Transocean (NYSE:RIG) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Transocean Ltd. (NYSE:RIG)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $3.37 and traded as high as $4.05. Transocean shares last traded at $4.0250, with a volume of 25,658,271 shares trading hands.

Analysts Set New Price Targets

Several analysts have recently commented on RIG shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Wednesday, October 8th. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Transocean in a research note on Wednesday, December 10th. Morgan Stanley set a $4.50 target price on Transocean in a report on Monday, December 15th. Barclays boosted their price target on Transocean from $4.00 to $4.50 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Finally, Citigroup increased their price objective on Transocean from $4.25 to $4.50 and gave the company a “neutral” rating in a research note on Thursday, December 11th. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $4.48.

Transocean Trading Down 0.4%

The stock has a market capitalization of $4.42 billion, a PE ratio of -1.22 and a beta of 1.39. The company has a current ratio of 1.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.60. The business’s 50-day moving average is $4.00 and its two-hundred day moving average is $3.37.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Wednesday, October 29th. The offshore drilling services provider reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. Transocean had a positive return on equity of 0.45% and a negative net margin of 75.71%.The company had revenue of ($1,894.00) million for the quarter, compared to analysts’ expectations of $1.01 billion. The company’s quarterly revenue was up 8.4% on a year-over-year basis. On average, analysts predict that Transocean Ltd. will post 0.14 earnings per share for the current year.

Insiders Place Their Bets

In other Transocean news, Director (Cyprus) Ltd Perestroika bought 4,000,000 shares of the business’s stock in a transaction on Friday, September 26th. The shares were bought at an average cost of $3.05 per share, with a total value of $12,200,000.00. Following the transaction, the director directly owned 95,074,894 shares in the company, valued at approximately $289,978,426.70. This trade represents a 4.39% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Perestroika bought 1,500,000 shares of Transocean stock in a transaction dated Monday, November 24th. The shares were acquired at an average price of $4.02 per share, with a total value of $6,030,000.00. Following the completion of the purchase, the director owned 96,574,894 shares in the company, valued at approximately $388,231,073.88. The trade was a 1.58% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 11,000,000 shares of company stock valued at $36,460,000 and sold 726,148 shares valued at $3,115,783. 12.27% of the stock is owned by company insiders.

Institutional Investors Weigh In On Transocean

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Transocean by 19.3% during the third quarter. Vanguard Group Inc. now owns 94,519,248 shares of the offshore drilling services provider’s stock worth $294,900,000 after purchasing an additional 15,315,289 shares in the last quarter. American Century Companies Inc. increased its position in shares of Transocean by 12.8% during the 3rd quarter. American Century Companies Inc. now owns 26,456,554 shares of the offshore drilling services provider’s stock valued at $82,544,000 after purchasing an additional 3,006,786 shares during the period. Dalal Street LLC bought a new stake in shares of Transocean in the 3rd quarter worth $76,260,000. Two Sigma Investments LP lifted its holdings in shares of Transocean by 0.3% in the third quarter. Two Sigma Investments LP now owns 18,636,188 shares of the offshore drilling services provider’s stock valued at $58,145,000 after buying an additional 64,305 shares during the period. Finally, Ghisallo Capital Management LLC bought a new position in Transocean during the third quarter valued at about $57,720,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Transocean Company Profile

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.