Transocean (NYSE:RIG) Shares Down 2.2% After Analyst Downgrade

Transocean Ltd. (NYSE:RIG)’s stock price traded down 2.2% during trading on Wednesday after TD Cowen lowered their price target on the stock from $6.50 to $5.50. TD Cowen currently has a hold rating on the stock. Transocean traded as low as $4.05 and last traded at $4.07. 6,066,930 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 21,522,525 shares. The stock had previously closed at $4.16.

Several other analysts also recently weighed in on RIG. Morgan Stanley lifted their target price on Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective for the company in a research report on Wednesday, December 18th. JPMorgan Chase & Co. raised shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price on the stock in a research report on Friday, December 6th. Susquehanna lowered their price target on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a report on Friday, November 1st. Finally, StockNews.com upgraded Transocean to a “sell” rating in a report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $6.17.

Insider Transactions at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was 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 owns 310,857 shares of the company’s stock, valued at approximately $1,333,576.53. This trade represents a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 modified their holdings of the stock. Northwestern Mutual Wealth Management Co. increased its stake 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 valued at $25,000 after purchasing an additional 2,693 shares in the last quarter. Orion Portfolio Solutions LLC purchased a new stake in shares of Transocean during the third quarter valued at $46,000. Atria Investments Inc acquired a new position in shares of Transocean in the 3rd quarter valued at $51,000. Kovitz Investment Group Partners LLC raised its stake in Transocean by 34.0% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider’s stock worth $62,000 after acquiring an additional 4,027 shares during the last quarter. Finally, Abel Hall LLC acquired a new stake in Transocean during the 3rd quarter worth about $65,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Transocean Trading Down 5.3 %

The company has a 50 day simple moving average of $4.08 and a two-hundred day simple moving average of $4.54. 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 firm has a market cap of $3.45 billion, a PE ratio of -5.25 and a beta of 2.73.

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.