Transocean (NYSE:RIG) Stock Price Down 2% – Here’s Why

Shares of Transocean Ltd. (NYSE:RIG) dropped 2% on Monday . The stock traded as low as $3.46 and last traded at $3.46. Approximately 3,434,289 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 18,700,352 shares. The stock had previously closed at $3.53.

Wall Street Analysts Forecast Growth

RIG has been the subject of a number of recent analyst reports. Citigroup lowered shares of Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. Barclays upgraded shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective on the stock in a research note on Wednesday, December 18th. Susquehanna cut their target price on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research report on Friday, November 1st. DNB Markets upgraded Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Finally, Morgan Stanley upped their price objective on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Transocean presently has a consensus rating of “Hold” and a consensus price target of $6.25.

Transocean Stock Up 1.7 %

The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of -4.71 and a beta of 2.75. The company has a current ratio of 1.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.64. The stock has a fifty day moving average of $4.15 and a 200-day moving average of $4.65.

Insiders Place Their Bets

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of Transocean stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.29, for a total transaction of $85,800.00. Following the transaction, the executive vice president now directly owns 310,857 shares in the company, valued at approximately $1,333,576.53. The trade was a 6.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 12.54% of the company’s stock.

Institutional Trading of Transocean

Hedge funds and other institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. raised its position in Transocean by 138.8% during 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 buying an additional 2,693 shares during the period. Nisa Investment Advisors LLC acquired a new position in shares of Transocean in the 2nd quarter valued at about $30,000. Orion Portfolio Solutions LLC purchased a new stake in shares of Transocean in the third quarter worth approximately $46,000. SG Americas Securities LLC acquired a new stake in shares of Transocean during the second quarter worth approximately $64,000. Finally, Atria Investments Inc purchased a new position in Transocean during the third quarter valued at approximately $51,000. Institutional investors and hedge funds 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.