Transocean (NYSE:RIG) Sets New 52-Week Low – Here’s Why

Transocean Ltd. (NYSE:RIG) shares hit a new 52-week low on Wednesday . The company traded as low as $3.40 and last traded at $3.53, with a volume of 13408211 shares changing hands. The stock had previously closed at $3.47.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on RIG shares. Morgan Stanley upped their price objective on Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective on the stock in a research note on Friday, December 6th. Susquehanna dropped their price target on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research note on Friday, November 1st. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target on the stock in a report on Wednesday, December 18th. Finally, DNB Markets raised Transocean from a “hold” rating to a “buy” rating in a report on Tuesday, September 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $6.25.

Transocean Price Performance

The firm has a market capitalization of $3.13 billion, a P/E ratio of -4.76 and a beta of 2.75. 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 business’s 50 day moving average is $4.13 and its 200-day moving average is $4.64.

Insider Transactions at Transocean

In related 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 transaction of $85,800.00. Following the completion of the transaction, the executive vice president now directly owns 310,857 shares in the company, valued at $1,333,576.53. This represents a 6.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 13.16% of the stock is owned by insiders.

Institutional Trading of Transocean

Hedge funds and other institutional investors have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. raised its holdings in Transocean by 10.9% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 25,170 shares of the offshore drilling services provider’s stock valued at $107,000 after buying an additional 2,469 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Transocean by 138.8% during 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 acquiring an additional 2,693 shares during the last quarter. Kovitz Investment Group Partners LLC lifted its holdings in shares of Transocean by 34.0% during 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. CWM LLC grew its stake in shares of Transocean by 36.1% in the third quarter. CWM LLC now owns 17,065 shares of the offshore drilling services provider’s stock worth $73,000 after purchasing an additional 4,529 shares during the last quarter. Finally, nVerses Capital LLC increased its holdings in Transocean by 9.3% in the third quarter. nVerses Capital LLC now owns 60,100 shares of the offshore drilling services provider’s stock valued at $255,000 after purchasing an additional 5,100 shares during the period. Institutional investors own 67.73% of the company’s stock.

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.