Transocean (NYSE:RIG) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of Transocean (NYSE:RIGGet Rating) from a sell rating to a hold rating in a report published on Wednesday.

A number of other research firms have also weighed in on RIG. Capital One Financial raised shares of Transocean from an equal weight rating to an overweight rating and set a $4.50 price objective on the stock in a research report on Tuesday. Piper Sandler raised their target price on shares of Transocean from $3.00 to $3.85 and gave the stock a neutral rating in a research report on Monday, April 18th.

Transocean Trading Up 2.7 %

Shares of NYSE:RIG opened at $3.44 on Wednesday. The company has a quick ratio of 1.40, a current ratio of 1.49 and a debt-to-equity ratio of 0.57. Transocean has a 12 month low of $2.32 and a 12 month high of $5.56. The company has a 50-day moving average price of $3.46 and a 200 day moving average price of $3.81.

Transocean (NYSE:RIGGet Rating) last posted its quarterly earnings data on Monday, August 1st. The offshore drilling services provider reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. Transocean had a negative net margin of 25.07% and a negative return on equity of 4.46%. The company had revenue of $692.00 million for the quarter, compared to analyst estimates of $690.97 million. During the same period in the prior year, the company posted ($0.18) EPS. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, research analysts expect that Transocean will post -0.49 EPS for the current fiscal year.

Insider Transactions at Transocean

In other Transocean news, Director Vanessa C. L. Chang acquired 12,300 shares of the business’s stock in a transaction that occurred on Thursday, June 23rd. The shares were bought at an average cost of $3.21 per share, with a total value of $39,483.00. Following the completion of the acquisition, the director now directly owns 49,200 shares in the company, valued at approximately $157,932. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Frederik Wilhelm Mohn bought 2,000,000 shares of the stock in a transaction on Friday, May 13th. The stock was bought at an average cost of $3.75 per share, for a total transaction of $7,500,000.00. Following the completion of the purchase, the director now directly owns 82,636,646 shares in the company, valued at $309,887,422.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vanessa C. L. Chang bought 12,300 shares of the stock in a transaction on Thursday, June 23rd. The stock was purchased at an average price of $3.21 per share, with a total value of $39,483.00. Following the completion of the purchase, the director now owns 49,200 shares of the company’s stock, valued at $157,932. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 2,017,300 shares of company stock valued at $7,557,533. 12.29% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Transocean

Institutional investors and hedge funds have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Transocean by 39.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 81,184 shares of the offshore drilling services provider’s stock worth $224,000 after buying an additional 22,921 shares during the period. FNY Investment Advisers LLC acquired a new stake in shares of Transocean during the first quarter worth $30,000. Squarepoint Ops LLC lifted its stake in shares of Transocean by 1,225.5% during the fourth quarter. Squarepoint Ops LLC now owns 662,811 shares of the offshore drilling services provider’s stock worth $1,829,000 after buying an additional 612,807 shares during the period. Rafferty Asset Management LLC lifted its stake in shares of Transocean by 11.7% during the fourth quarter. Rafferty Asset Management LLC now owns 28,024 shares of the offshore drilling services provider’s stock worth $77,000 after buying an additional 2,940 shares during the period. Finally, Counterpoint Mutual Funds LLC acquired a new stake in shares of Transocean during the first quarter worth $65,000. 47.88% of the stock is currently owned by institutional investors and hedge funds.

About Transocean

(Get Rating)

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.

Read More

Receive News & Ratings for Transocean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transocean and related companies with MarketBeat.com's FREE daily email newsletter.