Transocean (NYSE:RIG) Downgraded by Evercore ISI to In-Line

Evercore ISI lowered shares of Transocean (NYSE:RIG) from an outperform rating to an in-line rating in a research report sent to investors on Wednesday, MarketBeat Ratings reports. They currently have $5.00 target price on the offshore drilling services provider’s stock, down from their prior target price of $6.00.

Several other research firms also recently weighed in on RIG. Susquehanna dropped their price target on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research note on Friday, November 1st. Morgan Stanley boosted their price target on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. TD Cowen dropped their price target on Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a research note on Wednesday, January 8th. StockNews.com upgraded Transocean to a “sell” rating in a research note on Tuesday, November 12th. Finally, Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective for the company in a report on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, Transocean has a consensus rating of “Hold” and a consensus target price of $5.94.

Transocean Stock Up 5.2 %

Transocean stock opened at $4.28 on Wednesday. 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’s 50-day simple moving average is $4.05 and its two-hundred day simple moving average is $4.50. The company has a market cap of $3.75 billion, a PE ratio of -5.71, a PEG ratio of 0.67 and a beta of 2.73. Transocean has a fifty-two week low of $3.40 and a fifty-two week high of $6.88.

Insider Buying and Selling

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the company’s 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 transaction, the executive vice president now 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 13.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Transocean

Large investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. raised its holdings in 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 purchasing an additional 2,693 shares during the period. Orion Portfolio Solutions LLC purchased a new stake in Transocean during the 3rd quarter worth approximately $46,000. Atria Investments Inc purchased a new stake in Transocean during the 3rd quarter worth approximately $51,000. Pallas Capital Advisors LLC increased its stake in Transocean by 25.6% during the 4th quarter. Pallas Capital Advisors LLC now owns 15,332 shares of the offshore drilling services provider’s stock worth $57,000 after buying an additional 3,127 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC increased its stake in Transocean by 34.0% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider’s stock worth $62,000 after buying an additional 4,027 shares in the last quarter. 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.