Transocean LTD (NYSE:RIG) shares rose 5.6% during trading on Wednesday . The stock traded as high as $5.81 and last traded at $5.80, approximately 30,421,668 shares changed hands during mid-day trading. An increase of 90% from the average daily volume of 16,043,024 shares. The stock had previously closed at $5.49.

A number of research firms recently weighed in on RIG. Royal Bank of Canada set a $17.00 price target on Transocean and gave the company a “buy” rating in a research note on Wednesday, July 31st. Citigroup dropped their price objective on Transocean from $6.70 to $4.90 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Morgan Stanley set a $10.00 price objective on Transocean and gave the stock a “buy” rating in a research report on Monday, July 15th. Piper Jaffray Companies set a $8.00 target price on Transocean and gave the company a “hold” rating in a report on Wednesday, July 31st. Finally, ValuEngine upgraded shares of Transocean from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $11.84.

The business has a fifty day simple moving average of $4.81 and a 200 day simple moving average of $6.85. The stock has a market cap of $3.35 billion, a price-to-earnings ratio of -7.34 and a beta of 1.85. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.55 and a current ratio of 2.88.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.34). Transocean had a negative return on equity of 4.18% and a negative net margin of 33.49%. The company had revenue of $758.00 million during the quarter, compared to analysts’ expectations of $765.81 million. During the same period in the previous year, the firm posted ($0.04) earnings per share. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. On average, equities research analysts anticipate that Transocean LTD will post -1.23 EPS for the current fiscal year.

In other news, Director Chad C. Deaton bought 25,000 shares of Transocean stock in a transaction on Friday, August 2nd. The shares were bought at an average cost of $5.29 per share, for a total transaction of $132,250.00. Following the acquisition, the director now owns 24,800 shares in the company, valued at $131,192. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Howard E. Davis bought 98,049 shares of Transocean stock in a transaction on Friday, June 28th. The stock was purchased at an average price of $6.35 per share, for a total transaction of $622,611.15. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 130,549 shares of company stock valued at $785,526. 11.05% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC raised its position in shares of Transocean by 23.9% in the fourth quarter. Geode Capital Management LLC now owns 4,978,814 shares of the offshore drilling services provider’s stock valued at $34,552,000 after buying an additional 959,861 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in Transocean in the 1st quarter worth approximately $93,000. Moors & Cabot Inc. raised its holdings in Transocean by 133.5% in the 1st quarter. Moors & Cabot Inc. now owns 25,100 shares of the offshore drilling services provider’s stock valued at $218,000 after acquiring an additional 14,350 shares during the last quarter. Sigma Planning Corp raised its holdings in Transocean by 80.7% in the 1st quarter. Sigma Planning Corp now owns 18,754 shares of the offshore drilling services provider’s stock valued at $163,000 after acquiring an additional 8,375 shares during the last quarter. Finally, Texas Permanent School Fund lifted its stake in shares of Transocean by 3.8% during the 1st quarter. Texas Permanent School Fund now owns 343,805 shares of the offshore drilling services provider’s stock worth $2,995,000 after purchasing an additional 12,722 shares during the period. Institutional investors and hedge funds own 70.83% of the company’s stock.

About Transocean (NYSE:RIG)

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

Featured Story: What is a Reverse Stock Split?

Receive News & Ratings for Transocean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transocean and related companies with MarketBeat.com's FREE daily email newsletter.