Transocean (NYSE:RIG) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of Transocean (NYSE:RIGGet Rating) from a sell rating to a hold rating in a research report released on Friday.

Other equities research analysts have also recently issued research reports about the company. Capital One Financial upgraded Transocean from an equal weight rating to an overweight rating and set a $4.50 price objective for the company in a research note on Tuesday, August 2nd. BTIG Research raised Transocean from a neutral rating to a buy rating in a report on Tuesday, September 6th. Finally, Pareto Securities raised Transocean from a hold rating to a buy rating in a report on Thursday, August 25th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Transocean presently has an average rating of Moderate Buy and a consensus target price of $4.45.

Transocean Stock Performance

NYSE RIG opened at $3.03 on Friday. The company has a market cap of $2.14 billion, a P/E ratio of -3.16 and a beta of 2.73. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.49 and a quick ratio of 1.24. The stock has a 50-day moving average of $3.33 and a two-hundred day moving average of $3.83. Transocean has a 1-year low of $2.32 and a 1-year high of $5.56.

Transocean (NYSE:RIGGet Rating) last announced its quarterly earnings data on Monday, August 1st. The offshore drilling services provider reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $692.00 million during the quarter, compared to the consensus estimate of $690.97 million. Transocean had a negative return on equity of 4.46% and a negative net margin of 25.07%. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.18) earnings per share. As a group, analysts anticipate that Transocean will post -0.55 EPS for the current year.

Insider Transactions at Transocean

In other news, Director Vanessa C. L. Chang acquired 12,300 shares of the business’s stock in a transaction dated Thursday, June 23rd. The shares were bought at an average cost of $3.21 per share, for a total transaction of $39,483.00. Following the acquisition, the director now directly owns 49,200 shares in the company, valued at approximately $157,932. The purchase was disclosed in a filing with the SEC, which is available through this link. Company insiders own 12.29% of the company’s stock.

Institutional Investors Weigh In On Transocean

Hedge funds have recently bought and sold shares of the business. FNY Investment Advisers LLC acquired a new position in shares of Transocean in the 1st quarter worth approximately $30,000. Squarepoint Ops LLC grew its position in shares of Transocean by 1,225.5% in the 4th quarter. Squarepoint Ops LLC now owns 662,811 shares of the offshore drilling services provider’s stock worth $1,829,000 after acquiring an additional 612,807 shares in the last quarter. Rafferty Asset Management LLC grew its position in shares of Transocean by 11.7% in the 4th quarter. Rafferty Asset Management LLC now owns 28,024 shares of the offshore drilling services provider’s stock worth $77,000 after acquiring an additional 2,940 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new position in shares of Transocean in the 1st quarter worth approximately $65,000. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Transocean by 62.6% in the 1st quarter. Commonwealth Equity Services LLC now owns 197,000 shares of the offshore drilling services provider’s stock worth $900,000 after purchasing an additional 75,835 shares during the last quarter. Institutional investors and hedge funds own 65.64% of the company’s stock.

Transocean Company Profile

(Get Rating)

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. As of February 14, 2022, the company had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deep water and 10 harsh environment floaters.

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