Transocean (NYSE:RIG) Trading Up 4.8% – Here’s Why

Transocean Ltd. (NYSE:RIG) traded up 4.8% during trading on Thursday . The company traded as high as $3.93 and last traded at $3.93. 6,022,400 shares traded hands during trading, a decline of 68% from the average session volume of 18,811,123 shares. The stock had previously closed at $3.75.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on RIG shares. Susquehanna lowered their price target on shares of Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research report on Friday, November 1st. Morgan Stanley increased their price target on shares of Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. 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 research note on Friday, December 6th. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective on the stock in a report on Wednesday, December 18th. Finally, Citigroup cut Transocean from a “buy” rating to a “neutral” rating in a research note on Thursday, September 12th. Two equities 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $6.25.

Transocean Stock Performance

The firm has a market cap of $3.47 billion, a P/E ratio of -5.28 and a beta of 2.73. 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 business has a fifty day simple moving average of $4.08 and a 200-day simple moving average of $4.57.

Insider Activity at Transocean

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.29, for a total transaction of $85,800.00. Following the completion of the transaction, the executive vice president now directly owns 310,857 shares in the company, valued at $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 is available through the SEC website. 13.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Primecap Management Co. CA grew its stake in shares of Transocean by 0.4% during the 3rd quarter. Primecap Management Co. CA now owns 56,342,169 shares of the offshore drilling services provider’s stock valued at $239,454,000 after purchasing an additional 222,680 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Transocean by 19.0% in the second quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock valued at $196,484,000 after acquiring an additional 5,856,414 shares in the last quarter. State Street Corp grew 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 purchasing an additional 1,944,723 shares in the last quarter. Pilgrim Global Advisors LLC bought a new stake in Transocean during the 3rd quarter valued at approximately $77,473,000. Finally, Geode Capital Management LLC grew its holdings in Transocean by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock valued at $73,307,000 after buying an additional 680,242 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.