Transocean (NYSE:RIG) Trading Down 4.1% After Analyst Downgrade

Shares of Transocean Ltd. (NYSE:RIG) fell 4.1% during mid-day trading on Thursday 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 $3.93 and last traded at $3.99. 31,557,647 shares were traded during mid-day trading, an increase of 18% from the average session volume of 26,824,988 shares. The stock had previously closed at $4.16.

A number of other brokerages have also weighed in on RIG. Susquehanna decreased their target price on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research report on Friday, November 1st. Benchmark restated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Citigroup downgraded shares of Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target on the stock in a research note on Wednesday, December 18th. Finally, JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective for the company in a research report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $6.17.

Insider Transactions at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.29, for a total transaction of $85,800.00. Following the completion of the sale, the executive vice president now directly owns 310,857 shares of the company’s stock, valued at $1,333,576.53. This trade represents a 6.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 12.54% of the company’s stock.

Institutional Trading of Transocean

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Primecap Management Co. CA increased its stake in Transocean by 0.4% in the third quarter. Primecap Management Co. CA now owns 56,342,169 shares of the offshore drilling services provider’s stock worth $239,454,000 after purchasing an additional 222,680 shares during the period. Dimensional Fund Advisors LP increased its holdings 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 worth $196,484,000 after purchasing an additional 5,856,414 shares during the period. State Street Corp lifted its holdings in shares of Transocean by 11.0% in the 3rd quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock worth $83,275,000 after buying an additional 1,944,723 shares during the period. Pilgrim Global Advisors LLC bought a new position in shares of Transocean during the third quarter valued at approximately $77,473,000. Finally, Geode Capital Management LLC lifted its stake in shares of 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 worth $73,307,000 after purchasing an additional 680,242 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.

Transocean Trading Up 1.3 %

The company’s 50 day simple moving average is $4.08 and its two-hundred day simple moving average is $4.54. 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 company has a market capitalization of $3.54 billion, a price-to-earnings ratio of -5.39 and a beta of 2.73.

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.