Transocean (NYSE:RIG) Trading Up 4.8% – Here’s Why

Transocean Ltd. (NYSE:RIG) rose 4.8% during trading on Thursday . The company traded as high as $3.93 and last traded at $3.93. Approximately 6,022,400 shares traded hands during trading, a decline of 68% from the average daily volume of 18,811,123 shares. The stock had previously closed at $3.75.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RIG. StockNews.com raised shares of Transocean to a “sell” rating in a research note on Tuesday, November 12th. JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective on the stock in a research report on Friday, December 6th. Susquehanna dropped their target price on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a report on Friday, November 1st. Barclays upgraded 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, Morgan Stanley boosted their price objective 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 analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $6.25.

Transocean Price Performance

The stock’s 50 day simple moving average is $4.08 and its 200 day simple moving average is $4.57. The firm has a market capitalization of $3.47 billion, a P/E ratio of -5.28 and a beta of 2.73. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64.

Insider Buying and Selling 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 stock was sold at an average price of $4.29, for a total value of $85,800.00. Following the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 13.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. purchased a new stake in shares of Transocean during the 3rd quarter worth about $157,000. Geode Capital Management LLC increased its position in shares of Transocean by 4.1% in the third 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 buying an additional 680,242 shares in the last quarter. Abel Hall LLC acquired a new position in shares of Transocean during the 3rd quarter worth approximately $65,000. Barclays PLC lifted its position in shares of 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 buying an additional 609,681 shares in the last quarter. Finally, Orion Portfolio Solutions LLC purchased a new stake in shares of Transocean during the third quarter worth about $46,000. Hedge funds and other 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.