Transocean (NYSE:RIG) Reaches New 12-Month High – Here’s What Happened

Transocean Ltd. (NYSE:RIG) hit a new 52-week high during trading on Monday . The company traded as high as $7.32 and last traded at $7.3840, with a volume of 9236260 shares trading hands. The stock had previously closed at $7.04.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $6.00 to $8.00 in a report on Thursday, May 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Transocean in a report on Tuesday, April 21st. Susquehanna increased their price objective on Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a report on Tuesday, April 7th. TD Cowen increased their price objective on Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. Finally, Fearnley Fonds cut Transocean from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.96.

Transocean Trading Up 7.8%

The company has a market cap of $8.47 billion, a PE ratio of -2.55 and a beta of 1.34. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60. The stock has a 50 day moving average price of $6.44 and a 200 day moving average price of $5.29.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same period last year, the business earned ($0.10) EPS. The firm’s quarterly revenue was up 19.3% on a year-over-year basis. Sell-side analysts predict that Transocean Ltd. will post 0.2 EPS for the current fiscal year.

Insider Activity at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 78,370 shares of Transocean stock in a transaction on Wednesday, March 4th. The stock was 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 trade represents a 22.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.70% of the company’s stock.

Institutional Trading of Transocean

Institutional investors and hedge funds have recently modified their holdings of the business. Fruth Investment Management grew its holdings in shares of Transocean by 2.8% in the fourth quarter. Fruth Investment Management now owns 90,378 shares of the offshore drilling services provider’s stock worth $373,000 after acquiring an additional 2,500 shares during the period. Annandale Capital LLC grew its holdings in shares of Transocean by 17.7% in the fourth quarter. Annandale Capital LLC now owns 16,600 shares of the offshore drilling services provider’s stock worth $69,000 after acquiring an additional 2,500 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Transocean by 9.0% in the third quarter. Jones Financial Companies Lllp now owns 35,604 shares of the offshore drilling services provider’s stock worth $114,000 after acquiring an additional 2,932 shares during the period. J.W. Cole Advisors Inc. grew its holdings in shares of Transocean by 3.5% in the third quarter. J.W. Cole Advisors Inc. now owns 100,634 shares of the offshore drilling services provider’s stock worth $314,000 after acquiring an additional 3,367 shares during the period. Finally, Townsend & Associates Inc grew its holdings in shares of Transocean by 16.0% in the fourth quarter. Townsend & Associates Inc now owns 29,000 shares of the offshore drilling services provider’s stock worth $126,000 after acquiring an additional 4,000 shares during the period. Institutional investors 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.