Transocean (NYSE:RIG) Trading Down 2.2% on Analyst Downgrade

Transocean Ltd. (NYSE:RIG)’s share price fell 2.2% on Wednesday 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 $4.05 and last traded at $4.07. 6,066,930 shares were traded during trading, a decline of 72% from the average session volume of 21,522,525 shares. The stock had previously closed at $4.16.

Other analysts have also recently issued reports about the company. Morgan Stanley increased their price target on Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Citigroup cut Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. StockNews.com raised Transocean to a “sell” rating in a report on Tuesday, November 12th. Susquehanna decreased their price objective on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a report on Friday, November 1st. Finally, Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective for the company in a report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $6.17.

Insider Activity at Transocean

In related news, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction on 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 transaction, the executive vice president now owns 310,857 shares in the company, valued at $1,333,576.53. This trade represents a 6.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 12.54% of the company’s stock.

Institutional Trading of Transocean

Hedge funds have recently bought and sold shares of the company. Pilgrim Global Advisors LLC acquired a new stake in shares of Transocean during the third quarter valued at approximately $77,473,000. Dimensional Fund Advisors LP raised its stake in Transocean by 19.0% during the 2nd 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 purchasing an additional 5,856,414 shares during the period. American Century Companies Inc. lifted 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 valued at $71,891,000 after purchasing an additional 2,623,615 shares in the last quarter. Kailix Advisors LLC boosted its position in shares of Transocean by 59.9% in 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 buying an additional 2,481,059 shares during the period. Finally, Point72 Europe London LLP purchased a new position in shares of Transocean during the third quarter valued at $8,935,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Transocean Stock Down 4.1 %

The firm has a 50-day moving average of $4.08 and a two-hundred day moving average of $4.54. 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 quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64.

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.