Transocean (NYSE:RIG) Trading Up 2.5% – Here’s Why

Transocean Ltd. (NYSE:RIG)’s stock price was up 2.5% during mid-day trading on Wednesday . The company traded as high as $3.82 and last traded at $3.75. Approximately 22,853,918 shares were traded during trading, an increase of 21% from the average daily volume of 18,811,123 shares. The stock had previously closed at $3.66.

Analyst Upgrades and Downgrades

RIG has been the subject of a number of recent research reports. Citigroup lowered Transocean from a “buy” rating to a “neutral” rating in a research note on Thursday, September 12th. Susquehanna dropped their price objective on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research note on Friday, November 1st. Benchmark reaffirmed a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. Barclays upgraded shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target for the company in a report on Wednesday, December 18th. Finally, StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Transocean currently has a consensus rating of “Hold” and a consensus target price of $6.25.

Transocean Stock Performance

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 company’s 50-day moving average price is $4.08 and its 200 day moving average price is $4.58. The stock has a market capitalization of $3.46 billion, a PE ratio of -5.27 and a beta of 2.75.

Insider Buying and Selling at Transocean

In other Transocean 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 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 filing with the SEC, which can be accessed through this link. Insiders own 13.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. boosted its stake in Transocean by 138.8% during 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 acquiring an additional 2,693 shares in the last quarter. Orion Portfolio Solutions LLC bought a new stake in shares of Transocean in the 3rd quarter worth approximately $46,000. Atria Investments Inc purchased a new stake in shares of Transocean in the 3rd quarter worth approximately $51,000. Abel Hall LLC bought a new position in Transocean during the 3rd quarter valued at approximately $65,000. Finally, Kovitz Investment Group Partners LLC raised its stake in Transocean by 34.0% during 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 buying an additional 4,027 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.

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.