Transocean (NYSE:RIG) Shares Up 3.3% – Here’s Why

Transocean Ltd. (NYSE:RIG) traded up 3.3% during mid-day trading on Tuesday . The stock traded as high as $3.79 and last traded at $3.78. 6,645,973 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 18,740,057 shares. The stock had previously closed at $3.66.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RIG shares. Morgan Stanley upped their target price on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. Citigroup lowered shares of Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. StockNews.com upgraded shares of Transocean to a “sell” rating in a research note on Tuesday, November 12th. Benchmark restated a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. Finally, Barclays upgraded shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price for the company in a research note on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $6.25.

Transocean Trading Up 3.6 %

The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of -5.05 and a beta of 2.75. 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 business has a fifty day moving average price of $4.10 and a 200 day moving average price of $4.60.

Insider Transactions at Transocean

In related news, EVP Roderick James Mackenzie sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.29, for a total transaction of $85,800.00. Following the transaction, the executive vice president now directly owns 310,857 shares of the company’s stock, valued at approximately $1,333,576.53. The trade was a 6.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 13.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Pilgrim Global Advisors LLC acquired a new position in shares of Transocean in the third quarter worth about $77,473,000. Dimensional Fund Advisors LP raised its position in shares of Transocean by 19.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock valued at $196,484,000 after purchasing an additional 5,856,414 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Transocean by 24.3% during the 2nd quarter. American Century Companies Inc. now owns 13,437,572 shares of the offshore drilling services provider’s stock valued at $71,891,000 after buying an additional 2,623,615 shares during the last quarter. Kailix Advisors LLC grew its position in shares of Transocean by 59.9% during the third quarter. Kailix Advisors LLC now owns 6,620,451 shares of the offshore drilling services provider’s stock worth $28,137,000 after buying an additional 2,481,059 shares in the last quarter. Finally, Point72 Europe London LLP bought a new stake in shares of Transocean in the third quarter worth $8,935,000. 67.73% of the stock is currently owned by hedge funds and other 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.