Transocean (NYSE:RIG) Trading Up 1.4% – Here’s What Happened

Transocean Ltd. (NYSE:RIG) shot up 1.4% on Friday . The company traded as high as $3.62 and last traded at $3.62. 6,371,761 shares were traded during trading, a decline of 66% from the average session volume of 18,669,459 shares. The stock had previously closed at $3.57.

Wall Street Analyst Weigh In

Several equities analysts recently commented on RIG shares. Morgan Stanley raised their target price on Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Barclays upgraded shares of 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 Transocean to a “sell” rating in a report on Tuesday, November 12th. Benchmark restated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Finally, Citigroup downgraded Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Transocean currently has an average rating of “Hold” and a consensus price target of $6.25.

Transocean Price Performance

The company has a current ratio of 1.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $3.09 billion, a P/E ratio of -4.71 and a beta of 2.75. The company has a fifty day simple moving average of $4.11 and a two-hundred day simple moving average of $4.62.

Insider Activity at Transocean

In related 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 sale, the executive vice president now owns 310,857 shares in the company, valued at approximately $1,333,576.53. This represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 13.16% of the stock is currently owned by company insiders.

Institutional Trading of Transocean

A number of hedge funds have recently modified their holdings of the company. Pilgrim Global Advisors LLC acquired a new stake in Transocean in the third quarter worth $77,473,000. Dimensional Fund Advisors LP lifted its holdings in Transocean by 19.0% during the second quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock worth $196,484,000 after acquiring an additional 5,856,414 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Transocean by 24.3% in the second quarter. American Century Companies Inc. now owns 13,437,572 shares of the offshore drilling services provider’s stock worth $71,891,000 after acquiring an additional 2,623,615 shares in the last quarter. Kailix Advisors LLC raised its position in shares of Transocean by 59.9% during the third quarter. Kailix Advisors LLC now owns 6,620,451 shares of the offshore drilling services provider’s stock worth $28,137,000 after purchasing an additional 2,481,059 shares during the period. Finally, Point72 Europe London LLP bought a new position in shares of Transocean during the 3rd quarter valued at about $8,935,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.