TD Cowen Cuts Transocean (NYSE:RIG) Price Target to $5.50

Transocean (NYSE:RIG) had its price objective cut by TD Cowen from $6.50 to $5.50 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the offshore drilling services provider’s stock. TD Cowen’s price objective would indicate a potential upside of 37.84% from the stock’s previous close.

Several other equities research analysts have also recently commented on RIG. JPMorgan Chase & Co. raised Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a report on Friday, December 6th. Morgan Stanley increased their target price on shares of Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Susquehanna lowered their price objective on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research report on Friday, November 1st. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price on the stock in a report on Wednesday, December 18th. Finally, Citigroup cut shares of Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Two 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 company. Based on data from MarketBeat, Transocean currently has an average rating of “Hold” and an average price target of $6.17.

Transocean Price Performance

Shares of NYSE:RIG traded down $0.17 during midday trading on Wednesday, reaching $3.99. 19,002,848 shares of the company’s stock traded hands, compared to its average volume of 23,751,125. 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 company has a market cap of $3.49 billion, a P/E ratio of -5.32 and a beta of 2.73. Transocean has a 1 year low of $3.40 and a 1 year high of $6.88. The company has a fifty day simple moving average of $4.08 and a two-hundred day simple moving average of $4.54.

Insider Buying and Selling at Transocean

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.29, for a total value of $85,800.00. Following the completion of the sale, the executive vice president now directly owns 310,857 shares of the company’s stock, valued at approximately $1,333,576.53. This represents a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Transocean

Several institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. acquired a new position in shares of Transocean during the second quarter worth about $383,000. Rhumbline Advisers grew its holdings in Transocean by 53,530.4% during the 2nd quarter. Rhumbline Advisers now owns 1,109,612 shares of the offshore drilling services provider’s stock valued at $5,936,000 after buying an additional 1,107,543 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Transocean by 3.2% in the second quarter. Arizona State Retirement System now owns 206,501 shares of the offshore drilling services provider’s stock worth $1,105,000 after acquiring an additional 6,395 shares during the last quarter. PFG Investments LLC lifted its position in shares of Transocean by 6.1% in the second quarter. PFG Investments LLC now owns 183,137 shares of the offshore drilling services provider’s stock valued at $980,000 after acquiring an additional 10,500 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Transocean by 24.3% during the second quarter. American Century Companies Inc. now owns 13,437,572 shares of the offshore drilling services provider’s stock valued at $71,891,000 after acquiring an additional 2,623,615 shares during the last quarter. 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.