Transocean (NYSE:RIG) Hits New 52-Week Low – Here’s Why

Shares of Transocean Ltd. (NYSE:RIG) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $3.38 and last traded at $3.54, with a volume of 4262733 shares traded. The stock had previously closed at $3.53.

Wall Street Analysts Forecast Growth

RIG has been the subject of a number of analyst reports. Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price for the company in a research note on Wednesday, December 18th. 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. Benchmark reaffirmed a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. Evercore ISI downgraded Transocean from an “outperform” rating to an “in-line” rating and dropped their price objective for the company from $6.00 to $5.00 in a research note on Wednesday, January 15th. Finally, TD Cowen lowered their target price on Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a report on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $5.94.

Transocean Stock Up 0.4 %

The firm has a fifty day moving average price of $3.82 and a 200-day moving average price of $4.23. 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 has a market cap of $3.10 billion, a price-to-earnings ratio of -4.73, a PEG ratio of 0.75 and a beta of 2.70.

Insider Activity at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.85, for a total value of $84,700.00. Following the completion of the transaction, the executive vice president now directly owns 313,072 shares in the company, valued at $1,205,327.20. The trade was a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 13.16% of the stock is owned by insiders.

Institutional Investors Weigh In On Transocean

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIG. Geode Capital Management LLC increased its position in Transocean by 4.1% during the third quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock worth $73,307,000 after buying an additional 680,242 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Transocean by 33.9% in the fourth quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider’s stock valued at $57,727,000 after buying an additional 3,895,880 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Transocean by 7.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 11,606,320 shares of the offshore drilling services provider’s stock valued at $49,327,000 after buying an additional 826,229 shares during the period. Barclays PLC lifted 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 valued at $6,902,000 after buying an additional 609,681 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in shares of Transocean by 335.3% in the third quarter. International Assets Investment Management LLC now owns 196,699 shares of the offshore drilling services provider’s stock valued at $836,000 after buying an additional 151,507 shares during the period. Institutional investors own 67.73% of the company’s stock.

About Transocean

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.