Transocean (NYSE:RIG) Shares Cross 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 Tuesday . The stock has a 200-day moving average of $5.99 and traded as high as $6.02. Transocean shares last traded at $5.7650, with a volume of 44,088,936 shares traded.

Analyst Upgrades and Downgrades

RIG has been the topic of several recent analyst reports. Susquehanna decreased their target price on shares of Transocean from $8.00 to $7.00 and set a “positive” rating on the stock in a report on Wednesday, July 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a report on Friday, July 17th. Barclays reduced their price target on shares of Transocean from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 12th. Finally, Fearnley Fonds upgraded Transocean from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. One investment 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 issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $6.68.

Transocean Stock Performance

The firm’s fifty day moving average is $5.47 and its 200-day moving average is $5.99. The company has a current ratio of 1.59, a quick ratio of 1.27 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $6.44 billion, a PE ratio of -3.07, a price-to-earnings-growth ratio of 4.63 and a beta of 1.34.

Transocean (NYSE:RIG) last announced its earnings results on Wednesday, August 5th. The offshore drilling services provider reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.02. The company had revenue of $966.00 million during the quarter, compared to analyst estimates of $956.64 million. Transocean had a negative net margin of 40.24% and a positive return on equity of 2.60%. Transocean’s revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.06) earnings per share. As a group, research analysts anticipate that Transocean Ltd. will post 0.17 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Chad Deaton bought 35,000 shares of the business’s stock in a transaction on Thursday, July 2nd. The shares were bought at an average price of $4.95 per share, with a total value of $173,250.00. Following the completion of the transaction, the director directly owned 237,421 shares in the company, valued at $1,175,233.95. This trade represents a 17.29% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 9.70% of the company’s stock.

Institutional Inflows and Outflows

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