Evercore ISI Downgrades Transocean (NYSE:RIG) to In-Line

Evercore ISI downgraded shares of Transocean (NYSE:RIG) from an outperform rating to an in-line rating in a report published on Wednesday morning, MarketBeat Ratings reports. The firm currently has $5.00 price objective on the offshore drilling services provider’s stock, down from their prior price objective of $6.00.

A number of other equities research analysts have also issued reports on the company. TD Cowen dropped their price target on Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research report on Wednesday, January 8th. Morgan Stanley upped their price target on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. Benchmark reiterated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective for the company in a research report on Friday, December 6th. Finally, Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price objective for the company in a research report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $5.94.

Transocean Price Performance

RIG stock opened at $4.28 on Wednesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.34. The business has a 50 day simple moving average of $4.05 and a 200-day simple moving average of $4.50. The firm has a market capitalization of $3.75 billion, a PE ratio of -5.71, a price-to-earnings-growth ratio of 0.67 and a beta of 2.73. Transocean has a 1 year low of $3.40 and a 1 year high of $6.88.

Insider Activity

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.29, for a total value of $85,800.00. Following the sale, the executive vice president now directly owns 310,857 shares in the company, valued at approximately $1,333,576.53. This trade represents a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 13.16% of the company’s stock.

Institutional Trading of Transocean

A number of institutional investors have recently bought and sold shares of RIG. Dimensional Fund Advisors LP lifted its holdings in Transocean by 19.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock worth $196,484,000 after buying an additional 5,856,414 shares during the last quarter. Moors & Cabot Inc. lifted its holdings in Transocean by 28.3% during the 2nd quarter. Moors & Cabot Inc. now owns 44,850 shares of the offshore drilling services provider’s stock worth $240,000 after buying an additional 9,900 shares during the last quarter. Amalgamated Bank purchased a new stake in Transocean during the 2nd quarter worth about $135,000. Vanguard Personalized Indexing Management LLC lifted its holdings in Transocean by 15.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 102,764 shares of the offshore drilling services provider’s stock worth $550,000 after buying an additional 14,031 shares during the last quarter. Finally, Blair William & Co. IL lifted its holdings in Transocean by 3.7% during the 2nd quarter. Blair William & Co. IL now owns 269,696 shares of the offshore drilling services provider’s stock worth $1,443,000 after buying an additional 9,704 shares during the last quarter. 67.73% of the stock is 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.