Transocean (NYSE:RIG) Trading Up 1% – Here’s What Happened

by · The Markets Daily

Transocean Ltd. (NYSE:RIG – Get Free Report)’s stock price shot up 1% on Wednesday . The company traded as high as $4.12 and last traded at $4.11. 4,879,532 shares were traded during mid-day trading, a decline of 80% from the average session volume of 23,835,787 shares. The stock had previously closed at $4.07.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Susquehanna lowered their price objective on shares of Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research note on Friday, November 1st. Evercore ISI downgraded Transocean from an “outperform” rating to an “in-line” rating and dropped their price objective for the stock from $6.00 to $5.00 in a research note on Wednesday. Morgan Stanley raised their target price on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Finally, TD Cowen lowered their price objective on shares of Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a research note on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $5.94.

Get Our Latest Research Report on RIG

Transocean Stock Performance

The firm’s fifty day simple moving average is $4.04 and its 200 day simple moving average is $4.50. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.34. The company has a market capitalization of $3.55 billion, a price-to-earnings ratio of -5.41, a PEG ratio of 0.67 and a beta of 2.73.

Insiders Place Their Bets

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $4.05, for a total value of $89,100.00. Following the completion of the sale, the executive vice president now directly owns 229,596 shares of the company’s stock, valued at approximately $929,863.80. This represents a 8.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 12.54% of the company’s stock.

Hedge Funds Weigh In On Transocean

Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its position in Transocean by 19.0% during the second 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. Moors & Cabot Inc. grew its holdings in shares of Transocean by 28.3% during the 2nd quarter. Moors & Cabot Inc. now owns 44,850 shares of the offshore drilling services provider’s stock valued at $240,000 after acquiring an additional 9,900 shares in the last quarter. Amalgamated Bank acquired a new position in shares of Transocean in the second quarter worth $135,000. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Transocean by 15.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 102,764 shares of the offshore drilling services provider’s stock worth $550,000 after acquiring an additional 14,031 shares in the last quarter. Finally, Blair William & Co. IL boosted its position in Transocean by 3.7% during the second quarter. Blair William & Co. IL now owns 269,696 shares of the offshore drilling services provider’s stock valued at $1,443,000 after purchasing an additional 9,704 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

About Transocean

(Get Free Report)

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.

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