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

Key Points

• Transocean's stock price dropped significantly from a previous close of $3.64 to an opening price of $3.06 before last trading at $3.16.
• Analysts have set a consensus target price of $4.26 for Transocean, with a recent upgrade from Barclays leading to an "overweight" rating.
• Institutional investors hold approximately 67.73% of Transocean's stock, showing strong support with multiple firms increasing their positions recently.

Transocean Ltd. (NYSE:RIG - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $3.64, but opened at $3.06. Transocean shares last traded at $3.16, with a volume of 69,527,783 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded Transocean from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Barclays raised their price target on Transocean from $3.50 to $4.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. Three analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $4.26.

Transocean Price Performance

The firm has a fifty day moving average of $3.06 and a 200 day moving average of $2.82. The company has a market capitalization of $3.01 billion, a P/E ratio of -1.71, a P/E/G ratio of 6.81 and a beta of 2.79. The company has a current ratio of 1.26, a quick ratio of 0.99 and a debt-to-equity ratio of 0.63.

Institutional Investors Weigh In On Transocean

Several large investors have recently bought and sold shares of RIG. Dimensional Fund Advisors LP boosted its position in Transocean by 1.6% in the first quarter. Dimensional Fund Advisors LP now owns 40,660,439 shares of the offshore drilling services provider's stock worth $128,894,000 after purchasing an additional 651,843 shares during the last quarter. American Century Companies Inc. boosted its position in Transocean by 9.8% in the second quarter. American Century Companies Inc. now owns 23,449,768 shares of the offshore drilling services provider's stock worth $60,735,000 after purchasing an additional 2,101,673 shares during the last quarter. Geode Capital Management LLC boosted its position in Transocean by 1.8% in the second quarter. Geode Capital Management LLC now owns 18,095,187 shares of the offshore drilling services provider's stock worth $46,873,000 after purchasing an additional 313,670 shares during the last quarter. Keybank National Association OH boosted its position in Transocean by 14.2% in the first quarter. Keybank National Association OH now owns 13,480,351 shares of the offshore drilling services provider's stock worth $42,733,000 after purchasing an additional 1,672,958 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Transocean by 88.9% in the first quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider's stock worth $38,521,000 after purchasing an additional 5,719,637 shares during the last quarter. 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.

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