Transocean (NYSE:RIG) Shares Gap Up to $6.37

Shares of Transocean Ltd. (NYSE:RIG - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $6.37, but opened at $6.57. Transocean shares last traded at $6.58, with a volume of 4,711,740 shares.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. StockNews.com upgraded Transocean to a "sell" rating in a research report on Tuesday, February 20th. Citigroup cut their target price on shares of Transocean from $9.00 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, February 21st. Barclays dropped their price objective on shares of Transocean from $7.00 to $6.00 and set an "equal weight" rating for the company in a report on Thursday, February 22nd. Morgan Stanley reduced their price objective on Transocean from $8.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Monday, February 26th. Finally, Susquehanna lowered their target price on Transocean from $6.50 to $5.50 and set a "neutral" rating for the company in a research report on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $8.06.

Transocean Stock Performance

The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.22. The business has a 50-day moving average of $5.41 and a 200-day moving average of $6.25. The company has a market capitalization of $5.40 billion, a P/E ratio of -5.19 and a beta of 2.77.

Transocean (NYSE:RIG - Get Free Report) last released its quarterly earnings results on Monday, February 19th. The offshore drilling services provider reported ($0.09) EPS for the quarter, topping analysts' consensus estimates of ($0.21) by $0.12. Transocean had a negative net margin of 33.69% and a negative return on equity of 7.13%. The firm had revenue of $741.00 million during the quarter, compared to analysts' expectations of $779.17 million. During the same period in the previous year, the company earned ($0.49) EPS. On average, sell-side analysts anticipate that Transocean Ltd. will post 0.09 EPS for the current year.

Institutional Investors Weigh In On Transocean

Several hedge funds and other institutional investors have recently modified their holdings of RIG. Vanguard Group Inc. grew its position in Transocean by 6.4% in the 4th quarter. Vanguard Group Inc. now owns 68,552,192 shares of the offshore drilling services provider's stock valued at $435,306,000 after acquiring an additional 4,107,956 shares during the last quarter. Primecap Management Co. CA boosted its stake in shares of Transocean by 11.4% during the fourth quarter. Primecap Management Co. CA now owns 50,699,389 shares of the offshore drilling services provider's stock valued at $321,941,000 after purchasing an additional 5,168,000 shares during the period. Capital World Investors increased its stake in Transocean by 34.7% in the 4th quarter. Capital World Investors now owns 39,014,318 shares of the offshore drilling services provider's stock worth $247,741,000 after buying an additional 10,049,077 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Transocean by 23.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 35,690,620 shares of the offshore drilling services provider's stock valued at $226,641,000 after buying an additional 6,719,483 shares in the last quarter. Finally, BlackRock Inc. boosted its position in Transocean by 64.4% in the 1st quarter. BlackRock Inc. now owns 27,992,307 shares of the offshore drilling services provider's stock valued at $178,031,000 after buying an additional 10,962,276 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.