Transocean (NYSE:RIG) Sets New 12-Month High – What’s Next?

Transocean Ltd. (NYSE:RIG)’s share price hit a new 52-week high on Wednesday . The company traded as high as $4.57 and last traded at $4.5750, with a volume of 9426475 shares traded. The stock had previously closed at $4.30.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on RIG shares. Susquehanna increased their target price on Transocean from $4.50 to $5.00 and gave the company a “positive” rating in a research report on Wednesday, January 7th. Citigroup upped their price target on shares of Transocean from $4.25 to $4.50 and gave the stock a “neutral” rating in a research report on Thursday, December 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a report on Wednesday, October 8th. Morgan Stanley set a $4.50 target price on Transocean in a research report on Monday, December 15th. Finally, Barclays boosted their price target on Transocean from $4.00 to $4.50 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Transocean presently has a consensus rating of “Hold” and an average price target of $4.38.

Transocean Stock Up 7.1%

The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.91 and a current ratio of 1.08. The business has a 50 day simple moving average of $4.18 and a 200-day simple moving average of $3.55. The firm has a market capitalization of $5.07 billion, a price-to-earnings ratio of -1.40 and a beta of 1.36.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Wednesday, October 29th. The offshore drilling services provider reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.02. The business had revenue of ($1,894.00) million during the quarter, compared to analysts’ expectations of $1.01 billion. Transocean had a negative net margin of 75.71% and a positive return on equity of 0.45%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, equities analysts expect that Transocean Ltd. will post 0.14 EPS for the current year.

Insider Activity at Transocean

In related news, Director Frederik Wilhelm Mohn purchased 1,500,000 shares of Transocean stock in a transaction dated Monday, November 24th. The shares were acquired at an average cost of $4.02 per share, with a total value of $6,030,000.00. Following the purchase, the director owned 96,574,894 shares of the company’s stock, valued at approximately $388,231,073.88. The trade was a 1.58% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Keelan Adamson sold 57,968 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $4.50, for a total value of $260,856.00. Following the completion of the sale, the chief executive officer directly owned 1,303,715 shares in the company, valued at approximately $5,866,717.50. The trade was a 4.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 726,148 shares of company stock valued at $3,115,783 over the last quarter. 12.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Transocean

Hedge funds have recently added to or reduced their stakes in the business. Flagship Harbor Advisors LLC acquired a new position in shares of Transocean in the fourth quarter worth $27,000. Benedict Financial Advisors Inc. acquired a new position in Transocean during the 3rd quarter worth $31,000. Vestmark Advisory Solutions Inc. purchased a new stake in Transocean during the 3rd quarter worth about $31,000. Josh Arnold Investment Consultant LLC purchased a new position in shares of Transocean in the 2nd quarter valued at about $26,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of Transocean during the third quarter worth about $31,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

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.