Transocean (NYSE:RIG) Stock Price Up 1.7% – Here’s What Happened

Transocean Ltd. (NYSE:RIG)’s stock price traded up 1.7% during trading on Tuesday . The stock traded as high as $3.55 and last traded at $3.53. 5,469,973 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 18,692,535 shares. The stock had previously closed at $3.47.

Analysts Set New Price Targets

RIG has been the topic of a number of recent analyst reports. Susquehanna cut their price target on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a report on Friday, November 1st. Benchmark reiterated a “hold” rating on shares of Transocean in a research report on Tuesday, December 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 upgraded shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective on the stock in a research note on Wednesday, December 18th. Finally, DNB Markets upgraded shares of Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $6.25.

Transocean Price Performance

The company has a fifty day simple moving average of $4.16 and a 200-day simple moving average of $4.67. The company has a market cap of $3.09 billion, a P/E ratio of -4.71 and a beta of 2.75. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.34.

Insider Activity

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at $1,333,576.53. The trade was a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Transocean

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIG. SG Americas Securities LLC purchased a new stake in shares of Transocean in the second quarter valued at $64,000. Nisa Investment Advisors LLC acquired a new stake in Transocean during the 2nd quarter worth about $30,000. Bank of New York Mellon Corp grew its stake in Transocean by 18.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 16,858,264 shares of the offshore drilling services provider’s stock valued at $90,192,000 after acquiring an additional 2,606,017 shares in the last quarter. Verdence Capital Advisors LLC increased its holdings in shares of Transocean by 19.8% in the 2nd quarter. Verdence Capital Advisors LLC now owns 30,235 shares of the offshore drilling services provider’s stock valued at $162,000 after purchasing an additional 5,000 shares during the period. Finally, Signature Estate & Investment Advisors LLC purchased a new stake in shares of Transocean in the second quarter worth approximately $102,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

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.