Transocean (NYSE:RIG) Shares Gap Up to $6.37

Transocean Ltd. (NYSE:RIGGet Free Report)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $6.37, but opened at $6.57. Transocean shares last traded at $6.58, with a volume of 4,711,740 shares traded.

Analyst Ratings Changes

RIG has been the topic of several research reports. Barclays lowered their price objective on shares of Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 22nd. Susquehanna reduced their price objective on shares of Transocean from $6.50 to $5.50 and set a “neutral” rating for the company in a research note on Wednesday, February 21st. Citigroup reduced their price objective on shares of Transocean from $9.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. StockNews.com upgraded shares of Transocean to a “sell” rating in a research note on Tuesday, February 20th. Finally, Morgan Stanley reduced their price objective on shares of Transocean from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Monday, February 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $8.06.

Check Out Our Latest Stock Analysis on Transocean

Transocean Price Performance

The stock has a market capitalization of $5.38 billion, a PE ratio of -5.02 and a beta of 2.77. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.22 and a current ratio of 1.52. The company’s fifty day simple moving average is $5.41 and its two-hundred day simple moving average is $6.25.

Transocean (NYSE:RIGGet Free Report) last released its earnings results on Monday, February 19th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.12. Transocean had a negative net margin of 33.69% and a negative return on equity of 7.13%. The firm had revenue of $741.00 million during the quarter, compared to the consensus estimate of $779.17 million. During the same period in the previous year, the firm earned ($0.49) earnings per share. As a group, sell-side analysts predict that Transocean Ltd. will post 0.09 EPS for the current year.

Institutional Investors Weigh In On Transocean

Institutional investors have recently bought and sold shares of the stock. Pekin Hardy Strauss Inc. grew its holdings in Transocean by 949.5% in the third quarter. Pekin Hardy Strauss Inc. now owns 126,006 shares of the offshore drilling services provider’s stock valued at $1,035,000 after purchasing an additional 114,000 shares during the period. Lisanti Capital Growth LLC lifted its position in Transocean by 299.9% during the third quarter. Lisanti Capital Growth LLC now owns 1,770,822 shares of the offshore drilling services provider’s stock valued at $14,538,000 after buying an additional 1,328,032 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Transocean by 180.5% during the third quarter. Janney Montgomery Scott LLC now owns 32,535 shares of the offshore drilling services provider’s stock valued at $267,000 after buying an additional 20,935 shares in the last quarter. Hosking Partners LLP lifted its position in Transocean by 342.7% during the third quarter. Hosking Partners LLP now owns 1,112,543 shares of the offshore drilling services provider’s stock valued at $9,134,000 after buying an additional 861,209 shares in the last quarter. Finally, Clough Capital Partners L P lifted its position in shares of Transocean by 12.0% during the third quarter. Clough Capital Partners L P now owns 1,663,543 shares of the offshore drilling services provider’s stock worth $13,658,000 after purchasing an additional 178,100 shares in the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Transocean Company Profile

(Get Free Report)

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.

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