Offshore drilling contractor Transocean (RIG: sentiment, chart, options) today wowed the Street with its latest earnings numbers. The company reported that its first-quarter earnings and revenue more than doubled from the same period a year ago, boosted by acquisition-related sales figures.

More specifically, the firm reported quarterly earnings of $1.19 billion, or $3.71 per share, beating analysts' estimates for earnings of $3.33 per share. Revenue increased to $3.11 billion from $1.33 billion a year ago, compared to the Street's forecast for revenue of $3.05 billion. The company attributed the boost in profit to its acquisition of competitor GlobalSantaFe Corp. in late 2007.

Right out of the gate this morning, the shares of RIG hit a new all-time high of $162.35. The stock has since pared some of those early gains, currently trading with a 25-cent surplus near the $158 level. The security has more than quadrupled since trading near the 30 neighborhood in late 2004, led higher by double-barreled support from its 10-month and 20-month moving averages.

Ahead of the report, sentiment in the options realm was mixed, as the stock's Schaeffer's put/call open interest ratio of 0.71 ranks in the middle-of-the-road 58th annual percentile. Meanwhile, sentiment in the brokerage arena is skewed toward the bulls' lair, as Zacks reports that 16 of the 22 ranking analysts rate the equity a "buy" or better. However, according to Thomson Financial, the average 12-month price target for the shares is $158.57. Should the stock continue to mark new all-time highs above this level, any price-target increases could add uptrending fuel to the fire.