Transocean (RIG) Shares Gap Up to $9.28

Transocean LTD (NYSE:RIG) shares gapped up before the market opened on Monday . The stock had previously closed at $8.87, but opened at $9.28. Transocean shares last traded at $9.92, with a volume of 15030302 shares trading hands.

A number of research analysts have issued reports on the stock. ValuEngine upgraded shares of Transocean from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 2nd. Wells Fargo & Co upgraded shares of Transocean from a “market perform” rating to an “outperform” rating and upped their target price for the company from $13.00 to $16.00 in a research report on Wednesday, September 19th. Morgan Stanley assumed coverage on shares of Transocean in a research report on Tuesday, September 18th. They set an “overweight” rating and a $15.00 target price on the stock. Royal Bank of Canada upgraded shares of Transocean from a “sector perform” rating to an “outperform” rating in a research report on Thursday, September 20th. Finally, Johnson Rice upgraded shares of Transocean from a “sell” rating to a “hold” rating and set a $16.00 target price on the stock in a research report on Wednesday, October 17th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $13.79.

The company has a quick ratio of 2.77, a current ratio of 3.07 and a debt-to-equity ratio of 0.75. The company has a market cap of $4.29 billion, a P/E ratio of -165.33 and a beta of 1.55.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Monday, October 29th. The offshore drilling services provider reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. The company had revenue of $816.00 million during the quarter, compared to analysts’ expectations of $779.19 million. Transocean had a negative return on equity of 2.31% and a negative net margin of 64.33%. Transocean’s revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.16 EPS. On average, equities analysts predict that Transocean LTD will post -0.73 EPS for the current year.

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Transocean by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 38,625,518 shares of the offshore drilling services provider’s stock worth $538,826,000 after purchasing an additional 118,330 shares in the last quarter. Rehmann Capital Advisory Group increased its stake in Transocean by 1,294.3% during the 3rd quarter. Rehmann Capital Advisory Group now owns 13,483 shares of the offshore drilling services provider’s stock worth $966,000 after purchasing an additional 12,516 shares in the last quarter. Griffin Asset Management Inc. bought a new stake in Transocean during the 3rd quarter worth approximately $153,000. Nordea Investment Management AB bought a new stake in Transocean during the 3rd quarter worth approximately $1,297,000. Finally, TIAA CREF Investment Management LLC increased its stake in Transocean by 251.0% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 5,461,267 shares of the offshore drilling services provider’s stock worth $76,185,000 after purchasing an additional 3,905,530 shares in the last quarter. 81.47% of the stock is owned by institutional investors.

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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 deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.

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