Transocean (NYSE:RIG) Shares Up 1.1% - Here's What Happened

Transocean Ltd. (NYSE:RIG - Get Free Report) shares rose 1.1% during trading on Thursday . The stock traded as high as $3.59 and last traded at $3.57. Approximately 3,224,011 shares were traded during trading, a decline of 83% from the average daily volume of 18,665,826 shares. The stock had previously closed at $3.53.

Analyst Upgrades and Downgrades

RIG has been the topic of several analyst reports. JPMorgan Chase & Co. upgraded shares of Transocean from an "underweight" rating to a "neutral" rating and set a $5.00 price target on the stock in a research report on Friday, December 6th. Citigroup lowered shares of Transocean from a "buy" rating to a "neutral" rating in a research report on Thursday, September 12th. Benchmark reiterated a "hold" rating on shares of Transocean in a research report on Tuesday, December 3rd. DNB Markets upgraded shares of Transocean from a "hold" rating to a "buy" rating in a research report on Tuesday, September 3rd. Finally, Barclays upgraded shares of Transocean from an "equal weight" rating to an "overweight" rating and set a $4.50 target price on the stock in a research report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $6.25.

Transocean Trading Up 1.1 %

The company has a market cap of $3.13 billion, a price-to-earnings ratio of -4.76 and a beta of 2.75. The business's fifty day moving average price is $4.13 and its 200 day moving average price is $4.64. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.34.

Insider Transactions at Transocean

In related news, EVP Roderick James Mackenzie sold 20,000 shares of Transocean stock in a transaction on Monday, November 18th. The shares were sold at an average price of $4.29, for a total transaction of $85,800.00. Following the completion of the transaction, the executive vice president now owns 310,857 shares of the company's stock, valued at $1,333,576.53. This trade represents a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 12.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Transocean

Hedge funds have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its stake 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 worth $25,000 after buying an additional 2,693 shares during the last quarter. Orion Portfolio Solutions LLC acquired a new position in shares of Transocean during the third quarter valued at about $46,000. Atria Investments Inc acquired a new position in shares of Transocean during the third quarter valued at about $51,000. Kovitz Investment Group Partners LLC raised its holdings in shares of Transocean by 34.0% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider's stock worth $62,000 after acquiring an additional 4,027 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Transocean in the 2nd quarter worth about $64,000. Institutional investors own 67.73% of the company's stock.

Transocean Company Profile

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.