Transocean (NYSE:RIG) Sets New 52-Week Low at $3.91

Transocean Ltd. (NYSE:RIG)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $3.91 and last traded at $3.91, with a volume of 5240899 shares trading hands. The stock had previously closed at $4.16.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RIG. StockNews.com upgraded Transocean to a “sell” rating in a research note on Monday, August 5th. Benchmark restated a “buy” rating and issued a $8.00 target price on shares of Transocean in a research note on Friday, August 2nd. Finally, DNB Markets upgraded Transocean from a “hold” rating to a “buy” rating in a research note on Tuesday, September 3rd. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.25.

Transocean Price Performance

The business has a fifty day moving average price of $5.06 and a 200-day moving average price of $5.47. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 0.63.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). Transocean had a negative return on equity of 4.76% and a negative net margin of 11.34%. The firm had revenue of $861.00 million during the quarter, compared to analysts’ expectations of $862.25 million. During the same quarter in the previous year, the company posted ($0.15) earnings per share. Transocean’s revenue for the quarter was up 18.1% compared to the same quarter last year. As a group, equities research analysts expect that Transocean Ltd. will post -0.19 EPS for the current year.

Insider Activity at Transocean

In related news, Director (Cyprus) Ltd Perestroika bought 2,000,000 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was bought at an average cost of $5.23 per share, for a total transaction of $10,460,000.00. Following the acquisition, the director now directly owns 89,574,894 shares of the company’s stock, valued at approximately $468,476,695.62. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 13.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Transocean

Several institutional investors have recently bought and sold shares of the stock. Murphy Pohlad Asset Management LLC lifted its holdings in Transocean by 1.7% in the 1st quarter. Murphy Pohlad Asset Management LLC now owns 96,150 shares of the offshore drilling services provider’s stock worth $604,000 after buying an additional 1,600 shares during the period. Traynor Capital Management Inc. lifted its holdings in Transocean by 5.2% in the 1st quarter. Traynor Capital Management Inc. now owns 33,257 shares of the offshore drilling services provider’s stock worth $209,000 after buying an additional 1,650 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in Transocean by 8.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 22,237 shares of the offshore drilling services provider’s stock worth $140,000 after buying an additional 1,767 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in Transocean by 138.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock worth $25,000 after buying an additional 2,693 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in Transocean by 11.0% in the 4th quarter. Fisher Asset Management LLC now owns 27,714 shares of the offshore drilling services provider’s stock worth $176,000 after buying an additional 2,743 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Transocean Company Profile

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.