Transocean (NYSE:RIG) Cut to “In-Line” at Evercore ISI

Evercore ISI downgraded shares of Transocean (NYSE:RIG) from an outperform rating to an in-line rating in a report published on Wednesday, MarketBeat Ratings reports. Evercore ISI currently has $5.00 price target on the offshore drilling services provider’s stock, down from their previous price target of $6.00.

RIG has been the subject of several other reports. Susquehanna lowered their price objective on shares of Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a report on Friday, November 1st. Morgan Stanley raised their target price on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. JPMorgan Chase & Co. raised Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target on the stock in a research note on Friday, December 6th. Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective for the company in a research report on Wednesday, December 18th. Finally, Benchmark reaffirmed a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $5.94.

Transocean Stock Down 1.1 %

Shares of NYSE RIG opened at $4.06 on Wednesday. The firm has a fifty day simple moving average of $4.03 and a two-hundred day simple moving average of $4.49. Transocean has a 12 month low of $3.40 and a 12 month high of $6.88. The company has a current ratio of 1.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $3.55 billion, a PE ratio of -5.41, a price-to-earnings-growth ratio of 0.67 and a beta of 2.73.

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 insiders.

Institutional Trading of Transocean

Several hedge funds have recently modified their holdings of RIG. Geode Capital Management LLC increased its position in 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 worth $73,307,000 after purchasing an additional 680,242 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Transocean by 7.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 11,606,320 shares of the offshore drilling services provider’s stock worth $49,327,000 after buying an additional 826,229 shares during the last quarter. Barclays PLC raised 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. International Assets Investment Management LLC lifted its holdings in shares of Transocean by 335.3% in the 3rd quarter. International Assets Investment Management LLC now owns 196,699 shares of the offshore drilling services provider’s stock valued at $836,000 after acquiring an additional 151,507 shares during the last quarter. Finally, MetLife Investment Management LLC grew its position in Transocean by 125.9% in the third quarter. MetLife Investment Management LLC now owns 415,031 shares of the offshore drilling services provider’s stock worth $1,764,000 after acquiring an additional 231,334 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

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.