Transocean (NYSE:RIG) Sets New 1-Year High – Time to Buy?

Transocean Ltd. (NYSE:RIG) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $5.19 and last traded at $5.1280, with a volume of 2752653 shares trading hands. The stock had previously closed at $4.98.

Wall Street Analyst Weigh In

RIG has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reissued an “underweight” rating on shares of Transocean in a research note on Wednesday, December 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Transocean in a research note on Thursday, January 22nd. Morgan Stanley set a $4.50 price target on shares of Transocean in a report on Monday, December 15th. Susquehanna raised their price objective on shares of Transocean from $4.50 to $5.00 and gave the stock a “positive” rating in a report on Wednesday, January 7th. Finally, Barclays upped their target price on shares of Transocean from $4.00 to $4.50 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $4.55.

Transocean Stock Performance

The company’s 50-day simple moving average is $4.34 and its 200-day simple moving average is $3.70. The stock has a market capitalization of $5.71 billion, a price-to-earnings ratio of -1.58 and a beta of 1.46. The company has a current ratio of 1.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.60.

Insider Buying and Selling at Transocean

In related news, Director Perestroika acquired 1,500,000 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The shares were bought at an average cost of $4.02 per share, with a total value of $6,030,000.00. Following the completion of the purchase, the director directly owned 96,574,894 shares in the company, valued at $388,231,073.88. The trade was a 1.58% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Frederik Wilhelm Mohn bought 1,500,000 shares of the firm’s stock in a transaction on Monday, November 24th. The shares were purchased at an average cost of $4.02 per share, with a total value of $6,030,000.00. Following the transaction, the director directly owned 96,574,894 shares in the company, valued at approximately $388,231,073.88. This trade represents a 1.58% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 712,970 shares of company stock worth $3,152,132 over the last 90 days. Company insiders own 12.54% of the company’s stock.

Institutional Investors Weigh In On Transocean

A number of institutional investors have recently modified their holdings of RIG. Vanguard Group Inc. lifted its holdings 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 buying an additional 2,487,015 shares during the period. American Century Companies Inc. grew its holdings in Transocean by 12.8% during the 3rd quarter. American Century Companies Inc. now owns 26,456,554 shares of the offshore drilling services provider’s stock worth $82,544,000 after acquiring an additional 3,006,786 shares during the period. Dalal Street LLC bought a new position in shares of Transocean in the 3rd quarter worth about $76,260,000. Two Sigma Investments LP lifted its stake in shares of Transocean by 0.3% in the 3rd quarter. Two Sigma Investments LP now owns 18,636,188 shares of the offshore drilling services provider’s stock valued at $58,145,000 after purchasing an additional 64,305 shares during the period. Finally, Ghisallo Capital Management LLC bought a new stake in shares of Transocean during the 3rd quarter valued at about $57,720,000. 67.73% of the stock is owned by institutional investors.

Transocean Company Profile

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.