Transocean (NYSE:RIG) Trading 1.5% Higher – Time to Buy?

Transocean Ltd. (NYSE:RIG)’s share price shot up 1.5% during trading on Friday . The stock traded as high as $4.19 and last traded at $4.05. 8,083,603 shares changed hands during trading, a decline of 65% from the average session volume of 23,414,295 shares. The stock had previously closed at $3.99.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RIG shares. Benchmark reiterated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Citigroup lowered shares of Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. JPMorgan Chase & Co. raised 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 shares of 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. Finally, Susquehanna reduced their target price on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a report on Friday, November 1st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $6.17.

Transocean Stock Performance

The firm has a fifty day simple moving average of $4.08 and a 200-day simple moving average of $4.54. The stock has a market cap of $3.54 billion, a price-to-earnings ratio of -5.39 and a beta of 2.73. The company has a current ratio of 1.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.64.

Insider Activity at Transocean

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. raised its holdings in Transocean by 138.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock worth $25,000 after purchasing an additional 2,693 shares during the period. Orion Portfolio Solutions LLC acquired a new stake in Transocean during the 3rd quarter worth $46,000. Atria Investments Inc bought a new position in Transocean during the third quarter worth about $51,000. Kovitz Investment Group Partners LLC grew its stake in Transocean by 34.0% in the third 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 period. Finally, Abel Hall LLC bought a new stake in shares of Transocean in the third quarter worth about $65,000. 67.73% of the stock is currently owned by 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.