Madison Asset Management LLC acquired a new stake in shares of Transocean Ltd. (NYSE:RIG – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,030,000 shares of the offshore drilling services provider’s stock, valued at approximately $14,817,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC increased its position in Transocean by 12.1% during the first quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider’s stock valued at $221,000 after acquiring an additional 7,520 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Transocean by 4.6% in the first 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 during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Transocean by 88.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock valued at $38,521,000 after purchasing an additional 5,719,637 shares during the period. Cetera Investment Advisers increased its position in shares of Transocean by 5.7% during the 2nd quarter. Cetera Investment Advisers now owns 233,984 shares of the offshore drilling services provider’s stock valued at $606,000 after purchasing an additional 12,532 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Transocean by 29.2% during 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 purchasing an additional 233,458 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.
Transocean Price Performance
RIG stock opened at $5.84 on Thursday. Transocean Ltd. has a 52 week low of $2.76 and a 52 week high of $7.66. The firm has a market capitalization of $6.53 billion, a P/E ratio of -3.11, a price-to-earnings-growth ratio of 3.75 and a beta of 1.32. The company has a fifty day simple moving average of $5.33 and a two-hundred day simple moving average of $5.97. The company has a quick ratio of 1.27, a current ratio of 1.59 and a debt-to-equity ratio of 0.56.
Analysts Set New Price Targets
Several research analysts have weighed in on the stock. Barclays decreased their price target on shares of Transocean from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 12th. Fearnley Fonds raised shares of Transocean from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Susquehanna reduced their price objective on Transocean from $8.00 to $7.00 and set a “positive” rating for the company in a research note on Wednesday, July 8th. TD Cowen raised their target price on Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $6.68.
Check Out Our Latest Stock Report on Transocean
Insider Transactions at Transocean
In related news, Director Chad C. Deaton bought 35,000 shares of the stock in a transaction dated Thursday, July 2nd. The stock was purchased at an average cost of $4.95 per share, with a total value of $173,250.00. Following the completion of the purchase, the director owned 237,421 shares of the company’s stock, valued at $1,175,233.95. This trade represents a 17.29% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 9.70% of the stock is currently owned by insiders.
About Transocean
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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