Transocean Ltd. (NYSE:RIG - Get Free Report)'s stock price rose 7.2% during mid-day trading on Tuesday . The company traded as high as $2.91 and last traded at $2.91. Approximately 16,821,396 shares changed hands during trading, a decline of 56% from the average daily volume of 37,941,168 shares. The stock had previously closed at $2.71.
Analyst Ratings Changes
A number of research analysts have issued reports on RIG shares. BTIG Research set a $5.00 price target on Transocean and gave the stock a "buy" rating in a research report on Monday, May 5th. Citigroup reduced their price target on Transocean from $4.50 to $3.50 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Susquehanna dropped their price objective on Transocean from $5.00 to $4.00 and set a "positive" rating on the stock in a research note on Monday, April 14th. Morgan Stanley dropped their price objective on Transocean from $4.00 to $3.50 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Finally, Barclays dropped their price objective on Transocean from $4.00 to $3.50 and set an "overweight" rating on the stock in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $4.58.
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Transocean Price Performance
The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.06 and a current ratio of 1.33. The firm has a market capitalization of $2.52 billion, a P/E ratio of -3.00, a price-to-earnings-growth ratio of 1.79 and a beta of 2.50. The company has a 50-day moving average price of $2.70 and a 200-day moving average price of $3.05.
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 the consensus estimate of ($0.12) by $0.02. Transocean had a negative return on equity of 0.94% and a negative net margin of 18.79%. The firm had revenue of $906.00 million for the quarter, compared to analyst estimates of $884.92 million. During the same period in the previous year, the company posted ($0.03) earnings per share. The company's revenue for the quarter was up 18.7% on a year-over-year basis. On average, sell-side analysts predict that Transocean Ltd. will post 0.14 earnings per share for the current year.
Insider Activity
In related news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $2.78, for a total value of $61,160.00. Following the sale, the executive vice president owned 340,841 shares of the company's stock, valued at approximately $947,537.98. The trade was a 6.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 12.54% of the company's stock.
Institutional Trading of Transocean
Hedge funds and other institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its position in shares of Transocean by 7.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,465,534 shares of the offshore drilling services provider's stock valued at $46,746,000 after acquiring an additional 859,214 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Transocean by 899.8% in the fourth quarter. Prudential Financial Inc. now owns 495,675 shares of the offshore drilling services provider's stock valued at $1,859,000 after acquiring an additional 446,100 shares during the last quarter. First Trust Advisors LP grew its holdings in Transocean by 51.5% during the fourth quarter. First Trust Advisors LP now owns 930,851 shares of the offshore drilling services provider's stock worth $3,491,000 after purchasing an additional 316,362 shares during the period. Gotham Asset Management LLC bought a new position in Transocean during the fourth quarter worth about $698,000. Finally, Renaissance Technologies LLC bought a new position in Transocean during the fourth quarter worth about $16,608,000. Institutional investors and hedge funds own 67.73% of the company's stock.
Transocean Company Profile
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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.
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