Transocean (NYSE:RIG) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Transocean (NYSE:RIG) from a hold rating to a sell rating in a report released on Saturday,Wall Street Zen reports.

A number of other analysts have also issued reports on RIG. Zacks Research upgraded Transocean from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Fearnley Fonds upgraded Transocean from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Barclays reduced their target price on Transocean from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Wednesday, August 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Thursday, October 15th. 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 given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $6.61.

Transocean Trading Down 1.4%

Shares of RIG stock opened at $5.17 on Friday. The company’s fifty day simple moving average is $5.73 and its two-hundred day simple moving average is $5.87. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.53 and a quick ratio of 1.27. Transocean has a 1 year low of $3.68 and a 1 year high of $7.66. The stock has a market capitalization of $5.77 billion, a price-to-earnings ratio of 36.89, a PEG ratio of 3.99 and a beta of 1.44.

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

Hedge Funds Weigh In On Transocean

A number of institutional investors have recently added to or reduced their stakes in RIG. Dimensional Fund Advisors LP boosted its position in shares of Transocean by 12.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 48,819,576 shares of the offshore drilling services provider’s stock valued at $323,682,000 after acquiring an additional 5,349,264 shares during the last quarter. State Street Corp increased its position in shares of Transocean by 8.7% in the second quarter. State Street Corp now owns 27,148,850 shares of the offshore drilling services provider’s stock worth $132,758,000 after purchasing an additional 2,166,646 shares during the last quarter. Elliott Investment Management L.P. bought a new position in shares of Transocean in the first quarter worth approximately $103,606,000. Keybank National Association OH bought a new position in shares of Transocean in the third quarter worth approximately $67,428,000. Finally, Bank of New York Mellon Corp raised its stake in Transocean by 67.8% in the first quarter. Bank of New York Mellon Corp now owns 5,698,827 shares of the offshore drilling services provider’s stock valued at $37,783,000 after purchasing an additional 2,303,297 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

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.