Shares of Transocean LTD (NYSE:RIG) traded down 8.4% during trading on Thursday . The stock traded as low as $9.32 and last traded at $8.54. 20,528,680 shares changed hands during mid-day trading, an increase of 44% from the average session volume of 14,261,938 shares. The stock had previously closed at $9.32.

Several analysts recently commented on the company. ValuEngine upgraded Transocean from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 2nd. Piper Jaffray Companies set a $14.00 target price on Transocean and gave the company a “hold” rating in a report on Monday, October 1st. Susquehanna Bancshares set a $17.00 target price on Transocean and gave the company a “buy” rating in a report on Wednesday, October 10th. Cowen assumed coverage on Transocean in a report on Saturday, October 13th. They issued a “hold” rating and a $12.00 target price on the stock. Finally, Johnson Rice upgraded Transocean from a “sell” rating to a “hold” rating and set a $16.00 target price on the stock in a report on Wednesday, October 17th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company. Transocean currently has an average rating of “Hold” and a consensus target price of $13.79.

The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.77 and a current ratio of 3.07.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Monday, October 29th. The offshore drilling services provider reported $0.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.16. Transocean had a negative return on equity of 2.31% and a negative net margin of 64.33%. The firm had revenue of $816.00 million for the quarter, compared to analyst estimates of $779.19 million. During the same period in the previous year, the firm earned $0.16 earnings per share. The company’s revenue was up 1.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Transocean LTD will post -0.72 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Transocean by 0.3% in the third quarter. Vanguard Group Inc. now owns 38,625,518 shares of the offshore drilling services provider’s stock valued at $538,826,000 after buying an additional 118,330 shares during the period. Primecap Management Co. CA lifted its stake 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 valued at $448,755,000 after buying an additional 18,121,494 shares during the period. Asia Research & Capital Management Ltd lifted its stake in Transocean by 0.4% in the second quarter. Asia Research & Capital Management Ltd now owns 16,849,241 shares of the offshore drilling services provider’s stock valued at $226,454,000 after buying an additional 71,391 shares during the period. Platinum Investment Management Ltd. lifted its stake 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 valued at $202,176,000 after buying an additional 5,778,427 shares during the period. Finally, Contrarius Investment Management Ltd raised its position in shares of Transocean by 0.5% during the second quarter. Contrarius Investment Management Ltd now owns 12,631,817 shares of the offshore drilling services provider’s stock worth $169,772,000 after purchasing an additional 64,474 shares during the period. 81.47% of the stock is currently owned by hedge funds and other institutional investors.

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Transocean Company Profile (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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