Transocean (NYSE:RIG) Shares Down 2% – Here’s Why

Transocean Ltd. (NYSE:RIG)’s share price traded down 2% on Monday . The company traded as low as $3.46 and last traded at $3.46. 3,434,289 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 18,700,352 shares. The stock had previously closed at $3.53.

Wall Street Analysts Forecast Growth

RIG has been the subject of several research analyst reports. StockNews.com upgraded shares of Transocean to a “sell” rating in a research report on Tuesday, November 12th. JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective for the company in a research report on Friday, December 6th. Citigroup downgraded shares of Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. DNB Markets upgraded shares of Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Finally, Morgan Stanley increased their price objective on shares of Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Transocean currently has a consensus rating of “Hold” and an average target price of $6.25.

Transocean Stock Performance

The stock’s fifty day moving average is $4.18 and its 200-day moving average is $4.68. 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 stock has a market cap of $3.06 billion, a price-to-earnings ratio of -4.65 and a beta of 2.75.

Insider Activity at Transocean

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the company’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 value of $85,800.00. Following the completion of the transaction, the executive vice president now owns 310,857 shares in the company, 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 through the SEC website. 12.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Transocean

Several institutional investors have recently added to or reduced their stakes in RIG. Northwestern Mutual Wealth Management Co. grew its stake in shares of Transocean by 138.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock worth $25,000 after acquiring an additional 2,693 shares in the last quarter. Nisa Investment Advisors LLC bought a new position in Transocean in the second quarter valued at $30,000. Orion Portfolio Solutions LLC acquired a new stake in Transocean in the 3rd quarter valued at $46,000. SG Americas Securities LLC bought a new stake in Transocean during the 2nd quarter worth about $64,000. Finally, Atria Investments Inc acquired a new position in shares of Transocean during the 3rd quarter worth about $51,000. 67.73% of the stock is owned by 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.