Quantitative Investment Management LLC purchased a new stake in Transocean Ltd. (NYSE:RIG – Free Report) during the second quarter, HoldingsChannel.com reports. The fund purchased 287,926 shares of the offshore drilling services provider’s stock, valued at approximately $1,407,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Elliott Investment Management L.P. bought a new position in shares of Transocean during the first quarter worth about $103,606,000. Zimmer Partners LP acquired a new stake in shares of Transocean in the 3rd quarter valued at approximately $30,262,000. Assenagon Asset Management S.A. bought a new position in shares of Transocean in the 2nd quarter valued at about $37,477,000. Barclays PLC grew its holdings in Transocean by 230.6% during the fourth quarter. Barclays PLC now owns 10,802,664 shares of the offshore drilling services provider’s stock worth $44,615,000 after purchasing an additional 7,535,041 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Transocean by 20.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 43,470,312 shares of the offshore drilling services provider’s stock worth $179,531,000 after acquiring an additional 7,516,589 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several analysts recently commented on RIG shares. Fearnley Fonds raised shares of Transocean from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Friday, July 17th. TD Cowen increased 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. Barclays dropped their price target on Transocean from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Wednesday, August 12th. Finally, Susquehanna reduced their price objective on shares of Transocean from $8.00 to $7.00 and set a “positive” rating on the stock in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $6.68.
Insider Activity
In related news, Director Chad C. Deaton acquired 35,000 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was acquired at an average cost of $4.95 per share, for a total transaction of $173,250.00. Following the transaction, the director directly owned 237,421 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 9.70% of the company’s stock.
Transocean Stock Performance
NYSE:RIG opened at $5.81 on Tuesday. Transocean Ltd. has a twelve month low of $2.93 and a twelve month high of $7.66. The company has a quick ratio of 1.27, a current ratio of 1.59 and a debt-to-equity ratio of 0.56. The stock’s 50-day simple moving average is $5.35 and its 200 day simple moving average is $6.00. The firm has a market capitalization of $6.49 billion, a PE ratio of -3.09, a price-to-earnings-growth ratio of 4.54 and a beta of 1.32.
Transocean (NYSE:RIG – Get Free Report) last issued its earnings results on Wednesday, August 5th. The offshore drilling services provider reported $0.03 EPS for the quarter, topping the consensus estimate of $0.01 by $0.02. The firm had revenue of $966.00 million during the quarter, compared to the consensus estimate of $956.64 million. Transocean had a positive return on equity of 2.60% and a negative net margin of 40.24%.The business’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.06) earnings per share. On average, analysts anticipate that Transocean Ltd. will post 0.17 EPS for the current fiscal year.
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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