Transocean (NYSE:RIG) Trading Up 1.5% – Here’s What Happened

Transocean Ltd. (NYSE:RIG) shares were up 1.5% on Friday . The company traded as high as $4.19 and last traded at $4.05. Approximately 8,083,603 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 23,414,295 shares. The stock had previously closed at $3.99.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. upgraded shares of 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. Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target on the stock in a research note on Wednesday, December 18th. TD Cowen reduced their price objective on Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research report on Wednesday. Citigroup lowered Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. Finally, Morgan Stanley upped their price target on Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.17.

Transocean Stock Performance

The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of -5.39 and a beta of 2.73. 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 stock’s fifty day moving average is $4.08 and its two-hundred day moving average is $4.54.

Insider Transactions at Transocean

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the firm’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 completion of the sale, the executive vice president now owns 310,857 shares in the company, valued at approximately $1,333,576.53. This trade represents a 6.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 12.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RIG. Geode Capital Management LLC grew its position in shares of 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 valued at $73,307,000 after purchasing an additional 680,242 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Transocean by 7.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 11,606,320 shares of the offshore drilling services provider’s stock valued at $49,327,000 after buying an additional 826,229 shares in the last quarter. Barclays PLC lifted 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 worth $6,902,000 after buying an additional 609,681 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Transocean by 335.3% in the third quarter. International Assets Investment Management LLC now owns 196,699 shares of the offshore drilling services provider’s stock valued at $836,000 after acquiring an additional 151,507 shares during the period. Finally, MetLife Investment Management LLC increased its position in Transocean by 125.9% during the third quarter. MetLife Investment Management LLC now owns 415,031 shares of the offshore drilling services provider’s stock worth $1,764,000 after acquiring an additional 231,334 shares during the period. 67.73% of the stock is owned by institutional investors.

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.