Transocean (RIG) Reaches New 1-Year High and Low After Analyst Upgrade

Transocean LTD (NYSE:RIG) shares hit a new 52-week high and low during mid-day trading on Thursday after Bank of America raised their price target on the stock from $12.00 to $13.00. Bank of America currently has a neutral rating on the stock. Transocean traded as low as $12.75 and last traded at $12.72, with a volume of 13821504 shares. The stock had previously closed at $12.43.

RIG has been the subject of several other reports. Cowen set a $11.00 price target on shares of Transocean and gave the stock a “hold” rating in a report on Thursday, January 11th. ValuEngine upgraded Transocean from a “strong sell” rating to a “sell” rating in a report on Thursday, March 22nd. Susquehanna Bancshares set a $10.00 price objective on Transocean and gave the company a “hold” rating in a report on Friday, February 16th. Jefferies Group upgraded Transocean from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a report on Thursday, January 4th. Finally, HSBC upgraded Transocean from a “hold” rating to a “buy” rating and set a $11.50 price objective for the company in a report on Wednesday, April 4th. Eight equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company. Transocean currently has a consensus rating of “Hold” and an average target price of $11.71.

In other news, SVP David A. Tonnel sold 9,000 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $9.39, for a total transaction of $84,510.00. Following the transaction, the senior vice president now owns 75,349 shares of the company’s stock, valued at approximately $707,527.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frederik Wilhelm Mohn acquired 2,000,000 shares of the business’s stock in a transaction dated Friday, March 2nd. The shares were bought at an average cost of $9.29 per share, for a total transaction of $18,580,000.00. The disclosure for this purchase can be found here. Corporate insiders own 0.33% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. James Investment Research Inc. boosted its position in shares of Transocean by 28.9% during the 4th quarter. James Investment Research Inc. now owns 521,353 shares of the offshore drilling services provider’s stock worth $5,569,000 after purchasing an additional 116,875 shares in the last quarter. Cerebellum GP LLC bought a new position in shares of Transocean during the 4th quarter worth about $1,719,000. BlackRock Inc. boosted its position in shares of Transocean by 1.3% during the 4th quarter. BlackRock Inc. now owns 35,420,454 shares of the offshore drilling services provider’s stock worth $378,292,000 after purchasing an additional 467,613 shares in the last quarter. Swiss National Bank boosted its position in shares of Transocean by 2.5% during the 4th quarter. Swiss National Bank now owns 666,330 shares of the offshore drilling services provider’s stock worth $7,116,000 after purchasing an additional 16,500 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its position in shares of Transocean by 51.0% during the 4th quarter. Oppenheimer & Co. Inc. now owns 85,804 shares of the offshore drilling services provider’s stock worth $917,000 after purchasing an additional 28,991 shares in the last quarter. 63.84% of the stock is currently owned by institutional investors.

The stock has a market capitalization of $5,511.56, a PE ratio of -211.42 and a beta of 1.51. The company has a current ratio of 3.36, a quick ratio of 3.06 and a debt-to-equity ratio of 0.56.

Transocean (NYSE:RIG) last released its quarterly earnings data on Tuesday, February 20th. The offshore drilling services provider reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($0.03). Transocean had a negative return on equity of 0.17% and a negative net margin of 105.18%. The company had revenue of $629.00 million for the quarter, compared to the consensus estimate of $619.66 million. During the same period last year, the company earned $0.69 EPS. Transocean’s revenue for the quarter was down 35.4% compared to the same quarter last year. equities analysts anticipate that Transocean LTD will post -0.76 earnings per share for the current year.

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About Transocean

Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.

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