Wells Fargo & Company MN Boosts Stake in Transocean LTD (NYSE:RIG)

Wells Fargo & Company MN increased its position in Transocean LTD (NYSE:RIG) by 12.6% in the 2nd quarter, Holdings Channel reports. The firm owned 763,441 shares of the offshore drilling services provider’s stock after buying an additional 85,412 shares during the period. Wells Fargo & Company MN’s holdings in Transocean were worth $4,893,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of RIG. Perella Weinberg Partners Capital Management LP lifted its holdings in shares of Transocean by 5,240.6% in the 2nd quarter. Perella Weinberg Partners Capital Management LP now owns 4,507,196 shares of the offshore drilling services provider’s stock valued at $28,891,000 after purchasing an additional 4,422,801 shares during the last quarter. Geode Capital Management LLC increased its position in Transocean by 23.9% in the 4th quarter. Geode Capital Management LLC now owns 4,978,814 shares of the offshore drilling services provider’s stock valued at $34,552,000 after acquiring an additional 959,861 shares during the period. Wedge Capital Management L L P NC increased its position in Transocean by 40.9% in the 2nd quarter. Wedge Capital Management L L P NC now owns 2,753,618 shares of the offshore drilling services provider’s stock valued at $17,651,000 after acquiring an additional 799,795 shares during the period. BlackRock Inc. increased its position in Transocean by 1.7% in the 1st quarter. BlackRock Inc. now owns 47,148,891 shares of the offshore drilling services provider’s stock valued at $410,666,000 after acquiring an additional 785,189 shares during the period. Finally, Elephas Investment Management Ltd increased its position in Transocean by 242.5% in the 1st quarter. Elephas Investment Management Ltd now owns 1,061,737 shares of the offshore drilling services provider’s stock valued at $9,248,000 after acquiring an additional 751,759 shares during the period. 70.65% of the stock is owned by institutional investors and hedge funds.

Several equities analysts recently issued reports on the company. Piper Jaffray Companies set a $8.00 price target on Transocean and gave the company a “hold” rating in a research report on Wednesday, July 31st. Scotiabank set a $7.00 price target on Transocean and gave the company a “hold” rating in a research report on Monday, August 26th. Morgan Stanley set a $10.00 price target on Transocean and gave the company a “buy” rating in a research report on Monday, July 15th. HSBC set a $12.00 price target on Transocean and gave the company a “buy” rating in a research report on Monday, July 15th. Finally, ValuEngine upgraded Transocean from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $11.43.

NYSE RIG remained flat at $$5.92 on Thursday. The company’s stock had a trading volume of 5,939,197 shares, compared to its average volume of 20,048,340. The company has a current ratio of 2.88, a quick ratio of 2.55 and a debt-to-equity ratio of 0.74. The firm has a fifty day moving average price of $4.85 and a 200-day moving average price of $6.78. Transocean LTD has a 52 week low of $3.76 and a 52 week high of $14.47. The stock has a market cap of $3.62 billion, a price-to-earnings ratio of -7.49 and a beta of 1.85.

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

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

Transocean Profile

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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