JPMorgan Chase & Co. Reiterates Underweight Rating for Transocean (NYSE:RIG)

Transocean (NYSE:RIG)‘s stock had its “underweight” rating reissued by research analysts at JPMorgan Chase & Co. in a note issued to investors on Wednesday.

Several other brokerages have also issued reports on RIG. Barclays lifted their price target on shares of Transocean from $4.00 to $4.50 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Transocean in a research report on Wednesday, October 8th. Finally, Citigroup boosted their price target on Transocean from $3.50 to $4.25 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $4.32.

Transocean Trading Up 0.6%

NYSE RIG opened at $4.47 on Wednesday. Transocean has a 52 week low of $1.97 and a 52 week high of $4.56. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.91 and a current ratio of 1.08. The stock’s 50 day moving average price is $3.83 and its two-hundred day moving average price is $3.27. The stock has a market capitalization of $4.92 billion, a price-to-earnings ratio of -1.36 and a beta of 1.39.

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

Insider Activity at Transocean

In related news, Director (Cyprus) Ltd Perestroika acquired 4,000,000 shares of Transocean stock in a transaction on Friday, September 26th. The stock was purchased at an average cost of $3.05 per share, with a total value of $12,200,000.00. Following the completion of the transaction, the director directly owned 95,074,894 shares in the company, valued at $289,978,426.70. This trade represents a 4.39% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keelan Adamson sold 57,968 shares of the stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $4.50, for a total transaction of $260,856.00. Following the completion of the transaction, the chief executive officer directly owned 1,303,715 shares in the company, valued at $5,866,717.50. The trade was a 4.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders purchased 11,000,000 shares of company stock worth $36,460,000 and sold 726,148 shares worth $3,115,783. 12.54% of the stock is owned by insiders.

Institutional Trading of Transocean

Several hedge funds and other institutional investors have recently modified their holdings of RIG. Cetera Investment Advisers raised its holdings in Transocean by 13.3% in the 1st quarter. Cetera Investment Advisers now owns 221,452 shares of the offshore drilling services provider’s stock valued at $702,000 after acquiring an additional 26,017 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Transocean by 1,457.0% during the first quarter. PNC Financial Services Group Inc. now owns 15,165 shares of the offshore drilling services provider’s stock worth $48,000 after purchasing an additional 14,191 shares during the period. Nuveen LLC acquired a new stake in Transocean during the 1st quarter worth approximately $7,774,000. Caitong International Asset Management Co. Ltd lifted its holdings in Transocean by 17.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 49,167 shares of the offshore drilling services provider’s stock worth $156,000 after purchasing an additional 7,166 shares during the last quarter. Finally, Boston Partners boosted its stake in Transocean by 3.2% in the 1st quarter. Boston Partners now owns 140,904 shares of the offshore drilling services provider’s stock valued at $447,000 after purchasing an additional 4,331 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.