NEW YORK (TheStreet) -- A big, favorable legal decision was handed to Transocean Thursday afternoon, causing shares to briefly hit $50 this morning, a level they haven't seen since November of last year and capping a nearly 30% rally from their lows under $40 in December of last year. But of course, the question for shareholders is, now what? For those who have already caught some of that 30% gain, now would be a great time to take some of those profits. The questions surrounding Transocean shares have not recently been about rig rates or activity in the Gulf of Mexico, or their oversubscribed scheduling, or their updating of older blow-out preventers. In short, all the bottom-up fundamentals of the company have taken a back seat to the drag-out, bare knuckles legal battles between them and BP, the leaseholder of record of the fated Deepwater Horizon rig that caused the disastrous Gulf of Mexico oil spill at Macondo in 2010. And with court cases nearing, shares had swooned, reaching a low of close to $38 a share before beginning a recovery in the New Year. ... Click to view a price quote on RIG. Click to research the Energy industry.

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