Transocean Ltd. (NYSE:RIG – Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $3.67, but opened at $3.78. Transocean shares last traded at $3.80, with a volume of 3,825,413 shares trading hands.
Wall Street Analyst Weigh In
Several brokerages have issued reports on RIG. Morgan Stanley lifted their price target on Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 3rd. JPMorgan Chase & Co. raised Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a research note on Friday, December 6th. Susquehanna decreased their price target on shares of Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research note on Friday, November 1st. StockNews.com upgraded shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Finally, Benchmark reiterated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. 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 stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $6.25.
Check Out Our Latest Stock Analysis on RIG
Transocean Price Performance
Insider Activity at Transocean
In related news, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction dated Monday, November 18th. The shares were 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 of the company’s stock, valued at $1,333,576.53. This represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 13.16% of the stock is owned by company insiders.
Institutional Trading of Transocean
Several large investors have recently bought and sold shares of RIG. Pilgrim Global Advisors LLC bought a new position in shares of Transocean during the third quarter valued at approximately $77,473,000. Dimensional Fund Advisors LP boosted its holdings in Transocean by 19.0% in the second quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock worth $196,484,000 after acquiring an additional 5,856,414 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Transocean by 24.3% during the second quarter. American Century Companies Inc. now owns 13,437,572 shares of the offshore drilling services provider’s stock valued at $71,891,000 after acquiring an additional 2,623,615 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Transocean by 18.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 16,858,264 shares of the offshore drilling services provider’s stock worth $90,192,000 after purchasing an additional 2,606,017 shares in the last quarter. Finally, Kailix Advisors LLC grew its position in Transocean by 59.9% during the 3rd quarter. Kailix Advisors LLC now owns 6,620,451 shares of the offshore drilling services provider’s stock valued at $28,137,000 after purchasing an additional 2,481,059 shares during 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.
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