Transocean (NYSE:RIG) Trading 9.9% Higher - Here's What Happened

Key Points

• Transocean's stock price increased by 9.9%, reaching $3.73 during trading on Tuesday, despite a significant drop in trading volume by 78% from its average session volume.
• Barclays raised its target price for Transocean from $3.50 to $4.00, indicating a positive outlook, while Wall Street analysts have a consensus rating of "Hold" with a target price of $4.26.
• Institutional investors currently own 67.73% of Transocean's stock, with several hedge funds recently increasing their stakes in the company.

Transocean Ltd. (NYSE:RIG - Get Free Report)'s share price shot up 9.9% during trading on Tuesday . The stock traded as high as $3.72 and last traded at $3.73. 7,775,476 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 34,623,789 shares. The stock had previously closed at $3.39.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Barclays increased their target price on shares of Transocean from $3.50 to $4.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. Wall Street Zen upgraded Transocean from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $4.26.

Transocean Trading Up 4.9%

The stock has a fifty day moving average of $3.02 and a 200 day moving average of $2.81. The company has a market capitalization of $3.35 billion, a P/E ratio of -1.91, a PEG ratio of 6.39 and a beta of 2.79. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.99 and a current ratio of 1.26.

Hedge Funds Weigh In On Transocean

Hedge funds have recently bought and sold shares of the business. Josh Arnold Investment Consultant LLC purchased a new position in shares of Transocean during the second quarter valued at $26,000. Blume Capital Management Inc. lifted its position in shares of Transocean by 125.9% during the 2nd quarter. Blume Capital Management Inc. now owns 10,560 shares of the offshore drilling services provider's stock valued at $27,000 after buying an additional 5,885 shares in the last quarter. Blueshift Asset Management LLC purchased a new position in Transocean during the second quarter worth about $27,000. Parallel Advisors LLC grew its stake in shares of Transocean by 154.8% in the first quarter. Parallel Advisors LLC now owns 8,810 shares of the offshore drilling services provider's stock valued at $28,000 after buying an additional 5,353 shares in the last quarter. Finally, Verum Partners LLC acquired a new stake in Transocean in the second quarter valued at approximately $28,000. Institutional investors 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.

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