Transocean (NYSE:RIG) Shares Down 4.1% on Analyst Downgrade

Shares of Transocean Ltd. (NYSE:RIG) were down 4.1% on Thursday 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 $3.93 and last traded at $3.99. Approximately 31,557,647 shares were traded during mid-day trading, an increase of 18% from the average daily volume of 26,824,988 shares. The stock had previously closed at $4.16.

A number of other analysts have also weighed in on the stock. Benchmark reiterated a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. Susquehanna lowered their target price on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research note on Friday, November 1st. Citigroup cut Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective for the company in a research report on Friday, December 6th. Finally, Morgan Stanley lifted their price target on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research note 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 given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $6.17.

Insider Transactions at Transocean

In other news, EVP Roderick James Mackenzie sold 20,000 shares of Transocean stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.29, for a total value of $85,800.00. Following the completion of the transaction, the executive vice president now owns 310,857 shares in the company, valued at approximately $1,333,576.53. This trade represents a 6.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 12.54% of the company’s stock.

Hedge Funds Weigh In On Transocean

Institutional investors and hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. purchased a new stake in shares of Transocean during the 2nd quarter worth approximately $383,000. Rhumbline Advisers grew its position in Transocean by 53,530.4% in the 2nd quarter. Rhumbline Advisers now owns 1,109,612 shares of the offshore drilling services provider’s stock valued at $5,936,000 after buying an additional 1,107,543 shares during the last quarter. Arizona State Retirement System increased its stake in Transocean by 3.2% in the 2nd quarter. Arizona State Retirement System now owns 206,501 shares of the offshore drilling services provider’s stock valued at $1,105,000 after buying an additional 6,395 shares during the period. American Century Companies Inc. lifted its stake 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 acquiring an additional 2,623,615 shares during the period. Finally, Meeder Advisory Services Inc. raised its holdings in Transocean by 104.3% during the second quarter. Meeder Advisory Services Inc. now owns 29,344 shares of the offshore drilling services provider’s stock worth $157,000 after purchasing an additional 14,984 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Transocean Price Performance

The company has a market cap of $3.54 billion, a PE ratio of -5.39 and a beta of 2.73. The stock has a fifty day simple moving average of $4.08 and a two-hundred day simple moving average of $4.54. The company has a current ratio of 1.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.64.

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.