Transocean (NYSE:RIG) Trading Up 0.8% – Here’s What Happened

Transocean Ltd. (NYSE:RIG) shares were up 0.8% during trading on Monday . The stock traded as high as $4.05 and last traded at $3.99. Approximately 5,808,481 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 17,223,396 shares. The stock had previously closed at $3.96.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RIG. Citigroup cut Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Morgan Stanley increased their price objective on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. 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 research note on Wednesday, December 18th. JPMorgan Chase & Co. raised shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target on the stock in a report on Friday, December 6th. Finally, StockNews.com raised shares of Transocean to a “sell” rating in a research note on Tuesday, November 12th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Transocean presently has an average rating of “Hold” and an average price target of $6.25.

Transocean Stock Up 0.8 %

The company’s fifty day simple moving average is $4.08 and its 200 day simple moving average is $4.56. The company has a quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $3.49 billion, a PE ratio of -5.32 and a beta of 2.73.

Insider Transactions at Transocean

In other 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 completion of the transaction, the executive vice president now directly owns 310,857 shares in the company, valued at approximately $1,333,576.53. This trade represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 13.16% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RIG. Franklin Resources Inc. purchased a new position in shares of Transocean in the 3rd quarter worth about $157,000. Geode Capital Management LLC raised its holdings in Transocean by 4.1% in the third quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock worth $73,307,000 after buying an additional 680,242 shares during the last quarter. Abel Hall LLC bought a new position in shares of Transocean in the third quarter worth approximately $65,000. Barclays PLC grew its holdings in shares of Transocean by 60.1% during the third quarter. Barclays PLC now owns 1,623,924 shares of the offshore drilling services provider’s stock valued at $6,902,000 after buying an additional 609,681 shares during the last quarter. Finally, Orion Portfolio Solutions LLC bought a new stake in shares of Transocean during the third quarter valued at approximately $46,000. Hedge funds and other 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.