Transocean (NYSE:RIG) Stock Price Down 2.2% After Analyst Downgrade

Transocean Ltd. (NYSE:RIG)’s share price was down 2.2% during mid-day trading on Wednesday after TD Cowen lowered their price target on the stock from $6.50 to $5.50. TD Cowen currently has a hold rating on the stock. Transocean traded as low as $4.05 and last traded at $4.07. Approximately 6,066,930 shares traded hands during trading, a decline of 72% from the average daily volume of 21,522,525 shares. The stock had previously closed at $4.16.

RIG has been the subject of several other research reports. Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective for the company in a report on Wednesday, December 18th. Susquehanna lowered their price objective on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research report on Friday, November 1st. Citigroup lowered shares of Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a research note on Friday, December 6th. Finally, 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 research report on Thursday, October 3rd. Two 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. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $6.17.

Insider Buying and Selling

In related news, EVP Roderick James Mackenzie sold 20,000 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now 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 SEC, which can be accessed through this link. 12.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Transocean

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIG. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of 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 acquiring an additional 2,693 shares during the last quarter. Orion Portfolio Solutions LLC purchased a new position in shares of Transocean during the third quarter worth $46,000. Atria Investments Inc acquired a new stake in shares of Transocean in the third quarter valued at $51,000. Kovitz Investment Group Partners LLC raised its holdings in shares of Transocean by 34.0% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider’s stock valued at $62,000 after buying an additional 4,027 shares during the period. Finally, Abel Hall LLC acquired a new position in Transocean during the 3rd quarter worth about $65,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Transocean Stock Performance

The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of -5.25 and a beta of 2.73. The firm has a 50-day simple moving average of $4.08 and a two-hundred day simple moving average of $4.54.

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.