Transocean (NYSE:RIG) Stock Price Up 0.8% – Here’s What Happened

Transocean Ltd. (NYSE:RIG) traded up 0.8% during mid-day trading on Monday . The stock traded as high as $4.05 and last traded at $3.99. Approximately 5,808,481 shares were traded during mid-day trading, a decline of 66% from the average session volume of 17,223,396 shares. The stock had previously closed at $3.96.

Wall Street Analyst Weigh In

RIG has been the topic of several analyst reports. Morgan Stanley raised their price target 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. 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. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price for the company in a research report on Wednesday, December 18th. TD Cowen cut their target price on shares of Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a research note on Wednesday. Finally, Citigroup cut Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Transocean presently has an average rating of “Hold” and an average price target of $6.17.

Transocean Price Performance

The company has a market capitalization of $3.49 billion, a price-to-earnings ratio of -5.32 and a beta of 2.73. The business has a fifty day moving average price of $4.08 and a 200 day moving average price of $4.54. 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 related news, EVP Roderick James Mackenzie sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.29, for a total value of $85,800.00. Following the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 12.54% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RIG. Oppenheimer Asset Management Inc. grew its holdings in shares of Transocean by 10.9% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 25,170 shares of the offshore drilling services provider’s stock worth $107,000 after acquiring an additional 2,469 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Transocean by 138.8% during 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 buying an additional 2,693 shares during the period. Kovitz Investment Group Partners LLC boosted its holdings in shares of Transocean by 34.0% in the third 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 during the period. CWM LLC boosted its stake in Transocean by 36.1% in the 3rd quarter. CWM LLC now owns 17,065 shares of the offshore drilling services provider’s stock worth $73,000 after purchasing an additional 4,529 shares during the period. Finally, nVerses Capital LLC grew its position in Transocean by 9.3% during the 3rd quarter. nVerses Capital LLC now owns 60,100 shares of the offshore drilling services provider’s stock worth $255,000 after purchasing an additional 5,100 shares in the last quarter. Institutional investors 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.