TD Cowen Lowers Transocean (NYSE:RIG) Price Target to $5.50

Transocean (NYSE:RIG) had its price objective dropped by investment analysts at TD Cowen from $6.50 to $5.50 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the offshore drilling services provider’s stock. TD Cowen’s price target would indicate a potential upside of 37.84% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. raised shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target on the stock in a research report on Friday, December 6th. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price on the stock in a report on Wednesday, December 18th. Citigroup downgraded Transocean from a “buy” rating to a “neutral” rating in a research note on Thursday, September 12th. Benchmark reaffirmed a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Finally, Morgan Stanley increased their price objective on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $6.17.

Transocean Price Performance

NYSE RIG opened at $3.99 on Wednesday. The firm’s 50 day moving average is $4.08 and its 200-day 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 $3.49 billion, a PE ratio of -5.32 and a beta of 2.73. Transocean has a 12-month low of $3.40 and a 12-month high of $6.88.

Insiders Place Their Bets

In related news, EVP Roderick James Mackenzie sold 20,000 shares of Transocean stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 310,857 shares of the company’s stock, valued at approximately $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 is accessible through the SEC website. Company insiders own 12.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RIG. Oppenheimer Asset Management Inc. boosted its stake in shares of Transocean by 10.9% in the third quarter. Oppenheimer Asset Management Inc. now owns 25,170 shares of the offshore drilling services provider’s stock valued at $107,000 after buying an additional 2,469 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of 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 acquiring an additional 2,693 shares during the period. Kovitz Investment Group Partners LLC grew its holdings 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 worth $62,000 after purchasing an additional 4,027 shares in the last quarter. CWM LLC increased its position in shares of Transocean by 36.1% in the third quarter. CWM LLC now owns 17,065 shares of the offshore drilling services provider’s stock worth $73,000 after purchasing an additional 4,529 shares during the period. Finally, nVerses Capital LLC raised its stake in Transocean by 9.3% in the third quarter. nVerses Capital LLC now owns 60,100 shares of the offshore drilling services provider’s stock valued at $255,000 after purchasing an additional 5,100 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

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.