Transocean (NYSE:RIG) Hits New 12-Month High – Here’s What Happened

Transocean Ltd. (NYSE:RIG) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $7.32 and last traded at $7.3840, with a volume of 9236260 shares traded. The stock had previously closed at $7.04.

Analyst Upgrades and Downgrades

RIG has been the topic of a number of analyst reports. BTIG Research boosted their price objective on shares of Transocean from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, February 9th. Pareto Securities cut shares of Transocean from a “hold” rating to a “sell” rating and set a $5.25 price target for the company. in a research note on Tuesday, February 10th. Morgan Stanley increased their price objective on shares of Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Susquehanna raised their price objective on shares of Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a research note on Tuesday, April 7th. Finally, Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $6.00 to $8.00 in a report on Thursday, May 7th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $6.96.

Transocean Stock Down 1.9%

The company has a market cap of $8.30 billion, a P/E ratio of -2.50 and a beta of 1.34. 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 business’s fifty day moving average is $6.50 and its two-hundred day moving average is $5.34.

Transocean (NYSE:RIG) last issued its earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the prior year, the company earned ($0.10) earnings per share. Transocean’s revenue was up 19.3% on a year-over-year basis. Equities analysts predict that Transocean Ltd. will post 0.16 EPS for the current year.

Insider Buying and Selling

In other Transocean news, EVP Roderick James Mackenzie sold 78,370 shares of the firm’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $6.36, for a total transaction of $498,433.20. Following the transaction, the executive vice president directly owned 268,025 shares in the company, valued at $1,704,639. This trade represents a 22.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 9.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Transocean

Hedge funds and other institutional investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC raised its holdings in shares of Transocean by 12.1% in the first quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider’s stock valued at $221,000 after acquiring an additional 7,520 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Transocean by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 434,031 shares of the offshore drilling services provider’s stock valued at $1,376,000 after purchasing an additional 18,957 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Transocean by 88.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock valued at $38,521,000 after purchasing an additional 5,719,637 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of Transocean by 5.7% in the 2nd quarter. Cetera Investment Advisers now owns 233,984 shares of the offshore drilling services provider’s stock worth $606,000 after purchasing an additional 12,532 shares during the period. Finally, Invesco Ltd. lifted its position in shares of Transocean by 29.2% in the 2nd quarter. Invesco Ltd. now owns 1,032,774 shares of the offshore drilling services provider’s stock worth $2,675,000 after purchasing an additional 233,458 shares during the period. Institutional investors own 67.73% of the company’s stock.

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.