Transocean (NYSE:RIG) Upgraded to “Overweight” by Capital One Financial

Capital One Financial upgraded shares of Transocean (NYSE:RIGGet Rating) from an equal weight rating to an overweight rating in a report published on Tuesday, MarketBeat.com reports. Capital One Financial currently has $4.50 price target on the offshore drilling services provider’s stock.

Several other research firms have also weighed in on RIG. StockNews.com lowered shares of Transocean from a hold rating to a sell rating in a report on Thursday, May 12th. Piper Sandler lifted their target price on shares of Transocean from $3.00 to $3.85 and gave the company a neutral rating in a report on Monday, April 18th.

Transocean Stock Up 2.7 %

Shares of RIG opened at $3.44 on Tuesday. The firm has a market cap of $2.34 billion, a PE ratio of -3.58 and a beta of 2.80. The company’s fifty day moving average is $3.46 and its two-hundred day moving average is $3.81. Transocean has a fifty-two week low of $2.32 and a fifty-two week high of $5.56. The company has a quick ratio of 1.40, a current ratio of 1.49 and a debt-to-equity ratio of 0.57.

Transocean (NYSE:RIGGet Rating) last announced its quarterly earnings results on Monday, August 1st. The offshore drilling services provider reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. The company had revenue of $692.00 million for the quarter, compared to analyst estimates of $690.97 million. Transocean had a negative net margin of 25.07% and a negative return on equity of 4.46%. Transocean’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.18) EPS. Analysts forecast that Transocean will post -0.52 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Vanessa C. L. Chang bought 12,300 shares of the company’s stock in a transaction dated Thursday, June 23rd. The stock was bought at an average price of $3.21 per share, with a total value of $39,483.00. Following the transaction, the director now owns 49,200 shares of the company’s stock, valued at $157,932. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Frederik Wilhelm Mohn bought 2,000,000 shares of the company’s stock in a transaction dated Friday, May 13th. The stock was bought at an average price of $3.75 per share, with a total value of $7,500,000.00. Following the transaction, the director now owns 82,636,646 shares of the company’s stock, valued at $309,887,422.50. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Vanessa C. L. Chang bought 12,300 shares of the company’s stock in a transaction dated Thursday, June 23rd. The stock was bought at an average cost of $3.21 per share, with a total value of $39,483.00. Following the transaction, the director now directly owns 49,200 shares in the company, valued at approximately $157,932. The disclosure for this purchase can be found here. Insiders have bought 2,017,300 shares of company stock valued at $7,557,533 in the last quarter. Company insiders own 12.29% of the company’s stock.

Institutional Investors Weigh In On Transocean

A number of institutional investors have recently modified their holdings of RIG. Northwestern Mutual Wealth Management Co. grew its position in shares of Transocean by 285.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 5,536 shares of the offshore drilling services provider’s stock valued at $25,000 after buying an additional 4,100 shares during the last quarter. Budros Ruhlin & Roe Inc. acquired a new position in Transocean during the 4th quarter valued at about $28,000. Vanguard Capital Wealth Advisors acquired a new position in Transocean during the 4th quarter valued at about $30,000. NovaPoint Capital LLC acquired a new position in Transocean during the 4th quarter valued at about $30,000. Finally, FNY Investment Advisers LLC acquired a new position in Transocean during the 1st quarter valued at about $30,000. Institutional investors own 47.88% of the company’s stock.

About Transocean

(Get Rating)

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. As of February 14, 2022, the company had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deep water and 10 harsh environment floaters.

Featured Stories

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.