TD Cowen Has Lowered Expectations for Transocean (NYSE:RIG) Stock Price

Transocean (NYSE:RIG) had its target price cut by investment analysts at TD Cowen from $6.50 to $5.50 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the offshore drilling services provider’s stock. TD Cowen’s target price suggests a potential upside of 37.84% from the stock’s current price.

A number of other research analysts have also weighed in on RIG. Benchmark reaffirmed a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target for the company in a research note on Wednesday, December 18th. Morgan Stanley increased their price objective 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 on the stock in a research report on Friday, December 6th. Finally, Susquehanna reduced their target price on shares of Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research report on Friday, November 1st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $6.17.

Transocean Stock Down 4.1 %

NYSE:RIG traded down $0.17 during trading hours on Wednesday, reaching $3.99. The company had a trading volume of 19,002,848 shares, compared to its average volume of 23,751,125. The business’s 50-day simple moving average is $4.08 and its two-hundred day simple moving average is $4.54. Transocean has a twelve month low of $3.40 and a twelve month high of $6.88. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of -5.32 and a beta of 2.73. The company has a quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64.

Insiders Place Their Bets

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was 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 owns 310,857 shares of the company’s stock, 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 SEC, which is available at the SEC website. 12.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Transocean

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. purchased a new stake in shares of Transocean in the third quarter worth $157,000. Geode Capital Management LLC increased its holdings in Transocean by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock valued at $73,307,000 after acquiring an additional 680,242 shares during the last quarter. Abel Hall LLC bought a new position in Transocean during the third quarter valued at $65,000. Barclays PLC grew its holdings in Transocean by 60.1% during the 3rd quarter. Barclays PLC now owns 1,623,924 shares of the offshore drilling services provider’s stock valued at $6,902,000 after purchasing an additional 609,681 shares during the last quarter. Finally, Orion Portfolio Solutions LLC bought a new position in shares of Transocean during the third quarter valued at approximately $46,000. Institutional investors own 67.73% of the company’s stock.

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.