Transocean (NYSE:RIG) Shares Gap Up to $2.73

Transocean Ltd. (NYSE:RIGGet Rating) shares gapped up prior to trading on Wednesday . The stock had previously closed at $2.73, but opened at $2.81. Transocean shares last traded at $2.74, with a volume of 445,059 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RIG. StockNews.com raised Transocean from a “sell” rating to a “hold” rating in a report on Friday, September 16th. Capital One Financial raised Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price for the company in a report 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 investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $4.45.

Transocean Price Performance

The stock has a fifty day moving average of $3.33 and a two-hundred day moving average of $3.79. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of -2.66 and a beta of 2.73. The company has a current ratio of 1.49, a quick ratio of 1.24 and a debt-to-equity ratio of 0.57.

Transocean (NYSE:RIGGet Rating) last released its quarterly earnings results on Monday, August 1st. The offshore drilling services provider reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The firm had revenue of $692.00 million during the quarter, compared to analysts’ expectations 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 was up 5.5% on a year-over-year basis. During the same period last year, the firm posted ($0.18) EPS. As a group, equities research analysts forecast that Transocean Ltd. will post -0.55 earnings per share for the current year.

Institutional Investors Weigh In On Transocean

Hedge funds and other institutional investors have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its stake in shares of Transocean by 285.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 5,536 shares of the offshore drilling services provider’s stock valued at $25,000 after buying an additional 4,100 shares during the period. FNY Investment Advisers LLC acquired a new stake in shares of Transocean in the 1st quarter valued at $30,000. Creative Financial Designs Inc. ADV acquired a new stake in shares of Transocean in the 1st quarter valued at $33,000. Cetera Advisors LLC acquired a new stake in shares of Transocean in the 2nd quarter valued at $36,000. Finally, Spartan Fund Management Inc. acquired a new stake in shares of Transocean in the 2nd quarter valued at $37,000. 65.64% of the stock is owned by institutional investors and hedge funds.

Transocean Company Profile

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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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