Transocean (NYSE:RIG) Shares Up 7.8% – What’s Next?

Transocean Ltd. (NYSE:RIG)’s share price shot up 7.8% during trading on Monday. The stock traded as high as $5.54 and last traded at $5.5750. Approximately 13,287,213 shares traded hands during trading, a decline of 67% from the average session volume of 40,646,996 shares. The stock had previously closed at $5.17.

Analysts Set New Price Targets

Several equities analysts have issued reports on RIG shares. Susquehanna dropped their price objective on shares of Transocean from $8.00 to $7.00 and set a “positive” rating on the stock in a research note on Wednesday, July 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a research note on Friday, July 17th. Fearnley Fonds raised shares of Transocean from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Finally, Barclays cut their price target on shares of Transocean from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Transocean has an average rating of “Hold” and a consensus target price of $6.68.

Transocean Stock Performance

The stock’s 50-day moving average price is $5.59 and its 200-day moving average price is $5.88. The company has a market capitalization of $6.04 billion, a price-to-earnings ratio of -2.88, a P/E/G ratio of 4.07 and a beta of 1.41. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.27 and a current ratio of 1.59.

Transocean (NYSE:RIG) last released its quarterly earnings data on Wednesday, August 5th. The offshore drilling services provider reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. The firm had revenue of $966.00 million during the quarter, compared to the consensus estimate of $956.64 million. Transocean had a positive return on equity of 2.60% and a negative net margin of 40.24%.Transocean’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the business posted ($1.06) EPS. As a group, equities research analysts expect that Transocean Ltd. will post 0.18 earnings per share for the current year.

Institutional Investors Weigh In On Transocean

Several institutional investors and hedge funds have recently made changes to their positions in RIG. Ascentis Independent Advisors purchased a new position in Transocean during the 1st quarter valued at about $43,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Transocean by 27.0% in the first quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider’s stock valued at $43,000 after purchasing an additional 1,391 shares in the last quarter. Root Financial Partners LLC grew its position in shares of Transocean by 192.6% in the first quarter. Root Financial Partners LLC now owns 7,787 shares of the offshore drilling services provider’s stock valued at $52,000 after purchasing an additional 5,126 shares during the last quarter. Tradition Wealth Management LLC acquired a new stake in shares of Transocean in the fourth quarter valued at approximately $41,000. Finally, Wealthcare Advisory Partners LLC purchased a new position in shares of Transocean during the 2nd quarter worth approximately $52,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Transocean Company Profile

Transocean Ltd. is an offshore contract drilling company that provides drilling services to the international oil and gas industry. The company operates a fleet of mobile offshore drilling units, including ultra-deepwater and harsh-environment drillships and semisubmersible rigs, which are contracted by energy companies to drill exploration, appraisal and development wells.

Transocean’s services support offshore drilling programs in challenging environments around the world. Its operations have included activity in the Gulf of Mexico, Brazil, the North Sea, West Africa and other major offshore regions.