Transocean (NYSE:RIG) Given “Underweight” Rating at JPMorgan Chase & Co.

JPMorgan Chase & Co. reissued their underweight rating on shares of Transocean (NYSE:RIG) in a research report report published on Wednesday morning, Marketbeat.com reports.

RIG has been the subject of several other reports. Citigroup boosted their price objective on shares of Transocean from $3.50 to $4.25 and gave the company a “neutral” rating in a research note on Friday, November 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a report on Wednesday, October 8th. Finally, Barclays upped their price target on Transocean from $4.00 to $4.50 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $4.32.

Transocean Stock Down 3.5%

RIG opened at $4.30 on Wednesday. Transocean has a 12 month low of $1.97 and a 12 month high of $4.56. The business has a 50-day moving average of $3.86 and a two-hundred day moving average of $3.27. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.08 and a quick ratio of 0.91. The stock has a market capitalization of $4.73 billion, a price-to-earnings ratio of -1.31 and a beta of 1.39.

Transocean (NYSE:RIG) last released its earnings results on Wednesday, October 29th. The offshore drilling services provider reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.02. Transocean had a negative net margin of 75.71% and a positive return on equity of 0.45%. The business had revenue of ($1,894.00) million for the quarter, compared to analysts’ expectations of $1.01 billion. Transocean’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, research analysts expect that Transocean will post 0.14 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Perestroika acquired 1,500,000 shares of Transocean stock in a transaction on Monday, November 24th. The shares were bought at an average price of $4.02 per share, for a total transaction of $6,030,000.00. Following the completion of the purchase, the director directly owned 96,574,894 shares in the company, valued at $388,231,073.88. This trade represents a 1.58% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director (Cyprus) Ltd Perestroika bought 4,000,000 shares of the stock in a transaction dated Friday, September 26th. The stock was bought at an average price of $3.05 per share, with a total value of $12,200,000.00. Following the purchase, the director owned 95,074,894 shares of the company’s stock, valued at approximately $289,978,426.70. This represents a 4.39% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders bought 11,000,000 shares of company stock valued at $36,460,000 and sold 726,148 shares valued at $3,115,783. 12.27% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RIG. Vanguard Group Inc. boosted its stake in shares of Transocean by 19.3% in the third quarter. Vanguard Group Inc. now owns 94,519,248 shares of the offshore drilling services provider’s stock valued at $294,900,000 after purchasing an additional 15,315,289 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Transocean by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 40,660,439 shares of the offshore drilling services provider’s stock worth $128,894,000 after buying an additional 651,843 shares in the last quarter. American Century Companies Inc. lifted its holdings in Transocean by 12.8% in the 3rd quarter. American Century Companies Inc. now owns 26,456,554 shares of the offshore drilling services provider’s stock worth $82,544,000 after buying an additional 3,006,786 shares in the last quarter. Dalal Street LLC purchased a new position in Transocean in the 3rd quarter valued at about $76,260,000. Finally, Two Sigma Investments LP grew its stake in shares of Transocean by 0.3% during the third quarter. Two Sigma Investments LP now owns 18,636,188 shares of the offshore drilling services provider’s stock valued at $58,145,000 after acquiring an additional 64,305 shares in the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

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.