Transocean (NYSE:RIG) Upgraded to Sell at StockNews.com

StockNews.com upgraded shares of Transocean (NYSE:RIG) to a sell rating in a research note released on Tuesday.

Other analysts have also issued reports about the stock. Benchmark lowered shares of Transocean from a “buy” rating to a “hold” rating in a research note on Tuesday, October 15th. Susquehanna cut their price objective on shares of Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a report on Friday, November 1st. Barclays lowered their target price on Transocean from $6.00 to $4.50 and set an “equal weight” rating for the company in a report on Wednesday, October 23rd. Morgan Stanley boosted their price target on Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Finally, DNB Markets raised Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Transocean presently has an average rating of “Hold” and an average price target of $6.63.

Transocean Trading Down 5.5 %

Shares of NYSE RIG opened at $4.22 on Tuesday. Transocean has a twelve month low of $3.85 and a twelve month high of $6.88. The firm has a market cap of $3.69 billion, a PE ratio of -5.62 and a beta of 2.78. The business has a fifty day simple moving average of $4.31 and a two-hundred day simple moving average of $4.99. The company has a quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64.

Insiders Place Their Bets

In other news, Director Perestroika acquired 1,500,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were acquired at an average cost of $4.13 per share, with a total value of $6,195,000.00. Following the completion of the acquisition, the director now owns 91,074,894 shares of the company’s stock, valued at approximately $376,139,312.22. This trade represents a 1.67 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 13.16% of the company’s stock.

Hedge Funds Weigh In On Transocean

Several institutional investors and hedge funds have recently modified their holdings of the business. Pilgrim Global Advisors LLC purchased a new position in shares of Transocean during the 3rd quarter valued at approximately $77,473,000. Capital World Investors increased its stake in shares of Transocean by 18.8% during the first quarter. Capital World Investors now owns 46,334,990 shares of the offshore drilling services provider’s stock worth $290,984,000 after purchasing an additional 7,320,672 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Transocean by 19.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock worth $196,484,000 after purchasing an additional 5,856,414 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in Transocean in the 2nd quarter valued at about $16,179,000. Finally, American Century Companies Inc. increased its stake in Transocean by 24.3% during the 2nd quarter. American Century Companies Inc. now owns 13,437,572 shares of the offshore drilling services provider’s stock worth $71,891,000 after buying an additional 2,623,615 shares in the last quarter. Hedge funds and other 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.