Penn Capital Management Company LLC lifted its stake in Transocean Ltd. (NYSE:RIG – Free Report) by 7.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 3,755,392 shares of the offshore drilling services provider’s stock after purchasing an additional 256,112 shares during the quarter. Penn Capital Management Company LLC’s holdings in Transocean were worth $15,551,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in RIG. Integrated Wealth Concepts LLC boosted its position in shares of Transocean by 12.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider’s stock worth $221,000 after purchasing an additional 7,520 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Transocean by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 434,031 shares of the offshore drilling services provider’s stock worth $1,376,000 after purchasing an additional 18,957 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Transocean by 88.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock worth $38,521,000 after purchasing an additional 5,719,637 shares in the last quarter. Cetera Investment Advisers lifted its position in Transocean by 5.7% in the 2nd quarter. Cetera Investment Advisers now owns 233,984 shares of the offshore drilling services provider’s stock valued at $606,000 after acquiring an additional 12,532 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Transocean by 29.2% in the 2nd quarter. Invesco Ltd. now owns 1,032,774 shares of the offshore drilling services provider’s stock valued at $2,675,000 after acquiring an additional 233,458 shares in the last quarter. 67.73% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on RIG. Clarkson Capital cut Transocean from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 19th. TD Cowen upped their price objective on Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. Susquehanna upped their price objective on Transocean from $7.50 to $8.00 and gave the company a “positive” rating in a research report on Tuesday, April 7th. Pareto Securities cut Transocean from a “hold” rating to a “sell” rating and set a $5.25 price objective on the stock. in a research report on Tuesday, February 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research report on Tuesday, April 21st. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.96.
Transocean Stock Performance
RIG stock opened at $6.48 on Wednesday. The stock has a market capitalization of $7.23 billion, a PE ratio of -2.17 and a beta of 1.34. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60. The stock’s 50 day simple moving average is $6.56 and its 200 day simple moving average is $5.44. Transocean Ltd. has a 12-month low of $2.47 and a 12-month high of $7.66.
Transocean (NYSE:RIG – Get Free Report) last announced its earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. Transocean’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. As a group, research analysts forecast that Transocean Ltd. will post 0.19 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Transocean news, EVP Roderick James Mackenzie sold 78,370 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $6.36, for a total transaction of $498,433.20. Following the completion of the sale, the executive vice president directly owned 268,025 shares in the company, valued at approximately $1,704,639. The trade was a 22.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.70% of the company’s stock.
Transocean Company Profile
Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.
The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.
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