Transocean (NYSE:RIG) Price Target Cut to $5.50 by Analysts at TD Cowen

Transocean (NYSE:RIG) had its price objective trimmed by TD Cowen from $6.50 to $5.50 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a hold rating on the offshore drilling services provider’s stock.

Several other brokerages have also recently issued reports on RIG. Citigroup cut Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Barclays upgraded 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. StockNews.com upgraded Transocean to a “sell” rating in a report on Tuesday, November 12th. Susquehanna lowered their price target on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a report on Friday, November 1st. Finally, Morgan Stanley increased their price target on 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 given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $6.17.

Transocean Stock Up 1.3 %

NYSE RIG opened at $4.04 on Wednesday. The business has a fifty day moving average price of $4.08 and a 200 day moving average price of $4.54. Transocean has a one year low of $3.40 and a one year high of $6.88. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64. The company has a market cap of $3.54 billion, a P/E ratio of -5.39 and a beta of 2.73.

Insider Transactions at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of Transocean stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.29, for a total value of $85,800.00. Following the transaction, the executive vice president now directly 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 document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 12.54% of the company’s stock.

Institutional Trading of Transocean

A number of institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. purchased a new stake in Transocean during the second quarter worth $383,000. Rhumbline Advisers raised its holdings in shares of Transocean by 53,530.4% in the second quarter. Rhumbline Advisers now owns 1,109,612 shares of the offshore drilling services provider’s stock worth $5,936,000 after acquiring an additional 1,107,543 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Transocean by 3.2% in the second quarter. Arizona State Retirement System now owns 206,501 shares of the offshore drilling services provider’s stock worth $1,105,000 after acquiring an additional 6,395 shares during the last quarter. PFG Investments LLC increased its stake in Transocean by 6.1% in the second quarter. PFG Investments LLC now owns 183,137 shares of the offshore drilling services provider’s stock valued at $980,000 after purchasing an additional 10,500 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Transocean by 24.3% in the second quarter. American Century Companies Inc. now owns 13,437,572 shares of the offshore drilling services provider’s stock valued at $71,891,000 after purchasing an additional 2,623,615 shares during the last quarter. 67.73% of the stock is currently 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.