Transocean (NYSE:RIG) Shares Gap Down – What’s Next?

Transocean Ltd. (NYSE:RIG)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $3.75, but opened at $3.66. Transocean shares last traded at $3.69, with a volume of 4,655,673 shares traded.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RIG shares. StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Evercore ISI lowered shares of Transocean from an “outperform” rating to an “in-line” rating and lowered their target price for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. Barclays upgraded 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 report 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 objective for the company in a research note on Friday, December 6th. Finally, Benchmark restated a “hold” rating on shares of Transocean in a report on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $5.94.

Transocean Stock Performance

The business’s 50-day moving average price is $3.91 and its 200-day moving average price is $4.36. 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 stock has a market cap of $3.19 billion, a P/E ratio of -4.86, a P/E/G ratio of 0.79 and a beta of 2.71.

Insider Activity at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction on Friday, January 10th. The stock was sold at an average price of $4.05, for a total value of $89,100.00. Following the sale, the executive vice president now owns 229,596 shares in the company, valued at $929,863.80. The trade was a 8.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 12.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Transocean

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIG. Primecap Management Co. CA increased its position in shares of Transocean by 0.4% during the third quarter. Primecap Management Co. CA now owns 56,342,169 shares of the offshore drilling services provider’s stock worth $239,454,000 after acquiring an additional 222,680 shares during the last quarter. State Street Corp increased its position in shares of Transocean by 11.0% during the third quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock worth $83,275,000 after acquiring an additional 1,944,723 shares during the last quarter. Pilgrim Global Advisors LLC purchased a new stake in shares of Transocean during the third quarter worth about $77,473,000. Geode Capital Management LLC increased its position 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 worth $73,307,000 after acquiring an additional 680,242 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Transocean by 33.9% during the fourth quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider’s stock worth $57,727,000 after acquiring an additional 3,895,880 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

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.