Transocean (NYSE:RIG) Trading Up 2.3% – Still a Buy?

Transocean Ltd. (NYSE:RIG)’s share price shot up 2.3% during mid-day trading on Tuesday . The stock traded as high as $4.10 and last traded at $4.07. 7,120,853 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 18,432,080 shares. The stock had previously closed at $3.98.

Analyst Ratings Changes

RIG has been the topic of a number of research reports. 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 report on Friday, December 6th. Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price for the company in a research report on Wednesday, December 18th. Morgan Stanley upped their price target on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. Benchmark reiterated a “hold” rating on shares of Transocean in a report on Tuesday, December 3rd. Finally, Susquehanna lowered their price target on shares of Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a report on Friday, November 1st. Two investment 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’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $6.25.

Transocean Trading Up 3.8 %

The firm’s 50-day simple moving average is $4.08 and its 200-day simple moving average is $4.55. The firm has a market capitalization of $3.62 billion, a P/E ratio of -5.51 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.

Insider Transactions at Transocean

In related news, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction dated Monday, November 18th. The stock was 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 directly owns 310,857 shares in the company, valued at $1,333,576.53. This represents a 6.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 13.16% of the company’s stock.

Institutional Trading of Transocean

Institutional investors and hedge funds have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. raised its position in 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 worth $25,000 after buying an additional 2,693 shares during the last quarter. Orion Portfolio Solutions LLC purchased a new position in shares of Transocean during the third quarter valued at approximately $46,000. Atria Investments Inc purchased a new stake in Transocean in the third quarter worth approximately $51,000. Kovitz Investment Group Partners LLC grew its position 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 purchasing an additional 4,027 shares during the period. Finally, Abel Hall LLC purchased a new stake in Transocean during the 3rd quarter valued at $65,000. 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.