Transocean (NYSE:RIG) Sets New 52-Week Low After Earnings Miss

Transocean Ltd. (NYSE:RIG)’s stock price reached a new 52-week low on Tuesday following a dissappointing earnings announcement. The company traded as low as $3.38 and last traded at $3.54, with a volume of 4262733 shares changing hands. The stock had previously closed at $3.53.

The offshore drilling services provider reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.11). Transocean had a negative net margin of 14.53% and a negative return on equity of 0.51%. The company had revenue of $952.00 million for the quarter, compared to the consensus estimate of $962.28 million.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a report on Friday, December 6th. Barclays upgraded shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective for the company in a research note on Wednesday, December 18th. StockNews.com upgraded shares of Transocean to a “sell” rating in a research note on Tuesday, November 12th. Evercore ISI lowered shares of Transocean from an “outperform” rating to an “in-line” rating and cut their target price for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. Finally, TD Cowen lowered their price target on Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a research report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Transocean has a consensus rating of “Hold” and a consensus price target of $5.94.

Insiders Place Their Bets

In other news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.85, for a total transaction of $84,700.00. Following the sale, the executive vice president now owns 313,072 shares of the company’s stock, valued at approximately $1,205,327.20. This trade represents a 6.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 13.16% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Transocean by 7.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,289,576 shares of the offshore drilling services provider’s stock valued at $4,836,000 after buying an additional 85,660 shares during the period. Wexford Capital LP acquired a new stake in shares of Transocean during the 4th quarter valued at about $95,000. Two Sigma Advisers LP increased its stake in Transocean by 118.3% in the fourth quarter. Two Sigma Advisers LP now owns 1,577,454 shares of the offshore drilling services provider’s stock valued at $5,915,000 after acquiring an additional 854,800 shares during the period. State of Wyoming increased its stake in Transocean by 33.1% in the fourth quarter. State of Wyoming now owns 53,770 shares of the offshore drilling services provider’s stock valued at $202,000 after acquiring an additional 13,370 shares during the period. Finally, Sagefield Capital LP raised its position in Transocean by 42.3% in the fourth quarter. Sagefield Capital LP now owns 1,710,176 shares of the offshore drilling services provider’s stock worth $6,413,000 after purchasing an additional 507,988 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Transocean Trading Up 3.6 %

The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.34. The business’s 50 day simple moving average is $3.80 and its 200 day simple moving average is $4.23. The stock has a market cap of $3.12 billion, a P/E ratio of -4.88, a PEG ratio of 0.85 and a beta of 2.70.

Transocean Company Profile

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.