Transocean (NYSE:RIG) Stock Price Down 2.8% – Here’s What Happened

Transocean Ltd. (NYSE:RIG)’s share price was down 2.8% during trading on Tuesday . The stock traded as low as $3.90 and last traded at $3.95. Approximately 8,134,393 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 24,774,191 shares. The stock had previously closed at $4.06.

Wall Street Analyst Weigh In

Several equities analysts have commented on RIG shares. Susquehanna dropped their price target on shares of Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research note on Friday, November 1st. TD Cowen dropped their price target on shares of Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a research note on Wednesday, January 8th. StockNews.com raised Transocean to a “sell” rating in a report on Tuesday, November 12th. Morgan Stanley increased their price objective on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. Finally, Barclays raised 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. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $5.94.

Transocean Trading Down 0.6 %

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 company has a fifty day moving average of $4.00 and a two-hundred day moving average of $4.46. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of -5.13, a P/E/G ratio of 0.76 and a beta of 2.73.

Insider Buying and Selling at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the firm’s 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 completion of the sale, the executive vice president now owns 229,596 shares of the company’s stock, valued at approximately $929,863.80. This trade represents a 8.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Transocean

Hedge funds and other institutional investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. lifted 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 valued at $25,000 after acquiring an additional 2,693 shares during the period. Blue Trust Inc. increased its position in shares of Transocean by 96.2% in the fourth quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock valued at $37,000 after buying an additional 4,826 shares in the last quarter. Orion Portfolio Solutions LLC purchased a new position in shares of Transocean in the third quarter valued at $46,000. R Squared Ltd purchased a new position in shares of Transocean in the fourth quarter valued at $41,000. Finally, Atria Investments Inc purchased a new position in shares of Transocean in the third quarter valued at $51,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

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.