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

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

Several other equities research analysts also recently weighed in on the stock. Piper Sandler upped their target price on shares of Transocean from $3.00 to $3.85 and gave the stock a neutral rating in a research note on Monday, April 18th. 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.

Transocean Stock Up 2.7 %

Shares of RIG opened at $3.44 on Wednesday. Transocean has a fifty-two week low of $2.32 and a fifty-two week high of $5.56. The firm’s 50 day moving average price is $3.46 and its 200 day moving average price is $3.81. 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 (NYSE:RIGGet Rating) last announced its earnings results on Monday, August 1st. The offshore drilling services provider reported ($0.10) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $692.00 million for the quarter, compared to the consensus estimate of $690.97 million. During the same period in the prior year, the firm earned ($0.18) EPS. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, analysts predict that Transocean will post -0.49 EPS for the current fiscal year.

Insider Buying and Selling at Transocean

In other news, Director Vanessa C. L. Chang acquired 12,300 shares of the company’s stock in a transaction 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 transaction, the director now owns 49,200 shares in the company, valued at approximately $157,932. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Vanessa C. L. Chang bought 12,300 shares of the stock in a transaction dated Thursday, June 23rd. The stock was acquired at an average price of $3.21 per share, for a total transaction of $39,483.00. Following the acquisition, the director now owns 49,200 shares in the company, valued at approximately $157,932. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frederik Wilhelm Mohn bought 2,000,000 shares of the stock in a transaction dated Friday, May 13th. The stock was bought at an average price of $3.75 per share, with a total value of $7,500,000.00. Following the acquisition, the director now owns 82,636,646 shares in the company, valued at approximately $309,887,422.50. The disclosure for this purchase can be found here. In the last three months, insiders have bought 2,017,300 shares of company stock valued at $7,557,533. Insiders own 12.29% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Contrarius Investment Management Ltd boosted its stake in Transocean by 154.0% during the 1st quarter. Contrarius Investment Management Ltd now owns 21,709,937 shares of the offshore drilling services provider’s stock worth $99,214,000 after purchasing an additional 13,161,589 shares during the period. Renaissance Technologies LLC boosted its stake in Transocean by 5,526.9% during the 1st quarter. Renaissance Technologies LLC now owns 7,872,028 shares of the offshore drilling services provider’s stock worth $35,975,000 after purchasing an additional 7,732,128 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Transocean by 117.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 8,940,965 shares of the offshore drilling services provider’s stock worth $40,861,000 after purchasing an additional 4,838,046 shares during the period. First Trust Advisors LP boosted its stake in Transocean by 288.6% during the 4th quarter. First Trust Advisors LP now owns 3,694,001 shares of the offshore drilling services provider’s stock worth $10,195,000 after purchasing an additional 2,743,398 shares during the period. Finally, Bank of America Corp DE boosted its stake in Transocean by 1,631.4% during the 1st quarter. Bank of America Corp DE now owns 2,880,625 shares of the offshore drilling services provider’s stock worth $13,166,000 after purchasing an additional 2,714,246 shares during the period. Institutional investors and hedge funds own 47.88% 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.

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