Transocean (NYSE:RIG) Shares Up 6.8% on Analyst Upgrade

Transocean Ltd. (NYSE:RIG)’s share price traded up 6.8% during trading on Monday after Fearnley Fonds upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $5.59 and last traded at $5.6160. 5,502,769 shares were traded during trading, a decline of 86% from the average session volume of 39,987,340 shares. The stock had previously closed at $5.26.

Other analysts also recently issued research reports about the company. Morgan Stanley lifted their price target on Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. Susquehanna dropped their target price on shares of Transocean from $8.00 to $7.00 and set a “positive” rating for the company in a research report on Wednesday, July 8th. TD Cowen boosted their price target on shares of Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Transocean in a report on Friday, July 17th. Finally, Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $6.00 to $8.00 in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $6.82.

Insiders Place Their Bets

In other Transocean news, Director Chad C. Deaton purchased 35,000 shares of the business’s stock in a transaction on Thursday, July 2nd. The stock was acquired at an average cost of $4.95 per share, for a total transaction of $173,250.00. Following the completion of the transaction, the director directly owned 237,421 shares in the company, valued at approximately $1,175,233.95. This represents a 17.29% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 9.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Transocean

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Elliott Investment Management L.P. purchased a new position in Transocean in the 1st quarter worth approximately $103,606,000. Zimmer Partners LP bought a new stake in Transocean in the third quarter valued at approximately $30,262,000. Assenagon Asset Management S.A. purchased a new stake in shares of Transocean during the second quarter valued at approximately $37,477,000. Barclays PLC boosted its stake in shares of Transocean by 230.6% during the fourth quarter. Barclays PLC now owns 10,802,664 shares of the offshore drilling services provider’s stock valued at $44,615,000 after purchasing an additional 7,535,041 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Transocean by 20.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 43,470,312 shares of the offshore drilling services provider’s stock worth $179,531,000 after purchasing an additional 7,516,589 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.

Transocean Trading Up 6.7%

The company has a debt-to-equity ratio of 0.56, a current ratio of 1.59 and a quick ratio of 1.27. The firm’s 50 day moving average is $5.38 and its 200 day moving average is $5.91. The company has a market capitalization of $6.27 billion, a PE ratio of -2.99, a P/E/G ratio of 3.75 and a beta of 1.32.

Transocean (NYSE:RIG) last announced its quarterly earnings results 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 business had revenue of $966.00 million during the quarter, compared to analysts’ expectations of $956.64 million. Transocean had a negative net margin of 40.24% and a positive return on equity of 2.60%. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.06) EPS. As a group, equities analysts predict that Transocean Ltd. will post 0.13 EPS for the current year.

Transocean Company Profile

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.