Transocean (NYSE:RIG) Shares Gap Up – Here’s Why

Transocean Ltd. (NYSE:RIG) shares gapped up prior to trading on Wednesday . The stock had previously closed at $3.67, but opened at $3.78. Transocean shares last traded at $3.80, with a volume of 3,825,413 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have issued reports on RIG shares. Susquehanna cut their price target on shares of Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research report on Friday, November 1st. StockNews.com raised Transocean to a “sell” rating in a report on Tuesday, November 12th. Benchmark restated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Barclays upgraded shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. raised shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a research note on Friday, December 6th. 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 data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $6.25.

Transocean Stock Up 5.7 %

The company’s 50 day simple moving average is $4.22 and its 200-day simple moving average is $4.72. The company has a current ratio of 1.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.64. The firm has a market cap of $3.40 billion, a P/E ratio of -4.91 and a beta of 2.75.

Insider Activity

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.29, for a total value of $85,800.00. Following the sale, the executive vice president now owns 310,857 shares in the company, valued at $1,333,576.53. This represents a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 13.16% of the company’s stock.

Institutional Trading of Transocean

A number of hedge funds and other institutional investors have recently modified their holdings of RIG. Northwestern Mutual Wealth Management Co. increased its holdings in Transocean by 138.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock valued at $25,000 after purchasing an additional 2,693 shares during the last quarter. Nisa Investment Advisors LLC acquired a new position in Transocean in the second quarter valued at approximately $30,000. Orion Portfolio Solutions LLC purchased a new position in shares of Transocean in the 3rd quarter valued at $46,000. SG Americas Securities LLC purchased a new stake in shares of Transocean in the 2nd quarter valued at about $64,000. Finally, Atria Investments Inc purchased a new stake in Transocean in the third quarter valued at approximately $51,000. 67.73% of the stock is owned by institutional investors and hedge funds.

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.