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

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

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $6.00 to $8.00 in a research report on Thursday, May 7th. Fearnley Fonds downgraded Transocean from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Clarkson Capital downgraded Transocean from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Tuesday, April 21st. Finally, TD Cowen boosted their target price on Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $6.96.

Transocean Stock Performance

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.54 and a quick ratio of 1.20. The business has a 50-day simple moving average of $6.44 and a 200-day simple moving average of $5.29. The firm has a market capitalization of $8.47 billion, a PE ratio of -2.55 and a beta of 1.34.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The company’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.10) earnings per share. Equities research analysts expect that Transocean Ltd. will post 0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Transocean

In other 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 value of $498,433.20. Following the completion of the sale, the executive vice president owned 268,025 shares of the company’s stock, 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 Securities & Exchange Commission, which is available through this hyperlink. 9.70% of the stock is owned by insiders.

Institutional Trading of Transocean

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIG. TD Waterhouse Canada Inc. lifted its position in 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 acquired a new stake in Transocean during the 2nd quarter worth about $26,000. Flagship Harbor Advisors LLC acquired a new position in shares of Transocean in the 4th quarter valued at about $27,000. Benedict Financial Advisors Inc. purchased a new stake in Transocean in the 3rd quarter worth approximately $31,000. Finally, Vestmark Advisory Solutions Inc. purchased a new stake in Transocean in the 3rd quarter worth approximately $31,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

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.