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

Shares of Transocean Ltd. (NYSE:RIG) dropped 4.1% during 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. Approximately 31,557,647 shares were traded during trading, an increase of 18% from the average daily volume of 26,824,988 shares. The stock had previously closed at $4.16.

RIG has been the subject of several other research reports. StockNews.com upgraded shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective for the company in a research note on Wednesday, December 18th. Benchmark reiterated a “hold” rating on shares of Transocean in a report on Tuesday, December 3rd. Susquehanna dropped their price target on shares of Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research note on Friday, November 1st. Finally, Citigroup lowered Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Two equities 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 an average price target of $6.17.

Insiders Place Their Bets

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the 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 transaction, the executive vice president now directly owns 310,857 shares in the company, valued at approximately $1,333,576.53. This represents a 6.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 12.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

Transocean Price Performance

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

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.