Transocean (NYSE:RIG) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Transocean Ltd. (NYSE:RIG) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.45 and traded as high as $4.30. Transocean shares last traded at $4.2650, with a volume of 42,886,412 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on RIG shares. Susquehanna raised their price target on Transocean from $4.50 to $5.00 and gave the stock a “positive” rating in a research note on Wednesday. Citigroup increased their price objective on Transocean from $4.25 to $4.50 and gave the stock a “neutral” rating in a report on Thursday, December 11th. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Transocean in a research report on Wednesday, December 10th. Barclays boosted their target price on shares of Transocean from $4.00 to $4.50 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $4.47.

Transocean Stock Performance

The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.91 and a current ratio of 1.08. The stock’s 50-day simple moving average is $4.13 and its two-hundred day simple moving average is $3.45. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -1.30 and a beta of 1.36.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Wednesday, October 29th. The offshore drilling services provider reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. Transocean had a positive return on equity of 0.45% and a negative net margin of 75.71%.The business had revenue of ($1,894.00) million for the quarter, compared to analyst estimates of $1.01 billion. The firm’s revenue was up 8.4% compared to the same quarter last year. Analysts forecast that Transocean Ltd. will post 0.14 earnings per share for the current year.

Insider Activity at Transocean

In other news, CEO Keelan Adamson sold 57,968 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $4.50, for a total value of $260,856.00. Following the completion of the sale, the chief executive officer directly owned 1,303,715 shares of the company’s stock, valued at approximately $5,866,717.50. This represents a 4.26% 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 this hyperlink. Also, Director Perestroika bought 1,500,000 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The shares were bought at an average cost of $4.02 per share, for a total transaction of $6,030,000.00. Following the transaction, the director directly owned 96,574,894 shares of the company’s stock, valued at $388,231,073.88. This trade represents a 1.58% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders sold 726,148 shares of company stock valued at $3,115,783. 12.27% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Transocean

Several institutional investors and hedge funds have recently bought and sold shares of RIG. Josh Arnold Investment Consultant LLC bought a new position in shares of Transocean during the 2nd quarter worth about $26,000. Blume Capital Management Inc. raised its position in Transocean by 125.9% in the second quarter. Blume Capital Management Inc. now owns 10,560 shares of the offshore drilling services provider’s stock worth $27,000 after purchasing an additional 5,885 shares in the last quarter. Blueshift Asset Management LLC bought a new position in Transocean during the second quarter worth about $27,000. Stockman Wealth Management Inc. acquired a new stake in Transocean during the second quarter valued at approximately $28,000. Finally, Verum Partners LLC bought a new stake in shares of Transocean in the 2nd quarter valued at approximately $28,000. Institutional investors own 67.73% of the company’s stock.

Transocean Company Profile

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.