Transocean (NYSE:RIG) Reaches New 52-Week Low – Here’s What Happened

Transocean Ltd. (NYSE:RIG) shares reached a new 52-week low during trading on Friday . The stock traded as low as $3.85 and last traded at $3.85, with a volume of 4212395 shares changing hands. The stock had previously closed at $3.94.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RIG shares. Benchmark reaffirmed a “hold” rating on shares of Transocean in a report on Tuesday, December 3rd. StockNews.com raised Transocean to a “sell” rating in a research note on Tuesday, November 12th. 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. Barclays reduced their price target on shares of Transocean from $6.00 to $4.50 and set an “equal weight” rating on the stock in a research report on Wednesday, October 23rd. Finally, Morgan Stanley increased their price objective on shares of Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Transocean presently has a consensus rating of “Hold” and a consensus price target of $6.25.

Transocean Price Performance

The stock’s 50-day simple moving average is $4.25 and its two-hundred day simple moving average is $4.76. The firm has a market cap of $3.38 billion, a P/E ratio of -5.15 and a beta of 2.75. 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 Activity at Transocean

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 completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 13.16% of the stock is currently owned by insiders.

Institutional Trading of Transocean

Several institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC bought a new stake in Transocean during the 2nd quarter valued at about $64,000. Nisa Investment Advisors LLC bought a new stake in shares of Transocean during the second quarter valued at approximately $30,000. Courier Capital LLC boosted its holdings in shares of Transocean by 31.5% in the second quarter. Courier Capital LLC now owns 29,893 shares of the offshore drilling services provider’s stock valued at $160,000 after purchasing an additional 7,155 shares during the period. Southern Capital Advisors LLC bought a new position in Transocean in the second quarter worth approximately $96,000. Finally, Bank of New York Mellon Corp increased its holdings in Transocean by 18.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 16,858,264 shares of the offshore drilling services provider’s stock worth $90,192,000 after purchasing an additional 2,606,017 shares during the period. 67.73% of the stock is currently owned by 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.