Transocean (NYSE:RIG) Shares Up 3.7% – Here’s What Happened

Transocean Ltd. (NYSE:RIG)’s share price was up 3.7% during trading on Monday . The company traded as high as $2.26 and last traded at $2.25. Approximately 6,674,160 shares were traded during trading, a decline of 71% from the average daily volume of 22,781,105 shares. The stock had previously closed at $2.17.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RIG. Barclays decreased their target price on Transocean from $4.00 to $3.50 and set an “overweight” rating for the company in a research report on Monday. SEB Equity Research set a $2.80 price objective on shares of Transocean in a report on Wednesday, March 5th. TD Cowen cut their target price on shares of Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a report on Wednesday, January 8th. Morgan Stanley lowered their price target on Transocean from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Finally, Citigroup cut their price objective on shares of Transocean from $4.50 to $3.50 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Transocean has a consensus rating of “Hold” and a consensus target price of $4.98.

Transocean Stock Performance

The firm has a market capitalization of $2.12 billion, a P/E ratio of -3.29, a price-to-earnings-growth ratio of 0.86 and a beta of 2.29. The company’s 50 day moving average is $3.20 and its 200-day moving average is $3.80. The company has a quick ratio of 1.34, a current ratio of 1.47 and a debt-to-equity ratio of 0.60.

Transocean (NYSE:RIG) last issued 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 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 the consensus estimate of $962.28 million. As a group, equities analysts anticipate that Transocean Ltd. will post 0.14 EPS 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 dated Friday, January 10th. The stock was sold at an average price of $4.05, for a total transaction of $89,100.00. Following the completion of the transaction, the executive vice president now owns 229,596 shares of the company’s stock, valued at $929,863.80. The trade was a 8.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 13.16% of the company’s stock.

Hedge Funds Weigh In On Transocean

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Transocean by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 78,811,863 shares of the offshore drilling services provider’s stock valued at $295,544,000 after acquiring an additional 931,684 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Transocean by 2.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 40,008,596 shares of the offshore drilling services provider’s stock worth $150,029,000 after purchasing an additional 809,864 shares in the last quarter. State Street Corp boosted its position in Transocean by 11.0% during the 3rd quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock valued at $83,275,000 after acquiring an additional 1,944,723 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Transocean by 51.5% during the fourth quarter. American Century Companies Inc. now owns 19,257,437 shares of the offshore drilling services provider’s stock valued at $72,215,000 after purchasing an additional 6,542,271 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Transocean by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock worth $73,307,000 after buying an additional 680,242 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.