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

Shares of Transocean Ltd. (NYSE:RIG) 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 mid-day trading, a decline of 72% from the average session volume of 21,522,525 shares. The stock had previously closed at $4.16.

A number of other research firms also recently weighed in on RIG. Barclays upgraded shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target for the company in a research note on Wednesday, December 18th. StockNews.com raised shares of Transocean to a “sell” rating in a research note on Tuesday, November 12th. Morgan Stanley boosted 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. JPMorgan Chase & Co. raised 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. Finally, Susquehanna dropped 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. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $6.17.

Insider Transactions at Transocean

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.29, for a total transaction of $85,800.00. Following the sale, the executive vice president now 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 legal filing with the SEC, which is available through this link. Company insiders own 12.54% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIG. Northwestern Mutual Wealth Management Co. raised its stake in Transocean by 138.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock valued at $25,000 after buying an additional 2,693 shares during the last quarter. Orion Portfolio Solutions LLC purchased a new stake in Transocean during the third quarter valued at $46,000. Atria Investments Inc bought a new position in Transocean in the third quarter valued at about $51,000. Abel Hall LLC purchased a new position in Transocean in the third quarter worth about $65,000. Finally, Kovitz Investment Group Partners LLC grew its stake in shares of Transocean by 34.0% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider’s stock valued at $62,000 after purchasing an additional 4,027 shares during the period. Institutional investors own 67.73% of the company’s stock.

Transocean Stock Down 4.1 %

The company’s 50-day moving average price is $4.08 and its 200 day moving average price is $4.54. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64. The stock has a market cap of $3.49 billion, a PE ratio of -5.32 and a beta of 2.73.

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.