Transocean (NYSE:RIG) Trading Down 1.1% – Here’s Why

Transocean Ltd. (NYSE:RIG)’s share price dropped 1.1% during trading on Monday . The stock traded as low as $4.00 and last traded at $4.06. Approximately 22,829,131 shares were traded during mid-day trading, an increase of 11% from the average daily volume of 20,549,820 shares. The stock had previously closed at $4.10.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RIG shares. Evercore ISI downgraded Transocean from an “outperform” rating to an “in-line” rating and reduced their target price for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. StockNews.com raised shares of Transocean to a “sell” rating in a research report on Tuesday, November 12th. Benchmark reaffirmed a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. raised shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target on the stock in a research note on Friday, December 6th. Finally, Barclays raised 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. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $5.94.

Transocean Stock Down 1.1 %

The company has a quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64. The firm’s 50 day simple moving average is $4.03 and its 200 day simple moving average is $4.48. The company has a market cap of $3.55 billion, a price-to-earnings ratio of -5.41, a price-to-earnings-growth ratio of 0.67 and a beta of 2.73.

Insider Buying and Selling

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.29, for a total value of $85,800.00. Following the completion of 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 represents a 6.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Transocean

Hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC increased its holdings in shares of Transocean by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock valued at $73,307,000 after purchasing an additional 680,242 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Transocean by 7.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 11,606,320 shares of the offshore drilling services provider’s stock worth $49,327,000 after buying an additional 826,229 shares in the last quarter. Barclays PLC increased its stake in shares of Transocean by 60.1% in the third quarter. Barclays PLC now owns 1,623,924 shares of the offshore drilling services provider’s stock worth $6,902,000 after acquiring an additional 609,681 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Transocean by 335.3% during the third quarter. International Assets Investment Management LLC now owns 196,699 shares of the offshore drilling services provider’s stock worth $836,000 after acquiring an additional 151,507 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its position in Transocean by 125.9% during the third quarter. MetLife Investment Management LLC now owns 415,031 shares of the offshore drilling services provider’s stock valued at $1,764,000 after purchasing an additional 231,334 shares during the last quarter. 67.73% of the stock is 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.