Transocean (NYSE:RIG) Trading Down 1.3% – Here’s What Happened

Transocean Ltd. (NYSE:RIG) traded down 1.3% during mid-day trading on Friday . The stock traded as low as $3.90 and last traded at $3.90. 5,091,565 shares traded hands during trading, a decline of 68% from the average session volume of 16,086,239 shares. The stock had previously closed at $3.95.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a research report on Friday, December 6th. StockNews.com upgraded Transocean to a “sell” rating in a report on Tuesday, November 12th. Morgan Stanley upped their price objective on shares of Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. Citigroup lowered shares of Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Finally, Benchmark reaffirmed a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $6.25.

Transocean Stock Performance

The stock has a market capitalization of $3.46 billion, a PE ratio of -5.27 and a beta of 2.75. 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’s 50 day moving average is $4.08 and its two-hundred day moving average is $4.58.

Insider Activity

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.29, for a total value of $85,800.00. Following 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 position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 13.16% of the company’s stock.

Institutional Trading of Transocean

A number of hedge funds and other institutional investors have recently bought and sold shares of RIG. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Transocean by 138.8% in 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 buying an additional 2,693 shares in the last quarter. Orion Portfolio Solutions LLC acquired a new position in Transocean in the third quarter valued at $46,000. Atria Investments Inc purchased a new position in shares of Transocean during the third quarter worth about $51,000. Kovitz Investment Group Partners LLC raised its stake 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 valued at $62,000 after acquiring an additional 4,027 shares during the last quarter. Finally, Abel Hall LLC acquired a new position in shares of Transocean in the third quarter valued at approximately $65,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.