Transocean (NYSE:RIG) Reaches New 52-Week High – What’s Next?

Shares of Transocean Ltd. (NYSE:RIG) reached a new 52-week high on Wednesday . The stock traded as high as $5.19 and last traded at $5.1280, with a volume of 2752653 shares changing hands. The stock had previously closed at $4.98.

Analysts Set New Price Targets

RIG has been the topic of several recent analyst reports. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Transocean in a research note on Wednesday, December 10th. Citigroup boosted their target price on shares of Transocean from $4.25 to $4.50 and gave the company a “neutral” rating in a research note on Thursday, December 11th. Morgan Stanley set a $4.50 target price on shares of Transocean in a research report on Monday, December 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research note on Thursday, January 22nd. Finally, BTIG Research raised their price objective on shares of Transocean from $5.00 to $6.00 and gave the stock a “buy” rating in a report on Monday. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $4.55.

Transocean Price Performance

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.08 and a quick ratio of 0.91. The firm has a market capitalization of $5.71 billion, a P/E ratio of -1.58 and a beta of 1.46. The company’s 50 day moving average price is $4.34 and its 200 day moving average price is $3.70.

Insider Buying and Selling

In other Transocean news, insider Jeremy D. Thigpen sold 500,000 shares of the company’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $4.32, for a total transaction of $2,160,000.00. Following the transaction, the insider directly owned 2,136,223 shares in the company, valued at approximately $9,228,483.36. This represents a 18.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Robert Thaddeus Vayda sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $4.29, for a total transaction of $128,700.00. Following the sale, the executive vice president directly owned 235,154 shares of the company’s stock, valued at approximately $1,008,810.66. This trade represents a 11.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 712,970 shares of company stock worth $3,152,132. 12.54% of the stock is currently owned by company insiders.

Institutional Trading of Transocean

A number of institutional investors have recently bought and sold shares of RIG. Integrated Wealth Concepts LLC boosted its position in shares of Transocean by 12.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider’s stock worth $221,000 after purchasing an additional 7,520 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Transocean by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 434,031 shares of the offshore drilling services provider’s stock worth $1,376,000 after buying an additional 18,957 shares during the period. Goldman Sachs Group Inc. boosted its stake in Transocean by 88.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock worth $38,521,000 after acquiring an additional 5,719,637 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Transocean by 287.3% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 45,845 shares of the offshore drilling services provider’s stock valued at $127,000 after purchasing an additional 34,008 shares during the period. Finally, Belpointe Asset Management LLC bought a new stake in Transocean in the second quarter valued at approximately $30,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

About Transocean

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.