Transocean (NYSE:RIG) Hits New 1-Year High at $6.18

Transocean Ltd. (NYSE:RIG – Get Rating)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $6.18 and last traded at $6.11, with a volume of 389161 shares. The stock had previously closed at $6.07.

Analysts Set New Price Targets

Several analysts recently commented on the company. Susquehanna Bancshares dropped their target price on Transocean from $4.20 to $3.30 and set a “neutral” rating on the stock in a report on Monday, October 17th. StockNews.com upgraded Transocean from a “sell” rating to a “hold” rating in a research report on Friday, November 4th. Benchmark assumed coverage on Transocean in a research report on Thursday. They set a “buy” rating and a $7.50 price target on the stock. TheStreet upgraded Transocean from a “d+” rating to a “c-” rating in a research report on Monday, November 14th. Finally, Piper Sandler increased their price target on Transocean from $4.00 to $5.00 and gave the stock a “neutral” rating in a research report on Friday, November 18th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $4.94.

Transocean Stock Performance

The firm has a market cap of $4.12 billion, a PE ratio of -7.14 and a beta of 2.79. The firm has a 50-day moving average price of $4.50 and a two-hundred day moving average price of $3.70. The company has a quick ratio of 1.38, a current ratio of 1.64 and a debt-to-equity ratio of 0.57.

Transocean (NYSE:RIG – Get Rating) last released its earnings results on Wednesday, November 2nd. The offshore drilling services provider reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.09. The business had revenue of $691.00 million for the quarter, compared to the consensus estimate of $665.24 million. Transocean had a negative return on equity of 3.74% and a negative net margin of 20.50%. The business’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the business posted ($0.19) earnings per share. Research analysts forecast that Transocean Ltd. will post -0.55 EPS for the current fiscal year.

Insider Activity

In related news, CAO David A. Tonnel sold 34,267 shares of the stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $5.45, for a total value of $186,755.15. Following the completion of the sale, the chief accounting officer now owns 291,608 shares of the company’s stock, valued at $1,589,263.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO David A. Tonnel sold 13,069 shares of the stock in a transaction that occurred on Friday, January 6th. The stock was sold at an average price of $4.95, for a total value of $64,691.55. Following the completion of the sale, the chief accounting officer now owns 325,875 shares of the company’s stock, valued at $1,613,081.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO David A. Tonnel sold 34,267 shares of the stock in a transaction that occurred on Tuesday, January 10th. The shares were sold at an average price of $5.45, for a total value of $186,755.15. Following the completion of the sale, the chief accounting officer now directly owns 291,608 shares of the company’s stock, valued at approximately $1,589,263.60. The disclosure for this sale can be found here. Company insiders own 13.26% of the company’s stock.

Institutional Investors Weigh In On Transocean

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Independence Bank of Kentucky acquired a new stake in shares of Transocean in the fourth quarter valued at approximately $27,000. Citizens Business Bank acquired a new stake in Transocean during the third quarter worth $25,000. Transparent Wealth Partners LLC acquired a new stake in Transocean during the third quarter worth $25,000. Kestra Advisory Services LLC acquired a new stake in Transocean during the third quarter worth $25,000. Finally, Penn Capital Management Company LLC acquired a new stake in Transocean during the third quarter worth $25,000. Institutional investors and hedge funds own 55.16% of the company’s stock.

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.