Transocean (NYSE:RIG) Reaches New 1-Year High – What’s Next?

Transocean Ltd. (NYSE:RIG)’s stock price hit a new 52-week high during trading on Friday . The company traded as high as $6.96 and last traded at $6.96, with a volume of 1815758 shares changing hands. The stock had previously closed at $6.89.

Analyst Ratings Changes

Several research firms have recently issued reports on RIG. Susquehanna lifted their price objective on shares of Transocean from $6.50 to $7.50 and gave the stock a “positive” rating in a research report on Monday, February 23rd. Barclays lowered Transocean from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $4.50 to $6.00 in a report on Wednesday, February 18th. Morgan Stanley lifted their price target on Transocean from $4.50 to $5.00 and gave the stock an “equal weight” rating in a report on Monday, February 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research report on Thursday, January 22nd. Finally, Citigroup increased their price objective on Transocean from $4.25 to $4.50 and gave the company a “neutral” rating in a report on Thursday, December 11th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $6.38.

Transocean Trading Up 0.6%

The company has a quick ratio of 1.27, a current ratio of 1.56 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $7.67 billion, a PE ratio of -2.20 and a beta of 1.40. The business’s 50-day moving average is $5.88 and its two-hundred day moving average is $4.56.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Friday, February 20th. The offshore drilling services provider reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.07). Transocean had a positive return on equity of 0.41% and a negative net margin of 73.52%.The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the business posted ($0.09) EPS. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, analysts anticipate that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Transocean news, CEO Keelan Adamson sold 58,687 shares of Transocean stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $5.00, for a total transaction of $293,435.00. Following the transaction, the chief executive officer owned 1,222,182 shares of the company’s stock, valued at $6,110,910. The trade was a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Roderick James Mackenzie sold 78,370 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $6.36, for a total value of $498,433.20. Following the completion of the sale, the executive vice president owned 268,025 shares of the company’s stock, valued at approximately $1,704,639. This represents a 22.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 159,903 shares of company stock worth $906,098 in the last 90 days. 12.27% of the stock is currently owned by company insiders.

Institutional Trading of Transocean

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Transocean by 2.6% in the fourth quarter. Vanguard Group Inc. now owns 97,006,263 shares of the offshore drilling services provider’s stock valued at $400,636,000 after purchasing an additional 2,487,015 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Transocean by 20.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 43,470,312 shares of the offshore drilling services provider’s stock valued at $179,531,000 after buying an additional 7,516,589 shares during the last quarter. Dalal Street LLC boosted its stake in shares of Transocean by 10.6% during the fourth quarter. Dalal Street LLC now owns 27,040,133 shares of the offshore drilling services provider’s stock worth $111,676,000 after buying an additional 2,597,801 shares during the period. American Century Companies Inc. grew its holdings in shares of Transocean by 12.8% during the third quarter. American Century Companies Inc. now owns 26,456,554 shares of the offshore drilling services provider’s stock worth $82,544,000 after buying an additional 3,006,786 shares during the last quarter. Finally, Morgan Stanley increased its position in Transocean by 9.4% in the 4th quarter. Morgan Stanley now owns 24,790,325 shares of the offshore drilling services provider’s stock valued at $102,384,000 after acquiring an additional 2,135,964 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

About Transocean

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.