Transocean (NYSE:RIG) Shares Down 1.8% – Here’s What Happened

Shares of Transocean Ltd. (NYSE:RIG) fell 1.8% on Friday . The company traded as low as $4.02 and last traded at $4.03. 5,162,125 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 24,660,520 shares. The stock had previously closed at $4.10.

Analyst Ratings Changes

RIG has been the subject of a number of recent analyst reports. TD Cowen lowered their target price on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research note on Wednesday, January 8th. Benchmark reissued a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Morgan Stanley upped their target price on shares of Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target for the company in a research note on Wednesday, December 18th. Finally, JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective on the stock in a report on Friday, December 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.94.

Transocean Stock Down 1.8 %

The stock has a market capitalization of $3.53 billion, a PE ratio of -5.37, a PEG ratio of 0.67 and a beta of 2.73. 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 has a 50 day moving average of $4.04 and a two-hundred day moving average of $4.50.

Insider Transactions at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were 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 trade represents a 8.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 12.54% of the company’s stock.

Hedge Funds Weigh In On Transocean

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. boosted its holdings in Transocean by 138.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock valued at $25,000 after purchasing an additional 2,693 shares during the last quarter. Orion Portfolio Solutions LLC purchased a new position in Transocean in the third quarter valued at $46,000. Atria Investments Inc acquired a new stake in shares of Transocean during the 3rd quarter valued at about $51,000. Pallas Capital Advisors LLC grew its holdings in Transocean by 25.6% in the fourth quarter. Pallas Capital Advisors LLC now owns 15,332 shares of the offshore drilling services provider’s stock valued at $57,000 after purchasing an additional 3,127 shares during the period. Finally, Abel Hall LLC acquired a new stake in Transocean in the 3rd quarter valued at $65,000. 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.