Transocean (NYSE:RIG) Stock Price Up 1.4% – Here’s What Happened

Transocean Ltd. (NYSE:RIG)’s share price shot up 1.4% on Friday . The company traded as high as $3.62 and last traded at $3.62. 6,371,761 shares were traded during mid-day trading, a decline of 66% from the average session volume of 18,669,459 shares. The stock had previously closed at $3.57.

Wall Street Analyst Weigh In

RIG has been the subject of a number of analyst reports. Morgan Stanley increased their price target on shares of Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. DNB Markets raised shares of Transocean from a “hold” rating to a “buy” rating in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. raised Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a research note on Friday, December 6th. Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective on the stock in a research report on Wednesday, December 18th. Finally, 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. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $6.25.

Transocean Price Performance

The firm has a market cap of $3.09 billion, a PE ratio of -4.71 and a beta of 2.75. 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 stock has a 50 day moving average price of $4.13 and a two-hundred day moving average price of $4.64.

Insider Buying and Selling 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 stock was sold at an average price of $4.29, for a total value 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 $1,333,576.53. This trade represents a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 13.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Transocean

Several hedge funds and other institutional investors have recently bought and sold shares of RIG. Primecap Management Co. CA raised its holdings in shares of Transocean by 0.4% during 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 last quarter. Dimensional Fund Advisors LP raised its stake in shares of 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 valued at $196,484,000 after buying an additional 5,856,414 shares during the last quarter. 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 valued at $83,275,000 after buying an additional 1,944,723 shares during the period. Pilgrim Global Advisors LLC purchased a new stake in shares of Transocean in the third quarter worth about $77,473,000. Finally, Geode Capital Management LLC grew its holdings in Transocean by 4.1% during the third quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock worth $73,307,000 after acquiring an additional 680,242 shares during the period. Institutional investors and hedge funds 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.