Transocean (NYSE:RIG) Shares Up 4.9% – Here’s Why

Transocean Ltd. (NYSE:RIG)’s share price shot up 4.9% during mid-day trading on Tuesday . The company traded as high as $3.93 and last traded at $3.93. 16,867,655 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 25,816,016 shares. The stock had previously closed at $3.74.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on RIG shares. TD Cowen lowered their price objective on Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. raised Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective for the company in a research note on Friday, December 6th. Evercore ISI cut shares of Transocean from an “outperform” rating to an “in-line” rating and lowered their target price for the stock from $6.00 to $5.00 in a research note on Wednesday, January 15th. Benchmark reiterated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Finally, StockNews.com raised shares of Transocean to a “sell” rating in a research note on Tuesday, November 12th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $5.94.

Transocean Stock Performance

The stock has a 50-day simple moving average of $3.88 and a 200-day simple moving average of $4.31. The stock has a market cap of $3.39 billion, a PE ratio of -5.16, a P/E/G ratio of 0.75 and a beta of 2.70. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.34.

Insider Transactions at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of Transocean stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.29, for a total value of $85,800.00. Following the completion of the transaction, the executive vice president now directly owns 310,857 shares in the company, valued at $1,333,576.53. The trade was a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 13.16% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RIG. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Transocean by 138.8% in 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 acquiring an additional 2,693 shares during the last quarter. Twin Tree Management LP purchased a new position in Transocean in the 4th quarter worth about $27,000. Blue Trust Inc. raised its holdings in Transocean by 96.2% during the 4th quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock worth $37,000 after buying an additional 4,826 shares during the period. Adero Partners LLC purchased a new stake in Transocean during the fourth quarter valued at about $38,000. Finally, Stratos Wealth Partners LTD. purchased a new position in shares of Transocean in the fourth quarter worth approximately $40,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

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.