Transocean (NYSE:RIG) Stock Price Up 5.8% - Time to Buy?

Transocean Ltd. (NYSE:RIG - Get Free Report) was up 5.8% on Tuesday . The stock traded as high as $3.00 and last traded at $3.04. Approximately 4,983,381 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 27,242,017 shares. The stock had previously closed at $2.87.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RIG shares. BTIG Research set a $5.00 price objective on Transocean and gave the company a "buy" rating in a report on Monday, May 5th. Susquehanna dropped their price target on shares of Transocean from $5.00 to $4.00 and set a "positive" rating for the company in a research report on Monday, April 14th. Barclays dropped their price target on shares of Transocean from $4.00 to $3.50 and set an "overweight" rating for the company in a research report on Monday, April 7th. Citigroup dropped their price target on shares of Transocean from $4.50 to $3.50 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Finally, SEB Equity Research set a $2.80 price objective on shares of Transocean in a research report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $4.58.

Transocean Trading Up 3.3%

The business's 50 day simple moving average is $2.50 and its two-hundred day simple moving average is $3.20. The stock has a market cap of $2.93 billion, a P/E ratio of -4.54, a PEG ratio of 0.86 and a beta of 2.54. The company has a quick ratio of 1.34, a current ratio of 1.47 and a debt-to-equity ratio of 0.60.

Transocean (NYSE:RIG - Get Free Report) last posted its earnings results on Monday, April 28th. The offshore drilling services provider reported ($0.10) earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.02. The firm had revenue of $906.00 million for the quarter, compared to analysts' expectations of $884.92 million. Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. The company's revenue was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. As a group, analysts expect that Transocean Ltd. will post 0.14 EPS for the current year.

Insider Buying and Selling

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $2.78, for a total transaction of $61,160.00. Following the sale, the executive vice president now owns 340,841 shares of the company's stock, valued at approximately $947,537.98. This represents a 6.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 12.27% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Transocean

A number of institutional investors and hedge funds have recently made changes to their positions in RIG. American Century Companies Inc. raised its holdings in shares of Transocean by 51.5% in the 4th quarter. American Century Companies Inc. now owns 19,257,437 shares of the offshore drilling services provider's stock worth $72,215,000 after acquiring an additional 6,542,271 shares during the last quarter. 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 worth $38,521,000 after acquiring an additional 5,719,637 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Transocean in the 4th quarter worth about $16,608,000. SIR Capital Management L.P. purchased a new stake in Transocean in the 4th quarter valued at about $14,976,000. Finally, Van ECK Associates Corp increased its stake in Transocean by 33.9% in the 4th quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider's stock valued at $57,727,000 after buying an additional 3,895,880 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

About Transocean

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.