Transocean (NYSE:RIG) Shares Down 1.3% – What’s Next?

Transocean Ltd. (NYSE:RIG) shares dropped 1.3% on Friday . The company traded as low as $3.90 and last traded at $3.90. Approximately 5,091,565 shares traded hands during trading, a decline of 68% from the average daily volume of 16,086,239 shares. The stock had previously closed at $3.95.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Benchmark reissued a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. Citigroup lowered Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. StockNews.com upgraded Transocean to a “sell” rating in a research report on Tuesday, November 12th. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective on the stock in a report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Transocean currently has a consensus rating of “Hold” and an average target price of $6.25.

Transocean Stock Performance

The stock has a market capitalization of $3.47 billion, a PE ratio of -5.28 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. The stock has a fifty day moving average of $4.08 and a 200-day moving average of $4.56.

Insider Activity

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.29, for a total value of $85,800.00. Following the sale, the executive vice president now directly owns 310,857 shares of the company’s stock, valued at approximately $1,333,576.53. This represents a 6.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 13.16% of the company’s stock.

Hedge Funds Weigh In On Transocean

A number of institutional investors and hedge funds have recently modified their holdings of RIG. Northwestern Mutual Wealth Management Co. raised its stake in Transocean by 138.8% in 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 buying an additional 2,693 shares in the last quarter. Orion Portfolio Solutions LLC acquired a new stake in shares of Transocean during the 3rd quarter worth about $46,000. Atria Investments Inc purchased a new stake in Transocean during the third quarter worth approximately $51,000. Abel Hall LLC acquired a new position in Transocean in the third quarter valued at approximately $65,000. Finally, Kovitz Investment Group Partners LLC increased its stake in Transocean by 34.0% in the third quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider’s stock valued at $62,000 after purchasing an additional 4,027 shares during the last quarter. Institutional investors and hedge funds 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.