Transocean (NYSE:RIG) Sets New 52-Week Low – Here’s What Happened

Transocean Ltd. (NYSE:RIG) hit a new 52-week low during trading on Thursday . The stock traded as low as $3.53 and last traded at $3.55, with a volume of 29549843 shares trading hands. The stock had previously closed at $3.62.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RIG. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target on the stock in a report on Wednesday. JPMorgan Chase & Co. raised 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. Citigroup downgraded Transocean from a “buy” rating to a “neutral” rating in a research note on Thursday, September 12th. DNB Markets raised shares of Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Finally, Benchmark restated a “hold” rating on shares of Transocean in a report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $6.25.

Transocean Stock Down 1.9 %

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 $3.11 billion, a price-to-earnings ratio of -4.73 and a beta of 2.75. The business’s 50-day moving average is $4.21 and its 200-day moving average is $4.71.

Insiders Place Their Bets

In other Transocean 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 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. This represents a 6.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 13.16% of the company’s stock.

Hedge Funds Weigh In On Transocean

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of 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. Nisa Investment Advisors LLC acquired a new position in shares of Transocean in the second quarter valued at approximately $30,000. Orion Portfolio Solutions LLC bought a new stake in shares of Transocean during the third quarter worth $46,000. Atria Investments Inc bought a new stake in Transocean in the 3rd quarter valued at $51,000. Finally, Kovitz Investment Group Partners LLC increased its holdings in Transocean by 34.0% during 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 purchasing an additional 4,027 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.