Transocean (NYSE:RIG) Trading Down 4.1% Following Analyst Downgrade

Shares of Transocean Ltd. (NYSE:RIG) traded down 4.1% during trading on Thursday after TD Cowen lowered their price target on the stock from $6.50 to $5.50. TD Cowen currently has a hold rating on the stock. Transocean traded as low as $3.93 and last traded at $3.99. 31,557,647 shares were traded during mid-day trading, an increase of 18% from the average session volume of 26,824,988 shares. The stock had previously closed at $4.16.

A number of other research analysts have also weighed in on RIG. Morgan Stanley raised their price objective on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. Citigroup downgraded shares of Transocean from a “buy” rating to a “neutral” rating in a research note on Thursday, September 12th. Susquehanna reduced their target price on shares of Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a report on Friday, November 1st. Benchmark reiterated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. raised 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. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $6.17.

Insider Transactions at Transocean

In other Transocean 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 transaction of $85,800.00. Following the transaction, the executive vice president now directly owns 310,857 shares in the company, valued at $1,333,576.53. This represents a 6.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 12.54% of the company’s stock.

Hedge Funds Weigh In On Transocean

Several institutional investors have recently bought and sold shares of RIG. Franklin Resources Inc. purchased a new position in shares of Transocean in the 3rd quarter valued at approximately $157,000. Geode Capital Management LLC raised its holdings in shares of Transocean by 4.1% in 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 buying an additional 680,242 shares during the last quarter. Abel Hall LLC purchased a new stake in shares of Transocean during the third quarter valued at $65,000. Barclays PLC boosted its position in Transocean by 60.1% in the 3rd quarter. Barclays PLC now owns 1,623,924 shares of the offshore drilling services provider’s stock worth $6,902,000 after purchasing an additional 609,681 shares in the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new stake in shares of Transocean during the 3rd quarter worth approximately $46,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Transocean Stock Performance

The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of -5.32 and a beta of 2.73. 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 firm’s 50 day moving average is $4.08 and its 200-day moving average is $4.54.

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.