Transocean (NYSE:RIG) Stock Price Up 5.8% - Still a Buy?

Transocean Ltd. (NYSE:RIG - Get Free Report)'s share price shot up 5.8% during mid-day trading on Tuesday . The company traded as high as $3.34 and last traded at $3.36. 16,404,614 shares traded hands during trading, a decline of 26% from the average session volume of 22,258,683 shares. The stock had previously closed at $3.17.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Transocean from an "underweight" rating to a "neutral" rating and set a $5.00 price target on the stock in a research note on Friday, December 6th. SEB Equity Research set a $2.80 target price on shares of Transocean in a research note on Wednesday, March 5th. TD Cowen dropped their price target on Transocean from $6.50 to $5.50 and set a "hold" rating for the company in a research report on Wednesday, January 8th. Evercore ISI downgraded Transocean from an "outperform" rating to an "in-line" rating and reduced their price objective for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. Finally, Citigroup dropped their target price on Transocean from $4.50 to $3.50 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $5.03.

Transocean Trading Down 21.1 %

The business has a fifty day moving average price of $3.30 and a two-hundred day moving average price of $3.86. The company has a current ratio of 1.47, a quick ratio of 1.34 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $1.89 billion, a PE ratio of -2.94, a PEG ratio of 0.86 and a beta of 2.72.

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Transocean (NYSE:RIG - Get Free Report) last announced its earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.11). The company had revenue of $952.00 million for the quarter, compared to analysts' expectations of $962.28 million. Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. Analysts expect that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Insider Buying and Selling at Transocean

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the firm's stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $4.05, for a total transaction of $89,100.00. Following the completion of the transaction, the executive vice president now directly owns 229,596 shares in the company, valued at $929,863.80. This trade represents a 8.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 12.54% of the stock is owned by corporate insiders.

Institutional Trading of Transocean

Hedge funds have recently made changes to their positions in the business. Cerity Partners LLC lifted its holdings in Transocean by 20.4% during the 3rd quarter. Cerity Partners LLC now owns 99,114 shares of the offshore drilling services provider's stock worth $421,000 after buying an additional 16,812 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Transocean by 334.2% in the third quarter. The Manufacturers Life Insurance Company now owns 1,660,176 shares of the offshore drilling services provider's stock valued at $7,056,000 after acquiring an additional 1,277,814 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Transocean by 209.6% in the third quarter. BNP Paribas Financial Markets now owns 173,494 shares of the offshore drilling services provider's stock valued at $737,000 after acquiring an additional 117,459 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in Transocean by 125.9% in the third quarter. MetLife Investment Management LLC now owns 415,031 shares of the offshore drilling services provider's stock valued at $1,764,000 after purchasing an additional 231,334 shares during the period. Finally, Centiva Capital LP grew its stake in Transocean by 101.8% during the 3rd quarter. Centiva Capital LP now owns 201,761 shares of the offshore drilling services provider's stock worth $857,000 after purchasing an additional 101,761 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.