Transocean (NYSE:RIG) Shares Down 2.8% – Here’s Why

Transocean Ltd. (NYSE:RIG) shares were down 2.8% during mid-day trading on Tuesday . The stock traded as low as $3.90 and last traded at $3.95. Approximately 8,134,393 shares were traded during trading, a decline of 67% from the average daily volume of 24,774,191 shares. The stock had previously closed at $4.06.

Analyst Ratings Changes

A number of research analysts recently commented on the company. JPMorgan Chase & Co. raised 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. 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 report on Wednesday, December 18th. Morgan Stanley raised their target price on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. TD Cowen lowered their price target on Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a report on Wednesday, January 8th. Finally, Susquehanna decreased their target price on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research report on Friday, November 1st. Two investment 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $5.94.

Transocean Stock Performance

The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64. The company has a 50 day moving average price of $4.02 and a 200 day moving average price of $4.47. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of -5.25, a P/E/G ratio of 0.78 and a beta of 2.73.

Insider Activity at Transocean

In other news, EVP Roderick James Mackenzie sold 22,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $4.05, for a total value of $89,100.00. Following the transaction, the executive vice president now owns 229,596 shares in the company, valued at $929,863.80. This trade represents a 8.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 12.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Transocean

Large investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. lifted its position in shares of Transocean by 138.8% during the second 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 in the last quarter. Orion Portfolio Solutions LLC bought a new position in shares of Transocean during the 3rd quarter worth approximately $46,000. Atria Investments Inc purchased a new position in shares of Transocean in the 3rd quarter worth approximately $51,000. Pallas Capital Advisors LLC grew its holdings in shares of Transocean by 25.6% in the fourth quarter. Pallas Capital Advisors LLC now owns 15,332 shares of the offshore drilling services provider’s stock valued at $57,000 after acquiring an additional 3,127 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC lifted its holdings in Transocean by 34.0% during the third quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider’s stock worth $62,000 after acquiring an additional 4,027 shares during the period. 67.73% of the stock is currently owned by institutional investors.

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.