Shares of Transocean LTD (NYSE:RIG) gapped down prior to trading on Friday . The stock had previously closed at $8.47, but opened at $8.74. Transocean shares last traded at $8.71, with a volume of 11656343 shares changing hands.

A number of analysts have recently weighed in on the company. ValuEngine lowered Transocean from a “buy” rating to a “hold” rating in a research note on Thursday, November 8th. DNB Markets upgraded Transocean from a “sell” rating to a “hold” rating in a research note on Tuesday, October 30th. UBS Group upgraded Transocean from an “accumulate” rating to a “buy” rating in a research note on Thursday, October 18th. Johnson Rice upgraded Transocean from a “sell” rating to a “hold” rating and set a $16.00 target price for the company in a research note on Wednesday, October 17th. Finally, Cowen assumed coverage on Transocean in a research note on Saturday, October 13th. They issued a “hold” rating and a $12.00 target price for the company. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $13.79.

The company has a quick ratio of 2.77, a current ratio of 3.07 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $4.30 billion, a P/E ratio of -138.33 and a beta of 1.54.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Monday, October 29th. The offshore drilling services provider reported $0.06 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.16. The firm had revenue of $816.00 million during the quarter, compared to analyst estimates of $779.19 million. Transocean had a negative return on equity of 2.31% and a negative net margin of 64.33%. The company’s revenue was up 1.0% on a year-over-year basis. During the same period last year, the company earned $0.16 earnings per share. As a group, equities research analysts expect that Transocean LTD will post -0.72 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in RIG. Primecap Management Co. CA increased its position in Transocean by 129.0% in the third quarter. Primecap Management Co. CA now owns 32,168,839 shares of the offshore drilling services provider’s stock worth $448,755,000 after purchasing an additional 18,121,494 shares during the period. Platinum Investment Management Ltd. increased its position in Transocean by 66.3% in the third quarter. Platinum Investment Management Ltd. now owns 14,492,927 shares of the offshore drilling services provider’s stock worth $202,176,000 after purchasing an additional 5,778,427 shares during the period. FMR LLC increased its position in 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 worth $68,595,000 after purchasing an additional 4,727,168 shares during the period. TIAA CREF Investment Management LLC increased its position in Transocean by 251.0% in the third quarter. TIAA CREF Investment Management LLC now owns 5,461,267 shares of the offshore drilling services provider’s stock worth $76,185,000 after purchasing an additional 3,905,530 shares during the period. Finally, Artemis Investment Management LLP bought a new position in Transocean during the third quarter worth about $47,291,000. Hedge funds and other institutional investors own 81.47% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This news story was published by Watch List News and is the property of of Watch List News. If you are reading this news story on another domain, it was copied illegally and republished in violation of US & international copyright and trademark legislation. The legal version of this news story can be accessed at https://www.watchlistnews.com/transocean-rig-shares-gap-down-to-8-74/2668388.html.

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.

Read More: Understanding debt-to-equity ratio in fundamental analysis

Receive News & Ratings for Transocean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transocean and related companies with MarketBeat.com's FREE daily email newsletter.