Transocean (NYSE:RIG) Stock Price Down 2.8% – Here’s What Happened

Transocean Ltd. (NYSE:RIG)’s share price dropped 2.8% during mid-day trading on Tuesday . The company traded as low as $3.90 and last traded at $3.95. Approximately 8,134,393 shares changed hands during trading, a decline of 67% from the average daily volume of 24,774,191 shares. The stock had previously closed at $4.06.

Wall Street Analyst Weigh In

RIG has been the subject of a number of research reports. 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. Susquehanna dropped their target price 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. StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Evercore ISI lowered shares of Transocean from an “outperform” rating to an “in-line” rating and dropped their target price for the stock from $6.00 to $5.00 in a report on Wednesday, January 15th. Finally, Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price for the company in a report on Wednesday, December 18th. Two equities research 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.94.

Transocean Price Performance

The stock’s 50-day simple moving average is $4.00 and its 200 day simple moving average is $4.46. 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 company has a market cap of $3.37 billion, a price-to-earnings ratio of -5.13, a PEG ratio of 0.76 and a beta of 2.73.

Insider Buying and Selling at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.29, for a total value of $85,800.00. Following the transaction, the executive vice president now owns 310,857 shares of the company’s stock, valued at $1,333,576.53. This represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 13.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Pilgrim Global Advisors LLC purchased a new stake in Transocean during the third quarter worth about $77,473,000. Kailix Advisors LLC increased its stake in shares of Transocean by 59.9% during the third quarter. Kailix Advisors LLC now owns 6,620,451 shares of the offshore drilling services provider’s stock worth $28,137,000 after buying an additional 2,481,059 shares during the period. Point72 Europe London LLP purchased a new stake in shares of Transocean during the third quarter worth approximately $8,935,000. State Street Corp increased its stake in shares of Transocean by 11.0% during the third quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock worth $83,275,000 after buying an additional 1,944,723 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Transocean by 334.2% during the third quarter. The Manufacturers Life Insurance Company now owns 1,660,176 shares of the offshore drilling services provider’s stock worth $7,056,000 after buying an additional 1,277,814 shares during the period. 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.