Transocean (NYSE:RIG) Stock Price Up 3.3% - Here's What Happened

Transocean Ltd. (NYSE:RIG - Get Free Report) rose 3.3% during mid-day trading on Tuesday . The company traded as high as $3.79 and last traded at $3.78. Approximately 6,645,973 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 18,740,057 shares. The stock had previously closed at $3.66.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. DNB Markets upgraded shares of Transocean from a "hold" rating to a "buy" rating in a research report on Tuesday, September 3rd. Barclays upgraded Transocean from an "equal weight" rating to an "overweight" rating and set a $4.50 price objective on the stock in a research note on Wednesday, December 18th. JPMorgan Chase & Co. upgraded Transocean from an "underweight" rating to a "neutral" rating and set a $5.00 target price for the company in a research report on Friday, December 6th. Morgan Stanley raised their price target on Transocean from $5.00 to $6.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 3rd. Finally, Susquehanna cut their price objective on shares of Transocean from $7.00 to $6.50 and set a "positive" rating for the company in a research report on Friday, November 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $6.25.

Transocean Stock Performance

The company has a 50 day simple moving average of $4.10 and a 200 day simple moving average of $4.60. 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 stock has a market cap of $3.28 billion, a price-to-earnings ratio of -5.00 and a beta of 2.75.

Insider Buying and Selling

In related news, EVP Roderick James Mackenzie sold 20,000 shares of the business's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.29, for a total transaction of $85,800.00. Following the sale, the executive vice president now owns 310,857 shares in the company, valued at $1,333,576.53. The trade was a 6.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 13.16% of the stock is owned by corporate insiders.

Institutional Trading of Transocean

A number of hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in shares of Transocean by 4.1% during the third quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider's stock worth $73,307,000 after purchasing an additional 680,242 shares during the period. Charles Schwab Investment Management Inc. increased its position in Transocean by 7.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 11,606,320 shares of the offshore drilling services provider's stock valued at $49,327,000 after purchasing an additional 826,229 shares during the period. Barclays PLC raised its holdings in Transocean by 60.1% during the 3rd quarter. Barclays PLC now owns 1,623,924 shares of the offshore drilling services provider's stock worth $6,902,000 after purchasing an additional 609,681 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Transocean by 335.3% in the 3rd quarter. International Assets Investment Management LLC now owns 196,699 shares of the offshore drilling services provider's stock worth $836,000 after purchasing an additional 151,507 shares during the period. Finally, MetLife Investment Management LLC increased its position in shares of Transocean by 125.9% during the third quarter. MetLife Investment Management LLC now owns 415,031 shares of the offshore drilling services provider's stock worth $1,764,000 after buying an additional 231,334 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

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.