Transocean (NYSE:RIG) Trading Up 4% – What’s Next?

Transocean Ltd. (NYSE:RIG) shares were up 4% during mid-day trading on Wednesday . The stock traded as high as $3.25 and last traded at $3.27. Approximately 3,062,960 shares were traded during trading, a decline of 86% from the average daily volume of 21,800,805 shares. The stock had previously closed at $3.14.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Morgan Stanley dropped their target price on Transocean from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Thursday. SEB Equity Research set a $2.80 target price on shares of Transocean in a research note on Wednesday, March 5th. Evercore ISI cut shares of Transocean from an “outperform” rating to an “in-line” rating and decreased their price target for the company from $6.00 to $5.00 in a research report on Wednesday, January 15th. TD Cowen dropped their price target on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research note on Wednesday, January 8th. Finally, Benchmark reiterated a “hold” rating on shares of Transocean in a report on Tuesday, December 3rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $5.03.

Transocean Stock Up 2.3 %

The firm has a 50-day moving average price of $3.42 and a two-hundred day moving average price of $3.91. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of -4.51, a price-to-earnings-growth ratio of 0.86 and a beta of 2.72. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.34 and a current ratio of 1.47.

Transocean (NYSE:RIG) last released its quarterly earnings data on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The company had revenue of $952.00 million for the quarter, compared to analyst estimates of $962.28 million. On average, sell-side analysts forecast that Transocean Ltd. will post 0.14 earnings per share for the current year.

Insider Buying and Selling at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $3.85, for a total transaction of $84,700.00. Following the transaction, the executive vice president now owns 313,072 shares of the company’s stock, valued at $1,205,327.20. The trade was a 6.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 13.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Transocean

A number of hedge funds have recently modified their holdings of the business. Twin Tree Management LP acquired a new stake in Transocean during the 4th quarter worth $27,000. Optiver Holding B.V. raised its holdings in Transocean by 53.6% during the fourth quarter. Optiver Holding B.V. now owns 8,400 shares of the offshore drilling services provider’s stock worth $32,000 after purchasing an additional 2,933 shares in the last quarter. Blue Trust Inc. boosted its holdings in Transocean by 96.2% in the 4th quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock valued at $37,000 after purchasing an additional 4,826 shares in the last quarter. Adero Partners LLC acquired a new position in Transocean during the 4th quarter worth approximately $38,000. Finally, Stratos Wealth Partners LTD. purchased a new position in shares of Transocean during the 4th quarter worth approximately $40,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

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.