Transocean (NYSE:RIG) Upgraded to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Transocean (NYSE:RIG) from an underweight rating to a neutral rating in a report published on Friday morning, MarketBeat reports. JPMorgan Chase & Co. currently has $5.00 target price on the offshore drilling services provider’s stock.

Other equities analysts also recently issued research reports about the company. Susquehanna cut their target price on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research report on Friday, November 1st. Barclays cut their target price on Transocean from $6.00 to $4.50 and set an “equal weight” rating on the stock in a research report on Wednesday, October 23rd. Benchmark reissued a “hold” rating on shares of Transocean in a research report on Tuesday. Citigroup downgraded Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. Finally, Morgan Stanley boosted their target price on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $6.25.

Transocean Price Performance

Shares of NYSE:RIG opened at $4.02 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.34. The stock’s 50-day simple moving average is $4.30 and its two-hundred day simple moving average is $4.84. Transocean has a 52-week low of $3.85 and a 52-week high of $6.88.

Insider Activity at Transocean

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the 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 transaction, the executive vice president now directly owns 310,857 shares of the company’s stock, valued at approximately $1,333,576.53. This represents a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Perestroika acquired 1,500,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was purchased at an average cost of $4.13 per share, for a total transaction of $6,195,000.00. Following the completion of the acquisition, the director now directly owns 91,074,894 shares of the company’s stock, valued at approximately $376,139,312.22. This trade represents a 1.67 % increase in their position. The disclosure for this purchase can be found here. 13.16% of the stock is currently owned by corporate insiders.

Institutional Trading of Transocean

Several hedge funds and other institutional investors have recently bought and sold shares of RIG. Cetera Advisors LLC grew its holdings in Transocean by 185.0% during the first quarter. Cetera Advisors LLC now owns 76,036 shares of the offshore drilling services provider’s stock worth $478,000 after acquiring an additional 49,356 shares during the period. Valeo Financial Advisors LLC purchased a new position in Transocean during the second quarter worth approximately $108,000. Simplicity Wealth LLC purchased a new position in Transocean during the second quarter worth approximately $160,000. SG Americas Securities LLC purchased a new position in Transocean during the second quarter worth approximately $64,000. Finally, Mirador Capital Partners LP boosted its position in Transocean by 9.8% during the second quarter. Mirador Capital Partners LP now owns 155,855 shares of the offshore drilling services provider’s stock worth $834,000 after purchasing an additional 13,887 shares in the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

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.