institutional investors.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Analyst Recommendations for Transocean (NYSE:RIG)

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