Susquehanna Cuts Transocean (NYSE:RIG) Price Target to $6.50

Transocean (NYSE:RIG) had its price objective lowered by Susquehanna from $7.00 to $6.50 in a report issued on Friday morning, Benzinga reports. The firm currently has a positive rating on the offshore drilling services provider’s stock.

A number of other research firms have also recently weighed in on RIG. Citigroup cut shares of Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Morgan Stanley lifted their price target on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. StockNews.com raised Transocean to a “sell” rating in a report on Thursday, October 10th. Barclays cut their target price on Transocean from $6.00 to $4.50 and set an “equal weight” rating on the stock in a research note on Wednesday, October 23rd. Finally, Benchmark cut Transocean from a “buy” rating to a “hold” rating in a research note on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $6.63.

Transocean Price Performance

Shares of RIG opened at $4.24 on Friday. Transocean has a 12 month low of $3.85 and a 12 month high of $7.05. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.08. The stock has a fifty day moving average price of $4.34 and a 200 day moving average price of $5.08. The company has a market cap of $3.71 billion, a P/E ratio of -5.65 and a beta of 2.78.

Insider Activity

In other news, Director Perestroika bought 1,500,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were purchased at an average cost of $4.13 per share, with a total value of $6,195,000.00. Following the completion of the acquisition, the director now directly owns 91,074,894 shares in the company, valued at approximately $376,139,312.22. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 13.16% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RIG. Oppenheimer Asset Management Inc. grew its holdings in shares of Transocean by 8.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 22,237 shares of the offshore drilling services provider’s stock worth $140,000 after acquiring an additional 1,767 shares during the last quarter. Murphy Pohlad Asset Management LLC increased its stake in Transocean by 2.6% in the 2nd quarter. Murphy Pohlad Asset Management LLC now owns 98,650 shares of the offshore drilling services provider’s stock worth $528,000 after purchasing an additional 2,500 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Transocean by 138.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock worth $25,000 after buying an additional 2,693 shares during the period. Muhlenkamp & Co. Inc. lifted its stake in Transocean by 0.4% during the second quarter. Muhlenkamp & Co. Inc. now owns 1,014,269 shares of the offshore drilling services provider’s stock valued at $5,426,000 after buying an additional 3,771 shares in the last quarter. Finally, CWM LLC boosted its holdings in shares of Transocean by 36.1% in the third quarter. CWM LLC now owns 17,065 shares of the offshore drilling services provider’s stock worth $73,000 after buying an additional 4,529 shares during the period. Institutional investors own 67.73% of the company’s stock.

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.