Transocean LTD (NYSE:RIG) shares gapped up before the market opened on Thursday . The stock had previously closed at $9.34, but opened at $9.57. Transocean shares last traded at $9.59, with a volume of 6006856 shares changing hands.

A number of research analysts have recently issued reports on the stock. ValuEngine cut shares of Transocean from a “buy” rating to a “hold” rating in a report on Thursday, November 8th. DNB Markets upgraded shares of Transocean from a “sell” rating to a “hold” rating in a report on Tuesday, October 30th. UBS Group upgraded shares of Transocean from an “accumulate” rating to a “buy” rating in a report on Thursday, October 18th. Johnson Rice upgraded shares of Transocean from a “sell” rating to a “hold” rating and set a $16.00 price objective for the company in a report on Wednesday, October 17th. Finally, Cowen assumed coverage on shares of Transocean in a report on Saturday, October 13th. They set a “hold” rating and a $12.00 price objective for the company. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company. Transocean has a consensus rating of “Hold” and a consensus price target of $13.79.

The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of -162.17 and a beta of 1.60. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.77 and a current ratio of 3.07.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, October 29th. The offshore drilling services provider reported $0.06 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $816.00 million for the quarter, compared to analysts’ expectations of $779.19 million. During the same period in the previous year, the company earned $0.16 earnings per share. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. Analysts forecast that Transocean LTD will post -0.75 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its position in Transocean by 15.0% in the first quarter. Principal Financial Group Inc. now owns 1,896,766 shares of the offshore drilling services provider’s stock worth $18,778,000 after acquiring an additional 247,125 shares during the period. State of Alaska Department of Revenue raised its position in Transocean by 39.2% in the second quarter. State of Alaska Department of Revenue now owns 47,150 shares of the offshore drilling services provider’s stock worth $633,000 after acquiring an additional 13,270 shares during the period. Nwam LLC raised its position in Transocean by 28.6% in the second quarter. Nwam LLC now owns 26,413 shares of the offshore drilling services provider’s stock worth $355,000 after acquiring an additional 5,876 shares during the period. Oakbrook Investments LLC bought a new stake in Transocean in the second quarter worth about $274,000. Finally, Louisiana State Employees Retirement System raised its position in Transocean by 3.5% in the second quarter. Louisiana State Employees Retirement System now owns 118,500 shares of the offshore drilling services provider’s stock worth $1,593,000 after acquiring an additional 4,000 shares during the period. Institutional investors and hedge funds own 71.78% of the company’s stock.

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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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