Transocean (NYSE:RIG) Trading Down 4.8% - What's Next?

Key Points

• Transocean's stock fell 4.8% during trading, reaching a low of $3.30, with volume decreasing by 50% compared to its average daily trading volume.
• Barclays has raised its price target for Transocean from $3.50 to $4.00, now rating the stock as "overweight," amidst a consensus rating of "Hold" and a target price of $4.26.
• Institutional investors significantly increased their holdings, with Goldman Sachs raising its stake by 88.9% in the first quarter and several others making substantial acquisitions in the second quarter.

Shares of Transocean Ltd. (NYSE:RIG - Get Free Report) fell 4.8% on Friday . The stock traded as low as $3.30 and last traded at $3.30. 17,189,245 shares were traded during mid-day trading, a decline of 50% from the average session volume of 34,662,652 shares. The stock had previously closed at $3.46.

Analyst Ratings Changes

Several research firms recently weighed in on RIG. Barclays lifted their price objective on Transocean from $3.50 to $4.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. Wall Street Zen upgraded Transocean from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $4.26.

Transocean Stock Performance

The company's fifty day moving average price is $3.01 and its 200-day moving average price is $2.80. The company has a current ratio of 1.26, a quick ratio of 0.99 and a debt-to-equity ratio of 0.63.

Hedge Funds Weigh In On Transocean

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. boosted its position in Transocean by 96.6% in the 2nd quarter. Osaic Holdings Inc. now owns 189,912 shares of the offshore drilling services provider's stock worth $492,000 after purchasing an additional 93,311 shares in the last quarter. Marex Group plc purchased a new stake in Transocean in the 2nd quarter worth approximately $471,000. Advisory Services Network LLC boosted its position in Transocean by 5.9% in the 2nd quarter. Advisory Services Network LLC now owns 301,637 shares of the offshore drilling services provider's stock worth $781,000 after purchasing an additional 16,753 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Transocean in the 2nd quarter worth approximately $65,000. Finally, CANADA LIFE ASSURANCE Co lifted its position in shares of Transocean by 49.2% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 624,108 shares of the offshore drilling services provider's stock valued at $1,614,000 after buying an additional 205,872 shares in the last quarter. 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.