Transocean (NYSE:RIG) Trading Down 4% - Here's Why

Key Points

• Transocean Ltd. shares fell by 4% on Monday, closing at $2.98, with trading volume down significantly at about 2.95 million shares compared to an average of 36.74 million.
• Analyst ratings for Transocean have been mixed, with Morgan Stanley lowering its price target to $3.50, while BTIG Research set a higher target at $5.00, reflecting a consensus "Hold" rating and a price target of $4.20.
• Institutional investors currently hold approximately 67.73% of Transocean's shares, with notable increases in stakes from hedging firms in the last quarter.

Transocean Ltd. (NYSE:RIG - Get Free Report) was down 4% on Monday . The stock traded as low as $3.02 and last traded at $2.98. Approximately 2,957,294 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 36,741,762 shares. The stock had previously closed at $3.10.

Analyst Ratings Changes

Several equities analysts recently weighed in on RIG shares. Morgan Stanley cut their price objective on shares of Transocean from $4.00 to $3.50 and set an "equal weight" rating on the stock in a report on Friday, May 16th. BTIG Research set a $5.00 price objective on shares of Transocean and gave the stock a "buy" rating in a research report on Monday, May 5th. Susquehanna decreased their target price on shares of Transocean from $5.00 to $4.00 and set a "positive" rating for the company in a research report on Monday, April 14th. Finally, Wall Street Zen raised shares of Transocean from a "sell" rating to a "hold" rating in a research report on Sunday. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $4.20.

Transocean Stock Down 5.6%

The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.99 and a current ratio of 1.26. The firm's fifty day moving average is $2.86 and its 200 day moving average is $2.88. The firm has a market cap of $2.76 billion, a P/E ratio of -1.57, a P/E/G ratio of 6.63 and a beta of 2.52.

Hedge Funds Weigh In On Transocean

Several hedge funds have recently bought and sold shares of the company. First Trust Advisors LP lifted its position in shares of Transocean by 51.5% in the 4th quarter. First Trust Advisors LP now owns 930,851 shares of the offshore drilling services provider's stock worth $3,491,000 after purchasing an additional 316,362 shares during the period. Gotham Asset Management LLC bought a new stake in Transocean during the 4th quarter valued at $698,000. Renaissance Technologies LLC bought a new stake in shares of Transocean in the 4th quarter worth $16,608,000. Ensign Peak Advisors Inc grew its stake in shares of Transocean by 17.4% in the 4th quarter. Ensign Peak Advisors Inc now owns 7,152,461 shares of the offshore drilling services provider's stock worth $26,822,000 after acquiring an additional 1,059,893 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Transocean by 3,039.6% in the 1st quarter. SG Americas Securities LLC now owns 930,599 shares of the offshore drilling services provider's stock worth $2,950,000 after acquiring an additional 900,958 shares in the last quarter. 67.73% of the stock is owned by 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.

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