Transocean (NYSE:RIG) Shares Gap Down - What's Next?

Shares of Transocean Ltd. (NYSE:RIG - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $3.75, but opened at $3.66. Transocean shares last traded at $3.69, with a volume of 4,655,673 shares trading hands.

Wall Street Analysts Forecast Growth

RIG has been the topic of several recent research reports. TD Cowen lowered their price target on shares of Transocean from $6.50 to $5.50 and set a "hold" rating on the stock in a research report on Wednesday, January 8th. Evercore ISI lowered Transocean from an "outperform" rating to an "in-line" rating and decreased their target price for the stock from $6.00 to $5.00 in a research note on Wednesday, January 15th. Barclays raised Transocean from an "equal weight" rating to an "overweight" rating and set a $4.50 target price for the company in a research note on Wednesday, December 18th. JPMorgan Chase & Co. upgraded shares of Transocean from an "underweight" rating to a "neutral" rating and set a $5.00 price objective on the stock in a report on Friday, December 6th. Finally, StockNews.com upgraded shares of Transocean to a "sell" rating in a report on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $5.94.

Transocean Stock Performance

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 stock has a market cap of $3.27 billion, a P/E ratio of -4.97, a PEG ratio of 0.75 and a beta of 2.70. The company has a fifty day moving average of $3.86 and a 200 day moving average of $4.30.

Insider Activity at Transocean

In related news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $4.05, for a total transaction of $89,100.00. Following the sale, the executive vice president now directly owns 229,596 shares of the company's stock, valued at $929,863.80. This trade represents a 8.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 13.16% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in Transocean by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider's stock valued at $73,307,000 after buying an additional 680,242 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Transocean by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 11,606,320 shares of the offshore drilling services provider's stock worth $49,327,000 after purchasing an additional 826,229 shares during the period. Barclays PLC raised its position in shares of Transocean by 60.1% in the third quarter. Barclays PLC now owns 1,623,924 shares of the offshore drilling services provider's stock valued at $6,902,000 after purchasing an additional 609,681 shares during the period. International Assets Investment Management LLC raised its holdings in 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 valued at $836,000 after acquiring an additional 151,507 shares during the period. Finally, MetLife Investment Management LLC increased its position in 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 acquiring an additional 231,334 shares during the period. Institutional investors and hedge funds own 67.73% of the company's stock.

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.