Transocean (NYSE:RIG) Trading 4.9% Higher – Here’s What Happened

Transocean Ltd. (NYSE:RIG) rose 4.9% during trading on Tuesday . The stock traded as high as $3.93 and last traded at $3.93. Approximately 16,867,655 shares changed hands during mid-day trading, a decline of 35% from the average daily volume of 25,816,016 shares. The stock had previously closed at $3.74.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Evercore ISI lowered shares of Transocean from an “outperform” rating to an “in-line” rating and decreased their price target for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. Susquehanna cut their price target on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a report on Friday, November 1st. StockNews.com raised Transocean to a “sell” rating in a report on Tuesday, November 12th. Benchmark reaffirmed a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Finally, TD Cowen lowered their price target on shares of Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Transocean currently has an average rating of “Hold” and a consensus price target of $5.94.

Transocean Price Performance

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 firm has a market capitalization of $3.39 billion, a P/E ratio of -5.16, a PEG ratio of 0.75 and a beta of 2.70. The business’s 50 day moving average is $3.88 and its 200-day moving average is $4.31.

Insider Activity

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $4.05, for a total value of $89,100.00. Following the transaction, the executive vice president now owns 229,596 shares in the company, valued at approximately $929,863.80. This represents a 8.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 13.16% of the company’s stock.

Institutional Trading of Transocean

Institutional investors have recently modified their holdings of the business. Pilgrim Global Advisors LLC bought a new stake in Transocean during the 3rd quarter worth approximately $77,473,000. American Century Companies Inc. increased its holdings in shares of Transocean by 51.5% in the fourth quarter. American Century Companies Inc. now owns 19,257,437 shares of the offshore drilling services provider’s stock worth $72,215,000 after purchasing an additional 6,542,271 shares during the period. Van ECK Associates Corp raised its position in shares of Transocean by 33.9% in the fourth quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider’s stock worth $57,727,000 after buying an additional 3,895,880 shares in the last quarter. Madison Investment Advisors LLC bought a new stake in Transocean during the fourth quarter valued at $11,156,000. Finally, Kailix Advisors LLC grew its position in Transocean by 59.9% during the third quarter. Kailix Advisors LLC now owns 6,620,451 shares of the offshore drilling services provider’s stock worth $28,137,000 after buying an additional 2,481,059 shares in the last quarter. 67.73% of the stock is currently owned by hedge funds and other 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.