Transocean (NYSE:RIG) moves to overweight at Capital One Financial

Transocean (NYSE: RIG – Get a rating) has been updated by research analysts at Capital One Financial from a “weighted” rating to an “overweight” rating in a report released on Tuesday, Fly reports.

Several other analysts have also recently released reports on the company. Piper Sandler raised her price target on Transocean from $3.00 to $3.85 and gave the company a “neutral” rating in a Monday, April 18 report. StockNews.com downgraded Transocean from a “hold” rating to a “sell” rating in a Thursday, May 12, report.

Transocean price performance

RIG stock opened at $3.22 on Tuesday. Transocean has a 1-year minimum of $2.32 and a 1-year maximum of $5.56. The company has a debt ratio of 0.57, a quick ratio of 1.40 and a current ratio of 1.69. The stock’s 50-day moving average price is $3.51 and its 200-day moving average price is $3.81. The company has a market capitalization of $2.19 billion, a P/E ratio of -3.13 and a beta of 2.81.

Transocean (NYSE: RIG – Get a rating) last released its results on Monday, August 1. The offshore drilling services provider reported ($0.10) earnings per share (EPS) for the quarter, beating analyst consensus estimates of ($0.11) by $0.01. Transocean had a negative return on equity of 4.81% and a negative net margin of 26.84%. The company posted revenue of $692.00 million for the quarter, versus analyst estimates of $690.97 million. In the same quarter of the previous year, the company achieved EPS of ($0.18). Transocean’s revenue increased 5.5% year-over-year. On average, sell-side analysts expect Transocean to post -0.52 earnings per share for the current fiscal year.

Insider activity at Transocean

In other Transocean news, Director Vanessa CL Chang bought 12,300 shares of the company in a deal that took place on Thursday, June 23. The shares were acquired at an average cost of $3.21 per share, with a total value of $39,483.00. Following the completion of the purchase, the administrator now directly owns 49,200 shares of the company, valued at $157,932. The purchase was disclosed in a filing with the SEC, accessible via this link. In other news, Director Frederik Wilhelm Mohn bought 2,000,000 shares of the company in a transaction dated Friday, May 13. The shares were acquired at an average price of $3.75 per share, for a total transaction of $7,500,000.00. Following the completion of the acquisition, the director now directly owns 82,636,646 shares of the company, valued at $309,887,422.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, director Vanessa CL Chang purchased 12,300 shares of the company in a trade dated Thursday, June 23. The shares were purchased at an average price of $3.21 per share, for a total transaction of $39,483.00. Following the acquisition, the director now directly owns 49,200 shares of the company, valued at $157,932. Disclosure of this purchase can be found here. Insiders acquired a total of 2,017,300 shares of the company worth $7,557,533 over the past ninety days. Insiders hold 13.26% of the company’s shares.

Institutional entries and exits

Large investors have recently increased or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. increased its stake in Transocean by 285.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 5,536 shares of the offshore drilling service provider valued at $25,000 after purchasing an additional 4,100 shares during the period. FNY Investment Advisers LLC acquired a new position in shares of Transocean during Q1 worth $30,000. Creative Financial Designs Inc. ADV acquired a new position in shares of Transocean during Q1 worth $33,000. Spire Wealth Management increased its stake in Transocean shares by 327.1% during the 1st quarter. Spire Wealth Management now owns 8,487 shares of the offshore drilling services provider worth $39,000 after buying an additional 6,500 shares in the last quarter. Finally, Budros Ruhlin & Roe Inc. acquired a new position in shares of Transocean during the 4th quarter for a value of $28,000. Institutional investors and hedge funds hold 47.88% of the company’s shares.

About Transocean

(Get a 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 owned partial interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deepwater floats and 10 harsh environment floats.

Further reading

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