Transocean Ltd. $RIG Shares Sold by Contrarius Group Holdings Ltd

Contrarius Group Holdings Ltd reduced its position in Transocean Ltd. (NYSE:RIG – Free Report) by 16.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,649,457 shares of the offshore drilling services provider’s stock after selling 333,834 shares during the quarter. Contrarius Group Holdings Ltd owned approximately 0.15% of Transocean worth $6,812,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of RIG. Vanguard Group Inc. increased its stake in Transocean by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 97,006,263 shares of the offshore drilling services provider’s stock worth $400,636,000 after buying an additional 2,487,015 shares during the period. American Century Companies Inc. increased its stake in Transocean by 12.8% during the 3rd quarter. American Century Companies Inc. now owns 26,456,554 shares of the offshore drilling services provider’s stock worth $82,544,000 after buying an additional 3,006,786 shares during the period. Dalal Street LLC purchased a new stake in Transocean during the 3rd quarter worth approximately $76,260,000. Geode Capital Management LLC increased its stake in Transocean by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 22,797,180 shares of the offshore drilling services provider’s stock worth $94,168,000 after buying an additional 1,515,893 shares during the period. Finally, Two Sigma Investments LP increased its stake in Transocean by 0.3% during the 3rd quarter. Two Sigma Investments LP now owns 18,636,188 shares of the offshore drilling services provider’s stock worth $58,145,000 after buying an additional 64,305 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

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Transocean Trading Down 0.3%

NYSE RIG opened at $5.94 on Monday. The company has a quick ratio of 1.20, a current ratio of 1.54 and a debt-to-equity ratio of 0.60. Transocean Ltd. has a 52 week low of $2.51 and a 52 week high of $7.66. The stock has a market capitalization of $6.63 billion, a PE ratio of -1.99 and a beta of 1.28. The firm has a 50 day moving average of $6.51 and a two-hundred day moving average of $5.56.

Transocean (NYSE:RIG – Get Free Report) last posted its earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). The business had revenue of $1.08 billion during 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%. The business’s quarterly revenue was up 19.3% compared to the same quarter last year. During the same period last year, the company earned ($0.10) EPS. As a group, research analysts expect that Transocean Ltd. will post 0.17 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on RIG. Morgan Stanley increased their price objective on Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 15th. Susquehanna increased their price objective on Transocean from $7.50 to $8.00 and gave the company a “positive” rating in a research note on Tuesday, April 7th. Clarkson Capital cut Transocean from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 19th. TD Cowen lifted their price objective on Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Finally, Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $6.00 to $8.00 in a research note on Thursday, May 7th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $6.96.

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Transocean Company Profile

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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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