TD Cowen Cuts Transocean (NYSE:RIG) Price Target to $5.50

Transocean (NYSE:RIG) had its target price cut by TD Cowen from $6.50 to $5.50 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a hold rating on the offshore drilling services provider’s stock.

A number of other equities analysts have also weighed in on RIG. Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price for the company in a research report on Wednesday, December 18th. StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Benchmark reissued a “hold” rating on shares of Transocean in a report on Tuesday, December 3rd. Citigroup lowered shares of Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Finally, Morgan Stanley upped their price target on Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $6.17.

Transocean Stock Performance

Shares of RIG stock opened at $4.04 on Wednesday. The stock has a market cap of $3.54 billion, a PE ratio of -5.39 and a beta of 2.73. The company’s fifty day moving average price is $4.08 and its 200-day moving average price is $4.54. Transocean has a 12 month low of $3.40 and a 12 month high of $6.88. The company has a current ratio of 1.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.64.

Insiders Place Their Bets

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 transaction, the executive vice president now owns 310,857 shares in the company, 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 is accessible through this link. Insiders own 12.54% of the company’s stock.

Institutional Investors Weigh In On Transocean

Institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in Transocean by 4.1% during the third 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 purchasing an additional 680,242 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in 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 purchasing an additional 826,229 shares in the last quarter. Barclays PLC boosted its position in Transocean by 60.1% during the third 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 in the last quarter. International Assets Investment Management LLC boosted its holdings in Transocean by 335.3% in the third quarter. International Assets Investment Management LLC now owns 196,699 shares of the offshore drilling services provider’s stock worth $836,000 after acquiring an additional 151,507 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in Transocean by 125.9% in the third quarter. MetLife Investment Management LLC now owns 415,031 shares of the offshore drilling services provider’s stock worth $1,764,000 after acquiring an additional 231,334 shares in the last quarter. Institutional investors 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.