Transocean (NYSE:RIG) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Transocean (NYSE:RIG) from an underweight rating to a neutral rating in a research report report published on Friday, Marketbeat Ratings reports. They currently have $5.00 price objective on the offshore drilling services provider’s stock.

Other analysts also recently issued research reports about the stock. Benchmark reaffirmed a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. StockNews.com raised shares of Transocean to a “sell” rating in a research report on Tuesday, November 12th. DNB Markets upgraded Transocean from a “hold” rating to a “buy” rating in a report on Tuesday, September 3rd. Susquehanna cut their target price on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a report on Friday, November 1st. Finally, Citigroup lowered shares of Transocean from a “buy” rating to a “neutral” rating in a research note on Thursday, September 12th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $6.25.

Transocean Stock Performance

RIG stock opened at $4.02 on Friday. The firm has a market cap of $3.52 billion, a PE ratio of -5.36 and a beta of 2.75. 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 50-day moving average price of $4.30 and a 200-day moving average price of $4.82. Transocean has a 1-year low of $3.85 and a 1-year high of $6.88.

Insider Buying and Selling

In related news, EVP Roderick James Mackenzie sold 20,000 shares of Transocean 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 sale, the executive vice president now directly 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 legal filing with the SEC, which can be accessed through this link. Also, Director Perestroika acquired 1,500,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was acquired at an average cost of $4.13 per share, for a total transaction of $6,195,000.00. Following the transaction, the director now owns 91,074,894 shares of the company’s stock, valued at approximately $376,139,312.22. The trade was a 1.67 % increase in their position. The disclosure for this purchase can be found here. 13.16% of the stock is owned by corporate insiders.

Institutional Trading of Transocean

Hedge funds have recently added to or reduced their stakes in the stock. Primecap Management Co. CA increased its stake in shares of Transocean by 0.4% during the 3rd 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 last quarter. Dimensional Fund Advisors LP grew 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 valued at $196,484,000 after purchasing an additional 5,856,414 shares during the period. State Street Corp grew its holdings in Transocean by 11.0% during the third quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock valued at $83,275,000 after purchasing an additional 1,944,723 shares during the period. Pilgrim Global Advisors LLC purchased a new stake in Transocean in the third quarter worth $77,473,000. Finally, Geode Capital Management LLC lifted its position 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 valued at $73,307,000 after buying an additional 680,242 shares during 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.