First Mercantile Trust Co. reduced its stake in shares of Transocean LTD (NYSE:RIG) by 4.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 35,501 shares of the offshore drilling services provider’s stock after selling 1,520 shares during the period. First Mercantile Trust Co.’s holdings in Transocean were worth $309,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Westpac Banking Corp purchased a new stake in Transocean during the 4th quarter valued at approximately $1,833,000. Nordea Investment Management AB grew its holdings in Transocean by 1.9% during the 4th quarter. Nordea Investment Management AB now owns 94,800 shares of the offshore drilling services provider’s stock valued at $658,000 after buying an additional 1,800 shares in the last quarter. Oakbrook Investments LLC purchased a new stake in Transocean during the 1st quarter valued at approximately $451,000. Van ECK Associates Corp grew its holdings in Transocean by 15.1% during the 4th quarter. Van ECK Associates Corp now owns 9,627,227 shares of the offshore drilling services provider’s stock valued at $66,813,000 after buying an additional 1,261,299 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Transocean by 36.5% during the 3rd quarter. AQR Capital Management LLC now owns 88,498 shares of the offshore drilling services provider’s stock valued at $1,235,000 after buying an additional 23,649 shares in the last quarter. 75.64% of the stock is owned by institutional investors and hedge funds.
RIG stock opened at $7.54 on Friday. The company has a quick ratio of 2.37, a current ratio of 2.72 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $4.61 billion, a P/E ratio of -9.54 and a beta of 1.76. Transocean LTD has a fifty-two week low of $6.19 and a fifty-two week high of $14.47.
Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.01). The firm had revenue of $754.00 million for the quarter, compared to analysts’ expectations of $745.43 million. Transocean had a negative return on equity of 2.70% and a negative net margin of 62.97%. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.48) earnings per share. Analysts predict that Transocean LTD will post -0.89 earnings per share for the current year.
A number of research firms recently weighed in on RIG. Barclays reissued an “underweight” rating on shares of Transocean in a report on Thursday, February 21st. Goldman Sachs Group began coverage on shares of Transocean in a report on Sunday, March 10th. They issued a “buy” rating and a $11.00 target price for the company. Finally, Zacks Investment Research lowered shares of Transocean from a “hold” rating to a “sell” rating in a report on Tuesday, February 26th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $13.69.
In other news, Director Vincent J. Intrieri acquired 10,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was bought at an average cost of $7.35 per share, with a total value of $73,500.00. Following the completion of the purchase, the director now directly owns 19,900 shares of the company’s stock, valued at $146,265. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP David A. Tonnel sold 16,561 shares of Transocean stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $9.25, for a total transaction of $153,189.25. Following the transaction, the senior vice president now directly owns 111,936 shares of the company’s stock, valued at $1,035,408. The disclosure for this sale can be found here. 11.05% of the stock is owned by insiders.
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Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.
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