Transocean (NYSE:RIG) Shares Up 1.4% - Time to Buy?

Transocean Ltd. (NYSE:RIG - Get Free Report) shot up 1.4% during trading on Friday . The stock traded as high as $3.62 and last traded at $3.62. 6,371,761 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 18,669,459 shares. The stock had previously closed at $3.57.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RIG shares. Barclays upgraded Transocean from an "equal weight" rating to an "overweight" rating and set a $4.50 price objective on the stock in a report on Wednesday, December 18th. Susquehanna lowered their price target 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. Benchmark reaffirmed a "hold" rating on shares of Transocean in a research note on Tuesday, December 3rd. StockNews.com raised shares of Transocean to a "sell" rating in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. upgraded Transocean from an "underweight" rating to a "neutral" rating and set a $5.00 price target for the company in a research report on Friday, December 6th. Two 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. According to MarketBeat, Transocean presently has an average rating of "Hold" and a consensus price target of $6.25.

Transocean Price Performance

The stock has a 50-day simple moving average of $4.11 and a 200 day simple moving average of $4.62. The company has a market cap of $3.09 billion, a PE ratio of -4.71 and a beta of 2.75. The company has a quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64.

Insider Activity at Transocean

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the firm'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 completion of the transaction, the executive vice president now directly owns 310,857 shares in the company, valued at $1,333,576.53. This trade represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 13.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Transocean

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Transocean by 138.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider's stock valued at $25,000 after purchasing an additional 2,693 shares during the period. Orion Portfolio Solutions LLC acquired a new position in shares of Transocean in the third quarter worth $46,000. Atria Investments Inc acquired a new stake in shares of Transocean in the third quarter valued at $51,000. Kovitz Investment Group Partners LLC grew its stake in Transocean by 34.0% during 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 purchasing an additional 4,027 shares in the last quarter. Finally, Abel Hall LLC acquired a new stake in Transocean in the 3rd quarter valued at about $65,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

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.