Transocean (NYSE:RIG) Shares Gap Down to $3.43


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Transocean Ltd. (NYSE:RIG) gapped down before the market opened on Thursday . The stock had previously closed at $3.43, but opened at $3.36. Transocean shares last traded at $3.27, with a volume of 43,197 shares trading hands.

Several analysts have recently issued reports on RIG shares. Royal Bank of Canada reissued a “sell” rating and set a $3.00 price objective on shares of Transocean in a research note on Friday, December 25th. Barclays reaffirmed an “underweight” rating and set a $2.00 price target (up from $1.00) on shares of Transocean in a research report on Thursday, March 11th. Four research analysts have rated the stock with a sell rating and nine have given a hold rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $2.10.

The firm has a market cap of $2.01 billion, a price-to-earnings ratio of -3.21 and a beta of 3.75. The business’s 50 day moving average price is $3.76 and its 200-day moving average price is $2.40. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.75 and a current ratio of 2.05.

Transocean (NYSE:RIG) last issued its earnings results on Sunday, February 21st. The offshore drilling services provider reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.15). The company had revenue of $690.00 million during the quarter, compared to analyst estimates of $695.28 million. Transocean had a negative net margin of 17.85% and a negative return on equity of 4.55%. The business’s revenue for the quarter was down 12.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.43) EPS. On average, analysts forecast that Transocean Ltd. will post -0.52 earnings per share for the current fiscal year.

Institutional investors have recently modified their holdings of the company. Rhumbline Advisers raised its stake in shares of Transocean by 14.2% in the 4th quarter. Rhumbline Advisers now owns 1,007,614 shares of the offshore drilling services provider’s stock valued at $2,328,000 after purchasing an additional 125,330 shares in the last quarter. Victory Capital Management Inc. raised its stake in Transocean by 74.0% during the third quarter. Victory Capital Management Inc. now owns 227,976 shares of the offshore drilling services provider’s stock worth $184,000 after acquiring an additional 96,951 shares during the period. Van ECK Associates Corp raised its stake in Transocean by 13.2% during the third quarter. Van ECK Associates Corp now owns 12,104,961 shares of the offshore drilling services provider’s stock worth $9,767,000 after acquiring an additional 1,414,373 shares during the period. California Public Employees Retirement System raised its stake in Transocean by 6.7% during the third quarter. California Public Employees Retirement System now owns 1,380,207 shares of the offshore drilling services provider’s stock worth $1,114,000 after acquiring an additional 87,203 shares during the period. Finally, Brookstone Capital Management acquired a new stake in Transocean during the fourth quarter worth about $50,000. Institutional investors and hedge funds own 46.56% of the company’s stock.

Transocean Company Profile (NYSE:RIG)

Transocean Ltd. engages in the provision of offshore contract drilling services for oil and gas wells. It also owns and operates offshore drilling fleet such as ultra-deepwater, harsh-environment, deepwater, and midwater rigs. The company was founded in 1953 and is headquartered in Steinhausen, Switzerland.

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