Transocean (NYSE:RIG) Trading Up 6.2% – Still a Buy?

Transocean Ltd. (NYSE:RIG)’s share price shot up 6.2% during trading on Thursday . The stock traded as high as $2.28 and last traded at $2.30. 23,107,881 shares traded hands during trading, a decline of 4% from the average session volume of 24,000,643 shares. The stock had previously closed at $2.16.

Wall Street Analyst Weigh In

RIG has been the topic of a number of analyst reports. Evercore ISI cut Transocean from an “outperform” rating to an “in-line” rating and lowered their price target for the company from $6.00 to $5.00 in a research report on Wednesday, January 15th. Citigroup lowered their target price on shares of Transocean from $4.50 to $3.50 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Morgan Stanley cut their price target on shares of Transocean from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. TD Cowen decreased their price objective on shares of Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a research note on Wednesday, January 8th. Finally, Susquehanna cut their target price on shares of Transocean from $5.00 to $4.00 and set a “positive” rating for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $4.59.

Transocean Trading Up 6.2 %

The business’s fifty day moving average is $2.99 and its two-hundred day moving average is $3.71. The company has a quick ratio of 1.34, a current ratio of 1.47 and a debt-to-equity ratio of 0.60. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of -3.14, a price-to-earnings-growth ratio of 0.86 and a beta of 2.29.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.11). The firm had revenue of $952.00 million for the quarter, compared to analyst estimates of $962.28 million. Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. Equities analysts anticipate that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Roderick James Mackenzie sold 22,000 shares of the firm’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $2.23, for a total value of $49,060.00. Following the transaction, the executive vice president now directly owns 362,841 shares in the company, valued at $809,135.43. This trade represents a 5.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 13.16% of the company’s stock.

Institutional Investors Weigh In On Transocean

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quantinno Capital Management LP bought a new stake in shares of Transocean in the 3rd quarter valued at about $68,000. Stifel Financial Corp increased its stake in Transocean by 3.8% in the third quarter. Stifel Financial Corp now owns 152,149 shares of the offshore drilling services provider’s stock valued at $647,000 after purchasing an additional 5,636 shares in the last quarter. Orion Portfolio Solutions LLC acquired a new stake in Transocean in the third quarter worth $46,000. Barclays PLC boosted its position in shares of Transocean by 60.1% during the third quarter. Barclays PLC now owns 1,623,924 shares of the offshore drilling services provider’s stock worth $6,902,000 after purchasing an additional 609,681 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings 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 valued at $73,307,000 after buying an additional 680,242 shares during the period. Institutional investors own 67.73% of the company’s stock.

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.