Transocean (NYSE:RIG) Trading Up 2.3% – What’s Next?

Shares of Transocean Ltd. (NYSE:RIG) shot up 2.3% during mid-day trading on Tuesday . The company traded as high as $4.10 and last traded at $4.07. 7,120,853 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 18,432,080 shares. The stock had previously closed at $3.98.

Analysts Set New Price Targets

Several equities research analysts recently commented on RIG shares. Susquehanna dropped their target price on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a report on Friday, November 1st. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price on the stock in a research report on Wednesday, December 18th. Morgan Stanley raised their price target 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. Benchmark reiterated a “hold” rating on shares of Transocean in a report on Tuesday, December 3rd. Finally, TD Cowen decreased their price objective on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $6.17.

Transocean Stock Performance

The stock has a market cap of $3.49 billion, a price-to-earnings ratio of -5.32 and a beta of 2.73. The company’s 50-day simple moving average is $4.08 and its 200-day simple moving average is $4.54. The company has a quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64.

Insider Transactions at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of Transocean stock in a transaction dated Monday, November 18th. The stock was 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 $1,333,576.53. The trade was a 6.04 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 12.54% of the stock is owned by insiders.

Institutional Trading of Transocean

Institutional investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. lifted its position in Transocean by 138.8% in 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 buying an additional 2,693 shares in the last quarter. Orion Portfolio Solutions LLC acquired a new position in shares of Transocean in the third quarter worth $46,000. Atria Investments Inc acquired a new position in shares of Transocean in the third quarter worth $51,000. Kovitz Investment Group Partners LLC raised 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 acquiring an additional 4,027 shares in the last quarter. Finally, Abel Hall LLC acquired a new stake in Transocean during the third quarter valued at $65,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.