Transocean (NYSE:RIG) Shares Up 2.3% – Time to Buy?

Transocean Ltd. (NYSE:RIG) shares rose 2.3% during mid-day trading on Tuesday . The company traded as high as $4.10 and last traded at $4.07. Approximately 7,120,853 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 18,432,080 shares. The stock had previously closed at $3.98.

Wall Street Analysts Forecast Growth

Several analysts recently commented on RIG shares. 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. Morgan Stanley lifted their price target on shares of Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. StockNews.com upgraded Transocean to a “sell” rating in a report on Tuesday, November 12th. TD Cowen reduced their price objective on Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a report on Wednesday. Finally, Citigroup downgraded Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $6.17.

Transocean Trading Down 4.1 %

The firm has a market cap of $3.49 billion, a price-to-earnings ratio of -5.32 and a beta of 2.73. The business has a 50 day moving average of $4.08 and a 200 day moving average of $4.54. The company has a quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64.

Insiders Place Their Bets

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the firm’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 directly owns 310,857 shares of the company’s stock, valued at approximately $1,333,576.53. This trade represents a 6.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RIG. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Transocean by 138.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock worth $25,000 after purchasing an additional 2,693 shares during the period. Orion Portfolio Solutions LLC purchased a new stake in Transocean during the third quarter worth approximately $46,000. Atria Investments Inc purchased a new stake in Transocean during the third quarter worth approximately $51,000. Abel Hall LLC acquired a new stake in shares of Transocean in the third quarter worth $65,000. Finally, Kovitz Investment Group Partners LLC raised its stake in shares of Transocean by 34.0% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider’s stock valued at $62,000 after acquiring an additional 4,027 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

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.