Investors Buy Shares of Transocean (RIG) on Weakness

Investors bought shares of Transocean LTD (NYSE:RIG) on weakness during trading on Thursday. $146.81 million flowed into the stock on the tick-up and $42.97 million flowed out of the stock on the tick-down, for a money net flow of $103.84 million into the stock. Of all stocks tracked, Transocean had the 16th highest net in-flow for the day. Transocean traded down ($0.58) for the day and closed at $8.74

A number of research analysts recently issued reports on RIG shares. UBS Group upgraded shares of Transocean from an “accumulate” rating to a “buy” rating in a research note on Thursday, October 18th. Piper Jaffray Companies set a $14.00 target price on shares of Transocean and gave the company a “hold” rating in a research note on Monday, October 1st. ValuEngine lowered shares of Transocean from a “buy” rating to a “hold” rating in a research note on Thursday, November 8th. Morgan Stanley started coverage on shares of Transocean in a research note on Tuesday, September 18th. They issued an “overweight” rating and a $15.00 target price on the stock. Finally, Cowen initiated coverage on shares of Transocean in a research note on Saturday, October 13th. They issued a “hold” rating and a $12.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the stock. Transocean presently has a consensus rating of “Hold” and an average target price of $13.79.

The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.77 and a current ratio of 3.07. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of -138.33 and a beta of 1.54.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Monday, October 29th. The offshore drilling services provider reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.16. Transocean had a negative net margin of 64.33% and a negative return on equity of 2.31%. The firm had revenue of $816.00 million during the quarter, compared to the consensus estimate of $779.19 million. During the same period in the prior year, the firm earned $0.16 EPS. The business’s revenue was up 1.0% on a year-over-year basis. As a group, equities analysts anticipate that Transocean LTD will post -0.72 EPS for the current year.

Large investors have recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC lifted its holdings in shares of Transocean by 4.4% during the 3rd quarter. Wedge Capital Management L L P NC now owns 1,492,905 shares of the offshore drilling services provider’s stock worth $20,826,000 after acquiring an additional 62,528 shares during the period. Prospera Financial Services Inc lifted its holdings in shares of Transocean by 35.2% during the 3rd quarter. Prospera Financial Services Inc now owns 32,549 shares of the offshore drilling services provider’s stock worth $445,000 after acquiring an additional 8,475 shares during the period. Victory Capital Management Inc. bought a new position in shares of Transocean during the 2nd quarter worth about $9,420,000. Cornerstone Wealth Management LLC lifted its holdings in shares of Transocean by 74.5% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 98,195 shares of the offshore drilling services provider’s stock worth $9,342,000 after acquiring an additional 41,919 shares during the period. Finally, Platinum Investment Management Ltd. lifted its holdings in shares of Transocean by 80.3% during the 2nd quarter. Platinum Investment Management Ltd. now owns 8,714,500 shares of the offshore drilling services provider’s stock worth $117,123,000 after acquiring an additional 3,882,400 shares during the period. 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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