TD Cowen Lowers Transocean (NYSE:RIG) Price Target to $5.50

Transocean (NYSE:RIG) had its target price lowered by TD Cowen from $6.50 to $5.50 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the offshore drilling services provider’s stock.

RIG has been the subject of a number of other reports. StockNews.com upgraded shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Susquehanna reduced their price target on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a report on Friday, November 1st. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective for the company in a report on Wednesday, December 18th. Morgan Stanley boosted their target price on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. Finally, JPMorgan Chase & Co. raised shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a research report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $6.17.

Transocean Stock Performance

Transocean stock opened at $3.99 on Wednesday. Transocean has a twelve month low of $3.40 and a twelve month high of $6.88. 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 fifty day simple moving average of $4.08 and a two-hundred day simple moving average of $4.54. The company 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 related news, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction dated 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 $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 available through this hyperlink. Insiders own 12.54% of the company’s stock.

Institutional Investors Weigh In On Transocean

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake in shares of Transocean by 4.1% during 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 buying an additional 680,242 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Transocean by 7.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 11,606,320 shares of the offshore drilling services provider’s stock worth $49,327,000 after acquiring an additional 826,229 shares in the last quarter. Barclays PLC raised its holdings in shares of Transocean by 60.1% in the 3rd quarter. Barclays PLC now owns 1,623,924 shares of the offshore drilling services provider’s stock valued at $6,902,000 after purchasing an additional 609,681 shares in the last quarter. International Assets Investment Management LLC lifted its position in shares of Transocean by 335.3% in the 3rd quarter. International Assets Investment Management LLC now owns 196,699 shares of the offshore drilling services provider’s stock worth $836,000 after purchasing an additional 151,507 shares during the period. Finally, MetLife Investment Management LLC boosted its stake in shares of 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 valued at $1,764,000 after purchasing an additional 231,334 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.