Transocean Ltd. (NYSE:RIG - Get Free Report) shares dropped 1.5% during trading on Tuesday . The company traded as low as $3.97 and last traded at $4.03. Approximately 4,553,210 shares traded hands during trading, a decline of 81% from the average daily volume of 23,991,482 shares. The stock had previously closed at $4.09.
A number of equities analysts recently issued reports on RIG shares. JPMorgan Chase & Co. upgraded Transocean from an "underweight" rating to a "neutral" rating and set a $5.00 price objective for the company in a report on Friday, December 6th. TD Cowen reduced their price target on shares of Transocean from $6.50 to $5.50 and set a "hold" rating on the stock in a research note on Wednesday, January 8th. Benchmark reissued a "hold" rating on shares of Transocean in a research report on Tuesday, December 3rd. Susquehanna reduced their target price on shares of Transocean from $7.00 to $6.50 and set a "positive" rating on the stock in a research report on Friday, November 1st. Finally, StockNews.com upgraded Transocean to a "sell" rating in a report on Tuesday, November 12th. Two 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $6.17.
Get Our Latest Analysis on RIG
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 stock has a market capitalization of $3.49 billion, a P/E ratio of -5.32 and a beta of 2.73. The company has a 50-day moving average price of $4.07 and a 200 day moving average price of $4.51.
In related news, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were 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 directly owns 310,857 shares of the company's stock, valued at $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 is available through this hyperlink. Insiders own 13.16% of the company's stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Meeder Advisory Services Inc. grew its position in Transocean by 104.3% during the 2nd 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 during the period. Dimensional Fund Advisors LP grew its holdings in Transocean by 19.0% during the second quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider's stock worth $196,484,000 after acquiring an additional 5,856,414 shares during the period. Moors & Cabot Inc. grew its holdings in Transocean by 28.3% during the second quarter. Moors & Cabot Inc. now owns 44,850 shares of the offshore drilling services provider's stock worth $240,000 after acquiring an additional 9,900 shares during the period. Primecap Management Co. CA grew its holdings in Transocean by 0.7% during the second quarter. Primecap Management Co. CA now owns 56,119,489 shares of the offshore drilling services provider's stock worth $300,239,000 after acquiring an additional 375,450 shares during the period. Finally, Amalgamated Bank acquired a new stake in Transocean during the second quarter worth about $135,000. Hedge funds and other institutional investors own 67.73% of the company's stock.
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.
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