Transocean (NYSE:RIG) Trading Down 2.2% Following Analyst Downgrade

Transocean Ltd. (NYSE:RIG)’s share price was down 2.2% during 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 mid-day trading, a decline of 72% from the average daily volume of 21,522,525 shares. The stock had previously closed at $4.16.

Several other research analysts also recently commented on RIG. Citigroup downgraded Transocean from a “buy” rating to a “neutral” rating in a research note on Thursday, September 12th. Benchmark restated a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. Susquehanna dropped their price target 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. StockNews.com upgraded shares of Transocean to a “sell” rating in a research report on Tuesday, November 12th. Finally, Morgan Stanley upped their target price on shares of Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.17.

Insider Activity at Transocean

In related news, EVP Roderick James Mackenzie sold 20,000 shares of the 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 12.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Transocean

A number of large investors have recently added to or reduced their stakes in the company. Pilgrim Global Advisors LLC purchased a new position in shares of Transocean in the third quarter valued at $77,473,000. Dimensional Fund Advisors LP grew its stake in shares of Transocean by 19.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock worth $196,484,000 after buying an additional 5,856,414 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Transocean by 24.3% in the 2nd quarter. American Century Companies Inc. now owns 13,437,572 shares of the offshore drilling services provider’s stock worth $71,891,000 after buying an additional 2,623,615 shares during the last quarter. Kailix Advisors LLC raised its position in shares of Transocean by 59.9% during the 3rd quarter. Kailix Advisors LLC now owns 6,620,451 shares of the offshore drilling services provider’s stock valued at $28,137,000 after buying an additional 2,481,059 shares in the last quarter. Finally, Point72 Europe London LLP bought a new position in shares of Transocean in the 3rd quarter valued at about $8,935,000. Institutional investors own 67.73% of the company’s stock.

Transocean Trading Down 4.1 %

The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.34. The company has a 50-day moving average of $4.08 and a 200 day moving average of $4.54. The company has a market cap of $3.49 billion, a PE ratio of -5.32 and a beta of 2.73.

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.