Transocean (NYSE:RIG) Stock Price Up 4% - Here's Why

Shares of Transocean Ltd. (NYSE:RIG - Get Free Report) were up 4% during mid-day trading on Wednesday . The stock traded as high as $3.25 and last traded at $3.27. Approximately 3,062,960 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 21,800,805 shares. The stock had previously closed at $3.14.

Analyst Ratings Changes

A number of equities analysts have recently commented on RIG shares. Morgan Stanley reduced their price objective on shares of Transocean from $5.00 to $4.00 and set an "equal weight" rating for the company in a research note on Thursday. Benchmark reissued a "hold" rating on shares of Transocean in a research report on Tuesday, December 3rd. Barclays dropped their price objective on Transocean from $4.50 to $4.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 25th. SEB Equity Research set a $2.80 target price on shares of Transocean in a research note on Wednesday, March 5th. Finally, Citigroup dropped their price target on shares of Transocean from $4.50 to $3.50 and set a "neutral" rating on the stock in a research report on Wednesday, March 19th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $5.03.

Transocean Stock Performance

The stock's 50 day moving average is $3.40 and its 200 day moving average is $3.90. 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 cap of $2.82 billion, a price-to-earnings ratio of -4.38, a price-to-earnings-growth ratio of 0.86 and a beta of 2.72.

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Transocean (NYSE:RIG - Get Free Report) last released its quarterly 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 firm had revenue of $952.00 million for the quarter, compared to analyst estimates of $962.28 million. Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. Analysts anticipate that Transocean Ltd. will post 0.14 earnings per share for the current year.

Insider Transactions at Transocean

In other news, EVP Roderick James Mackenzie sold 22,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total transaction of $84,700.00. Following the transaction, the executive vice president now directly owns 313,072 shares of the company's stock, valued at approximately $1,205,327.20. This trade represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 13.16% of the company's stock.

Hedge Funds Weigh In On Transocean

Hedge funds have recently added to or reduced their stakes in the stock. Optiver Holding B.V. grew its holdings in shares of Transocean by 53.6% during the 4th quarter. Optiver Holding B.V. now owns 8,400 shares of the offshore drilling services provider's stock worth $32,000 after purchasing an additional 2,933 shares in the last quarter. Ballentine Partners LLC lifted its position in Transocean by 19.4% during the fourth quarter. Ballentine Partners LLC now owns 18,247 shares of the offshore drilling services provider's stock worth $68,000 after purchasing an additional 2,963 shares during the period. Van Den Berg Management I Inc. increased its holdings in Transocean by 11.9% in the 4th quarter. Van Den Berg Management I Inc. now owns 28,155 shares of the offshore drilling services provider's stock valued at $106,000 after buying an additional 3,000 shares during the period. Pallas Capital Advisors LLC raised its position in shares of Transocean by 25.6% in the 4th quarter. Pallas Capital Advisors LLC now owns 15,332 shares of the offshore drilling services provider's stock valued at $57,000 after buying an additional 3,127 shares in the last quarter. Finally, Nomura Holdings Inc. boosted its position in shares of Transocean by 11.6% during the 4th quarter. Nomura Holdings Inc. now owns 32,651 shares of the offshore drilling services provider's stock worth $122,000 after acquiring an additional 3,390 shares in the last quarter. Institutional investors 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.