Transocean (NYSE:RIG) Downgraded to Sell at Argus

Argus downgraded shares of Transocean (NYSE:RIG) from a hold rating to a sell rating in a report released on Wednesday, Benzinga reports.

A number of other research analysts also recently commented on RIG. Evercore ISI restated a buy rating and issued a $13.00 target price on shares of Transocean in a research note on Tuesday. Deutsche Bank initiated coverage on Transocean in a report on Wednesday, November 27th. They set a sell rating and a $3.00 price target for the company. Bernstein Bank started coverage on Transocean in a research note on Tuesday, January 14th. They issued an underperform rating and a $2.90 price target for the company. Sanford C. Bernstein assumed coverage on Transocean in a report on Monday, January 13th. They issued an underperform rating and a $2.90 price objective on the stock. Finally, ValuEngine raised shares of Transocean from a hold rating to a buy rating in a research report on Saturday, January 18th. Six analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $7.75.

RIG stock traded down $0.05 during midday trading on Wednesday, reaching $4.27. The company had a trading volume of 636,638 shares, compared to its average volume of 17,217,020. Transocean has a 1 year low of $3.76 and a 1 year high of $9.79. The company has a current ratio of 2.53, a quick ratio of 2.21 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $2.68 billion, a P/E ratio of -2.08 and a beta of 2.03. The company has a 50 day moving average of $5.45 and a two-hundred day moving average of $5.15.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.13). Transocean had a negative net margin of 40.64% and a negative return on equity of 7.07%. The company had revenue of $792.00 million for the quarter, compared to analysts’ expectations of $821.29 million. During the same quarter in the prior year, the firm earned ($0.34) earnings per share. On average, sell-side analysts anticipate that Transocean will post -0.88 earnings per share for the current year.

In other Transocean news, SVP David A. Tonnel sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $4.68, for a total transaction of $46,800.00. Following the completion of the sale, the senior vice president now owns 119,083 shares of the company’s stock, valued at $557,308.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.05% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of RIG. State of Michigan Retirement System grew its stake in shares of Transocean by 1.4% in the fourth quarter. State of Michigan Retirement System now owns 169,200 shares of the offshore drilling services provider’s stock worth $1,164,000 after acquiring an additional 2,300 shares during the last quarter. GWM Advisors LLC lifted its holdings in shares of Transocean by 4.5% during the fourth quarter. GWM Advisors LLC now owns 54,797 shares of the offshore drilling services provider’s stock valued at $377,000 after acquiring an additional 2,371 shares during the period. Comerica Bank lifted its holdings in shares of Transocean by 0.7% during the fourth quarter. Comerica Bank now owns 343,819 shares of the offshore drilling services provider’s stock valued at $1,630,000 after acquiring an additional 2,394 shares during the period. Ballentine Partners LLC boosted its stake in shares of Transocean by 23.0% in the 4th quarter. Ballentine Partners LLC now owns 13,066 shares of the offshore drilling services provider’s stock valued at $90,000 after purchasing an additional 2,444 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC boosted its stake in shares of Transocean by 15.5% in the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 20,200 shares of the offshore drilling services provider’s stock valued at $90,000 after purchasing an additional 2,718 shares in the last quarter. 70.43% of the stock is currently owned by institutional investors.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Analyst Recommendations for Transocean (NYSE:RIG)

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