Transocean (NYSE:RIG) Hits New 52-Week Low – Here’s Why

Transocean Ltd. (NYSE:RIG) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $3.38 and last traded at $3.54, with a volume of 4262733 shares. The stock had previously closed at $3.53.

Analysts Set New Price Targets

Several research firms have recently weighed in on RIG. Evercore ISI lowered shares of Transocean from an “outperform” rating to an “in-line” rating and dropped their price objective for the stock from $6.00 to $5.00 in a report on Wednesday, January 15th. TD Cowen dropped their price objective on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a report on Wednesday, January 8th. JPMorgan Chase & Co. raised shares of 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. StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Finally, Susquehanna dropped their price objective on shares of Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a report on Friday, November 1st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $5.94.

Transocean Trading Up 0.4 %

The business’s 50-day moving average price is $3.82 and its two-hundred day moving average price is $4.23. The company has a market capitalization of $3.10 billion, a P/E ratio of -4.73, a PEG ratio of 0.75 and a beta of 2.70. 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 22,000 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total value of $84,700.00. Following the sale, the executive vice president now directly owns 313,072 shares of the company’s stock, valued at approximately $1,205,327.20. The trade was a 6.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 13.16% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Transocean

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Twin Tree Management LP acquired a new position in shares of Transocean during the 4th quarter worth about $27,000. Optiver Holding B.V. boosted its holdings in Transocean by 53.6% in the 4th quarter. Optiver Holding B.V. now owns 8,400 shares of the offshore drilling services provider’s stock valued at $32,000 after purchasing an additional 2,933 shares during the period. Blue Trust Inc. boosted its holdings in Transocean by 96.2% in the 4th quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock valued at $37,000 after purchasing an additional 4,826 shares during the period. Adero Partners LLC bought a new stake in Transocean in the 4th quarter valued at about $38,000. Finally, Stratos Wealth Partners LTD. bought a new stake in Transocean in the 4th quarter valued at about $40,000. 67.73% of the stock is 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.