Prospera Financial Services Inc Acquires New Shares in Transocean LTD (NYSE:RIG)

Prospera Financial Services Inc acquired a new stake in Transocean LTD (NYSE:RIG) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 32,549 shares of the offshore drilling services provider’s stock, valued at approximately $245,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Perella Weinberg Partners Capital Management LP increased its holdings in Transocean by 5,240.6% during the 2nd quarter. Perella Weinberg Partners Capital Management LP now owns 4,507,196 shares of the offshore drilling services provider’s stock worth $28,891,000 after purchasing an additional 4,422,801 shares in the last quarter. BlackRock Inc. increased its holdings in Transocean by 2.9% during the 2nd quarter. BlackRock Inc. now owns 48,524,391 shares of the offshore drilling services provider’s stock worth $311,041,000 after purchasing an additional 1,375,500 shares in the last quarter. Van ECK Associates Corp increased its holdings in Transocean by 16.5% during the 2nd quarter. Van ECK Associates Corp now owns 8,422,618 shares of the offshore drilling services provider’s stock worth $53,989,000 after purchasing an additional 1,191,378 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Transocean by 19.3% during the 2nd quarter. Renaissance Technologies LLC now owns 6,368,700 shares of the offshore drilling services provider’s stock worth $40,823,000 after purchasing an additional 1,029,772 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Transocean by 23.9% during the 4th quarter. Geode Capital Management LLC now owns 4,978,814 shares of the offshore drilling services provider’s stock worth $34,552,000 after purchasing an additional 959,861 shares in the last quarter. Institutional investors and hedge funds own 70.65% of the company’s stock.

NYSE:RIG traded down $0.08 during mid-day trading on Thursday, hitting $5.84. The stock had a trading volume of 11,811,253 shares, compared to its average volume of 20,048,340. Transocean LTD has a twelve month low of $3.76 and a twelve month high of $14.47. The stock has a market cap of $3.62 billion, a price-to-earnings ratio of -7.39 and a beta of 1.85. The company’s 50 day simple moving average is $4.85 and its 200 day simple moving average is $6.78. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.55 and a current ratio of 2.88.

Transocean (NYSE:RIG) last issued its earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.34). Transocean had a negative net margin of 33.49% and a negative return on equity of 4.18%. The business had revenue of $758.00 million during the quarter, compared to the consensus estimate of $765.81 million. During the same period last year, the business posted ($0.04) EPS. Transocean’s revenue was down 4.1% on a year-over-year basis. As a group, equities analysts forecast that Transocean LTD will post -1.22 earnings per share for the current year.

RIG has been the subject of a number of research reports. Royal Bank of Canada set a $17.00 target price on Transocean and gave the stock a “buy” rating in a report on Wednesday, July 31st. UBS Group set a $10.00 price objective on shares of Transocean and gave the stock a “buy” rating in a research note on Monday, August 26th. Scotiabank set a $7.00 price objective on shares of Transocean and gave the stock a “hold” rating in a research note on Monday, August 26th. ValuEngine upgraded shares of Transocean from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Bank of America initiated coverage on shares of Transocean in a research note on Monday, June 10th. They set a “neutral” rating and a $6.50 price objective for the company. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $11.43.

In related news, CAO Howard E. Davis acquired 98,049 shares of the business’s stock in a transaction on Friday, June 28th. The stock was purchased at an average cost of $6.35 per share, for a total transaction of $622,611.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Chad C. Deaton acquired 25,000 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were bought at an average price of $5.29 per share, with a total value of $132,250.00. Following the completion of the transaction, the director now directly owns 24,800 shares of the company’s stock, valued at $131,192. The disclosure for this purchase can be found here. Insiders purchased a total of 130,549 shares of company stock valued at $785,526 over the last quarter. 11.05% of the stock is currently owned by company insiders.

About Transocean

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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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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