Transocean (NYSE:RIG) Shares Gap Up – Here’s Why

Shares of Transocean Ltd. (NYSE:RIG) gapped up prior to trading on Wednesday . The stock had previously closed at $3.67, but opened at $3.78. Transocean shares last traded at $3.80, with a volume of 3,825,413 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RIG shares. Benchmark reaffirmed a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Morgan Stanley raised their target price on shares of Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a research note on Friday, December 6th. Finally, Susquehanna dropped their price target on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research note on Friday, November 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Transocean currently has an average rating of “Hold” and an average price target of $6.25.

Transocean Stock Down 1.9 %

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 simple moving average of $4.19 and a 200-day simple moving average of $4.71. The firm has a market cap of $3.11 billion, a P/E ratio of -4.73 and a beta of 2.75.

Insider Buying and Selling

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.29, for a total value of $85,800.00. Following the completion of the transaction, the executive vice president now owns 310,857 shares of the company’s stock, valued at $1,333,576.53. This represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 13.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in shares of Transocean by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 11,606,320 shares of the offshore drilling services provider’s stock valued at $49,327,000 after buying an additional 826,229 shares during the last quarter. International Assets Investment Management LLC increased its holdings in 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 valued at $836,000 after acquiring an additional 151,507 shares during the last quarter. MetLife Investment Management LLC lifted its stake in Transocean by 125.9% in the 3rd quarter. MetLife Investment Management LLC now owns 415,031 shares of the offshore drilling services provider’s stock worth $1,764,000 after purchasing an additional 231,334 shares in the last quarter. Barclays PLC boosted its holdings in shares of Transocean by 60.1% during 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 during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Transocean by 214.3% during the second quarter. The Manufacturers Life Insurance Company now owns 382,362 shares of the offshore drilling services provider’s stock valued at $2,046,000 after purchasing an additional 260,710 shares in 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.