Transocean (NYSE:RIG) Share Price Passes Above 200-Day Moving Average – What’s Next?

Transocean Ltd. (NYSE:RIG)’s share price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $5.53 and traded as high as $6.36. Transocean shares last traded at $6.1850, with a volume of 36,965,370 shares traded.

Wall Street Analysts Forecast Growth

RIG has been the subject of a number of recent research reports. BTIG Research lifted their price objective on Transocean from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Monday, February 9th. TD Cowen lifted their price objective on Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Tuesday, April 21st. Morgan Stanley lifted their price objective on Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Finally, Fearnley Fonds cut Transocean from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.96.

Transocean Trading Down 5.0%

The business has a 50-day moving average of $6.53 and a 200 day moving average of $5.55. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.54. The stock has a market cap of $6.63 billion, a PE ratio of 125.00 and a beta of 1.28.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.02 billion. Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The firm’s quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.10) earnings per share. Equities research analysts predict that Transocean Ltd. will post 0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. TD Waterhouse Canada Inc. lifted its holdings in shares of Transocean by 22,432.1% during the 4th quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock worth $26,000 after acquiring an additional 6,281 shares during the period. Josh Arnold Investment Consultant LLC purchased a new position in shares of Transocean during the 2nd quarter worth about $26,000. Flagship Harbor Advisors LLC purchased a new position in shares of Transocean during the 4th quarter worth about $27,000. Vestmark Advisory Solutions Inc. purchased a new position in shares of Transocean during the 3rd quarter worth about $31,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of Transocean during the 3rd quarter worth about $31,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

About Transocean

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.