Why Transocean Stock Is Plunging Today

Shares of Transocean (NYSE: RIG) sank 12.7% by 3 p.m. EDT on Wednesday. Weighing on the offshore drilling company was an analyst downgrade. 

Transocean bucked the broader trend in the energy market today. While shares of most oil-related companies rallied thanks to higher oil prices, its stock sank following a downgrade by RBC Capital. The bank reduced its rating from sector perform to underperform while slashing its price target from $2.50 to $1.50 a share.

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Source Fool.com