Transocean (NYSE:RIG) Stock Price Down 1.5% After Insider Selling

Transocean Ltd. (NYSE:RIG) was down 1.5% during trading on Tuesday following insider selling activity. The stock traded as low as $3.97 and last traded at $4.03. Approximately 4,553,210 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 23,991,482 shares. The stock had previously closed at $4.09.

Specifically, EVP Roderick James Mackenzie sold 22,000 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $4.05, for a total transaction of $89,100.00. Following the transaction, the executive vice president now directly owns 229,596 shares of the company’s stock, valued at approximately $929,863.80. The trade was a 8.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analysts Set New Price Targets

RIG has been the topic of a number of research analyst reports. Morgan Stanley upped their target price on Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Benchmark reissued a “hold” rating on shares of Transocean in a report on Tuesday, December 3rd. StockNews.com upgraded Transocean to a “sell” rating in a research note on Tuesday, November 12th. Susquehanna dropped 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. Finally, JPMorgan Chase & Co. raised Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a research report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $5.94.

Transocean Price Performance

The firm has a 50-day simple moving average of $4.05 and a 200-day simple moving average of $4.50. The firm has a market capitalization of $3.57 billion, a PE ratio of -5.43, a PEG ratio of 0.67 and a beta of 2.73. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.34.

Hedge Funds Weigh In On Transocean

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. increased its holdings in Transocean by 138.8% during 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 during the last quarter. Orion Portfolio Solutions LLC bought a new stake in shares of Transocean during the 3rd quarter valued at $46,000. Atria Investments Inc purchased a new stake in shares of Transocean in the 3rd quarter worth $51,000. Pallas Capital Advisors LLC raised its holdings in Transocean by 25.6% in the 4th quarter. Pallas Capital Advisors LLC now owns 15,332 shares of the offshore drilling services provider’s stock worth $57,000 after purchasing an additional 3,127 shares during the period. Finally, Kovitz Investment Group Partners LLC lifted its position in Transocean by 34.0% during 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 in the last quarter. Hedge funds and other institutional investors 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.