Transocean (NYSE:RIG) Shares Up 1.1% – What’s Next?

Transocean Ltd. (NYSE:RIG) was up 1.1% on Thursday . The company traded as high as $3.59 and last traded at $3.57. Approximately 3,224,011 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 18,665,826 shares. The stock had previously closed at $3.53.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RIG. Benchmark reissued a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Citigroup lowered Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Susquehanna dropped their price objective on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a report on Friday, November 1st. Morgan Stanley lifted their target price on shares of Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. Finally, Barclays upgraded shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target on the stock in a research note on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $6.25.

Transocean Stock Performance

The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64. The stock’s 50-day simple moving average is $4.11 and its two-hundred day simple moving average is $4.62. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of -4.71 and a beta of 2.75.

Insider Buying and Selling

In related news, EVP Roderick James Mackenzie sold 20,000 shares of the business’s stock in a transaction 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 transaction, the executive vice president now owns 310,857 shares of the company’s stock, valued at approximately $1,333,576.53. The trade was a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 13.16% of the stock is owned by insiders.

Institutional Trading of Transocean

Hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. lifted its stake in shares of 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 valued at $25,000 after buying an additional 2,693 shares during the period. Orion Portfolio Solutions LLC bought a new stake in shares of Transocean during the third quarter valued at approximately $46,000. Atria Investments Inc acquired a new position in shares of Transocean in the third quarter valued at $51,000. Kovitz Investment Group Partners LLC lifted its position 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 worth $62,000 after purchasing an additional 4,027 shares during the period. Finally, Abel Hall LLC acquired a new stake in Transocean during the third quarter worth $65,000. 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.