Transocean (NYSE:RIG) Shares Pass Above Two Hundred Day Moving Average – What’s Next?
by Scott Moore · The Cerbat GemShares of Transocean Ltd. (NYSE:RIG – Get Free Report) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $4.94 and traded as high as $6.05. Transocean shares last traded at $6.0350, with a volume of 27,836,733 shares.
Analyst Upgrades and Downgrades
A number of analysts have commented on RIG shares. Fearnley Fonds downgraded Transocean from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Pareto Securities downgraded Transocean from a “hold” rating to a “sell” rating and set a $5.25 target price on the stock. in a research report on Tuesday, February 10th. Morgan Stanley boosted their target price on Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Tuesday. Finally, Susquehanna boosted their target price on Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a research report on Tuesday, April 7th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $6.79.
Read Our Latest Stock Report on Transocean
Transocean Stock Performance
The stock has a 50-day simple moving average of $6.38 and a 200 day simple moving average of $4.95. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.56 and a quick ratio of 1.27. The company has a market capitalization of $6.71 billion, a PE ratio of -1.93 and a beta of 1.37.
Transocean (NYSE:RIG – Get Free Report) last issued its quarterly earnings data on Friday, February 20th. The offshore drilling services provider reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.07). Transocean had a negative net margin of 73.52% and a positive return on equity of 0.41%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the company earned ($0.09) earnings per share. The firm’s revenue was up 9.6% compared to the same quarter last year. Equities analysts anticipate that Transocean Ltd. will post 0.21 EPS for the current fiscal year.
Insider Buying and Selling at Transocean
In other news, EVP Roderick James Mackenzie sold 78,370 shares of the company’s 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 sale, the executive vice president directly owned 268,025 shares in the company, valued at $1,704,639. This represents a 22.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keelan Adamson sold 58,687 shares of the company’s stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $5.00, for a total value of $293,435.00. Following the completion of the sale, the chief executive officer owned 1,222,182 shares in the company, valued at $6,110,910. This represents a 4.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 159,903 shares of company stock worth $906,098 over the last 90 days. Company insiders own 9.70% of the company’s stock.
Institutional Trading of Transocean
Several institutional investors and hedge funds have recently made changes to their positions in RIG. TD Waterhouse Canada Inc. lifted its position in shares of Transocean by 22,432.1% in the fourth quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock valued at $26,000 after acquiring an additional 6,281 shares in the last quarter. Josh Arnold Investment Consultant LLC purchased a new position in Transocean during the second quarter worth about $26,000. Flagship Harbor Advisors LLC purchased a new position in Transocean during the fourth quarter worth about $27,000. Benedict Financial Advisors Inc. purchased a new position in Transocean during the third quarter worth about $31,000. Finally, Vestmark Advisory Solutions Inc. purchased a new position in Transocean during the third quarter worth about $31,000. 67.73% of the stock is currently owned by hedge funds and other 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.