Transocean (NYSE:RIG) Stock Price Up 6.4%

Transocean Ltd. (NYSE:RIGGet Rating) shares rose 6.4% on Monday . The stock traded as high as $4.05 and last traded at $4.00. Approximately 734,850 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 22,040,455 shares. The stock had previously closed at $3.76.

RIG has been the subject of several recent analyst reports. StockNews.com downgraded shares of Transocean from a “hold” rating to a “sell” rating in a research note on Thursday, May 12th. Piper Sandler raised their target price on shares of Transocean from $3.00 to $3.85 and gave the company a “neutral” rating in a research note on Monday, April 18th. Capital One Financial restated an “equal weight” rating on shares of Transocean in a research note on Wednesday, February 23rd. Finally, Pareto Securities upgraded shares of Transocean from a “sell” rating to a “hold” rating and set a $5.00 target price for the company in a research note on Thursday, March 24th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, Transocean presently has a consensus rating of “Hold” and an average target price of $4.21.

The company’s 50 day moving average price is $4.26 and its 200 day moving average price is $3.68. The company has a quick ratio of 1.40, a current ratio of 1.69 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of -3.98 and a beta of 2.99.

Transocean (NYSE:RIGGet Rating) last issued its earnings results on Monday, May 2nd. The offshore drilling services provider reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.06). Transocean had a negative return on equity of 4.81% and a negative net margin of 26.84%. The business had revenue of $615.00 million for the quarter, compared to analysts’ expectations of $605.13 million. During the same period last year, the business earned ($0.19) EPS. As a group, analysts expect that Transocean Ltd. will post -0.59 earnings per share for the current year.

In other Transocean news, Director Frederik Wilhelm Mohn bought 2,000,000 shares of Transocean stock in a transaction that occurred on Friday, May 13th. The stock was purchased at an average price of $3.75 per share, with a total value of $7,500,000.00. Following the completion of the acquisition, the director now directly owns 82,636,646 shares in the company, valued at approximately $309,887,422.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Keelan Adamson sold 349,418 shares of the firm’s stock in a transaction on Monday, March 7th. The stock was sold at an average price of $5.00, for a total transaction of $1,747,090.00. The disclosure for this sale can be found here. Company insiders own 13.26% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIG. Contrarius Investment Management Ltd increased its holdings in Transocean by 154.0% in the first quarter. Contrarius Investment Management Ltd now owns 21,709,937 shares of the offshore drilling services provider’s stock valued at $99,214,000 after buying an additional 13,161,589 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Transocean by 5,526.9% in the first quarter. Renaissance Technologies LLC now owns 7,872,028 shares of the offshore drilling services provider’s stock valued at $35,975,000 after buying an additional 7,732,128 shares in the last quarter. Norges Bank purchased a new position in Transocean in the fourth quarter valued at $18,857,000. Morgan Stanley increased its holdings in Transocean by 175.3% in the second quarter. Morgan Stanley now owns 7,843,462 shares of the offshore drilling services provider’s stock valued at $35,452,000 after buying an additional 4,994,272 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Transocean by 117.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 8,940,965 shares of the offshore drilling services provider’s stock worth $40,861,000 after purchasing an additional 4,838,046 shares in the last quarter. 47.88% of the stock is owned by institutional investors.

About Transocean (NYSE:RIG)

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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