Transocean LTD (NYSE:RIG) traded up 8.3% during mid-day trading on Friday . The company traded as high as $4.64 and last traded at $4.57, 19,964,363 shares changed hands during mid-day trading. An increase of 20% from the average session volume of 16,657,098 shares. The stock had previously closed at $4.22.
A number of equities analysts have issued reports on the stock. UBS Group set a $10.00 target price on shares of Transocean and gave the stock a “buy” rating in a report on Monday, August 26th. Royal Bank of Canada cut shares of Transocean from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $17.00 to $9.00 in a report on Wednesday, September 25th. Citigroup raised their target price on shares of Transocean from $4.90 to $7.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. ValuEngine raised shares of Transocean from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Finally, HSBC set a $12.00 target price on shares of Transocean and gave the stock a “buy” rating in a report on Monday, July 15th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $10.04.
The firm’s 50 day simple moving average is $4.87 and its 200 day simple moving average is $6.34. The company has a market cap of $2.69 billion, a price-to-earnings ratio of -5.78 and a beta of 1.81. The company has a quick ratio of 2.55, a current ratio of 2.88 and a debt-to-equity ratio of 0.74.
Transocean (NYSE:RIG) last announced its quarterly earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) EPS for the quarter, meeting the consensus estimate of ($0.34). Transocean had a negative net margin of 33.49% and a negative return on equity of 4.18%. The company had revenue of $758.00 million for the quarter, compared to analyst estimates of $765.81 million. During the same quarter last year, the business earned ($0.04) earnings per share. Transocean’s revenue was down 4.1% compared to the same quarter last year. Analysts anticipate that Transocean LTD will post -1.22 EPS for the current fiscal year.
In other news, Director Chad C. Deaton purchased 25,000 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were bought at an average price of $5.29 per share, for a total transaction of $132,250.00. Following the completion of the purchase, the director now owns 24,800 shares of the company’s stock, valued at $131,192. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders acquired 32,500 shares of company stock worth $162,915 in the last 90 days. 11.05% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of RIG. Advisor Group Inc. increased its stake in shares of Transocean by 7.1% during the first quarter. Advisor Group Inc. now owns 111,176 shares of the offshore drilling services provider’s stock valued at $968,000 after acquiring an additional 7,337 shares during the period. Swiss National Bank increased its stake in shares of Transocean by 3.1% during the first quarter. Swiss National Bank now owns 944,330 shares of the offshore drilling services provider’s stock valued at $8,225,000 after acquiring an additional 28,500 shares during the period. ClariVest Asset Management LLC increased its stake in shares of Transocean by 3.4% during the first quarter. ClariVest Asset Management LLC now owns 97,000 shares of the offshore drilling services provider’s stock valued at $845,000 after acquiring an additional 3,200 shares during the period. Tyers Asset Management LLC increased its stake in shares of Transocean by 17.2% during the first quarter. Tyers Asset Management LLC now owns 71,680 shares of the offshore drilling services provider’s stock valued at $624,000 after acquiring an additional 10,500 shares during the period. Finally, Williams Jones & Associates LLC acquired a new position in shares of Transocean during the first quarter valued at approximately $623,000. Institutional investors and hedge funds own 70.84% of the company’s stock.
About Transocean (NYSE:RIG)
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.
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