Transocean (NYSE:RIG) Shares Up 5.8% – Here’s Why

Shares of Transocean Ltd. (NYSE:RIG) rose 5.8% during trading on Tuesday . The stock traded as high as $3.34 and last traded at $3.36. Approximately 16,404,614 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 22,258,683 shares. The stock had previously closed at $3.17.

Analysts Set New Price Targets

RIG has been the topic of a number of research analyst reports. TD Cowen dropped their price target on Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research note on Wednesday, January 8th. Morgan Stanley decreased their price target on shares of Transocean from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 27th. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price on the stock in a research report on Friday, December 6th. Evercore ISI lowered Transocean from an “outperform” rating to an “in-line” rating and dropped their price target for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. Finally, Citigroup dropped their target price on Transocean from $4.50 to $3.50 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Transocean presently has an average rating of “Hold” and a consensus price target of $5.03.

Transocean Stock Down 7.8 %

The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.34 and a current ratio of 1.47. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of -4.01, a PEG ratio of 0.86 and a beta of 2.72. The business’s 50 day moving average price is $3.36 and its 200 day moving average price is $3.88.

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

Insider Activity at Transocean

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $4.05, for a total transaction of $89,100.00. Following the transaction, the executive vice president now directly owns 229,596 shares in the company, valued at approximately $929,863.80. The trade was a 8.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 12.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Transocean

A number of institutional investors have recently added to or reduced their stakes in the stock. Twin Tree Management LP acquired a new position in shares of Transocean during the 4th quarter valued at about $27,000. Optiver Holding B.V. grew its stake in shares of Transocean by 53.6% in the 4th quarter. Optiver Holding B.V. now owns 8,400 shares of the offshore drilling services provider’s stock valued at $32,000 after buying an additional 2,933 shares during the period. Blue Trust Inc. increased its holdings in shares of Transocean by 96.2% during the 4th quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock worth $37,000 after buying an additional 4,826 shares during the last quarter. Adero Partners LLC purchased a new stake in shares of Transocean during the 4th quarter valued at approximately $38,000. Finally, Stratos Wealth Partners LTD. acquired a new position in Transocean in the fourth quarter valued at approximately $40,000. Hedge funds and other 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.