Transocean (NYSE:RIG) Price Target Lowered to $5.00 at Morgan Stanley

Transocean (NYSE:RIG) had its price target reduced by Morgan Stanley from $7.00 to $5.00 in a research report released on Monday, Benzinga reports. They currently have an equal weight rating on the offshore drilling services provider’s stock.

A number of other research firms have also weighed in on RIG. DNB Markets raised shares of Transocean from a hold rating to a buy rating in a research note on Tuesday, September 3rd. Citigroup lowered shares of Transocean from a buy rating to a neutral rating in a research note on Thursday, September 12th. Benchmark reissued a buy rating and issued a $8.00 target price on shares of Transocean in a research note on Friday, August 2nd. Finally, StockNews.com raised shares of Transocean to a sell rating in a research note on Monday, August 5th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of Hold and an average price target of $7.00.

Transocean Trading Up 7.6 %

RIG stock opened at $4.45 on Monday. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 0.63. Transocean has a 12-month low of $3.85 and a 12-month high of $8.71. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of -8.55 and a beta of 2.79. The business’s 50-day moving average is $5.00 and its 200 day moving average is $5.46.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.07). Transocean had a negative return on equity of 4.76% and a negative net margin of 11.34%. The firm had revenue of $861.00 million during the quarter, compared to analyst estimates of $862.25 million. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. The company’s quarterly revenue was up 18.1% on a year-over-year basis. On average, sell-side analysts anticipate that Transocean will post -0.19 EPS for the current fiscal year.

Insider Activity

In other news, Director Perestroika purchased 1,500,000 shares of Transocean stock in a transaction dated Thursday, September 12th. The shares were purchased at an average price of $4.13 per share, with a total value of $6,195,000.00. Following the transaction, the director now owns 91,074,894 shares in the company, valued at $376,139,312.22. The purchase was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Perestroika bought 1,500,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was purchased at an average price of $4.13 per share, for a total transaction of $6,195,000.00. Following the acquisition, the director now owns 91,074,894 shares of the company’s stock, valued at $376,139,312.22. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director (Cyprus) Ltd Perestroika bought 2,000,000 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was bought at an average price of $5.23 per share, with a total value of $10,460,000.00. Following the acquisition, the director now directly owns 89,574,894 shares in the company, valued at approximately $468,476,695.62. The disclosure for this purchase can be found here. Corporate insiders own 13.16% of the company’s stock.

Institutional Trading of Transocean

Several institutional investors have recently added to or reduced their stakes in RIG. Capital World Investors increased its holdings in Transocean by 34.7% in the 4th quarter. Capital World Investors now owns 39,014,318 shares of the offshore drilling services provider’s stock valued at $247,741,000 after purchasing an additional 10,049,077 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Transocean by 19.0% in the second quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock worth $196,484,000 after acquiring an additional 5,856,414 shares in the last quarter. Primecap Management Co. CA grew its stake in shares of Transocean by 11.4% in the fourth quarter. Primecap Management Co. CA now owns 50,699,389 shares of the offshore drilling services provider’s stock worth $321,941,000 after acquiring an additional 5,168,000 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Transocean by 6.4% in the fourth quarter. Vanguard Group Inc. now owns 68,552,192 shares of the offshore drilling services provider’s stock worth $435,306,000 after acquiring an additional 4,107,956 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Transocean in the second quarter worth $16,179,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.