The Manufacturers Life Insurance Company Buys 48,292 Shares of Transocean LTD (RIG)

The Manufacturers Life Insurance Company lifted its stake in Transocean LTD (NYSE:RIG) by 7.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 684,469 shares of the offshore drilling services provider’s stock after purchasing an additional 48,292 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Transocean were worth $6,776,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its stake in Transocean by 12.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 39,025 shares of the offshore drilling services provider’s stock valued at $387,000 after purchasing an additional 4,243 shares during the period. State of Wisconsin Investment Board raised its stake in Transocean by 6.9% during the 1st quarter. State of Wisconsin Investment Board now owns 86,068 shares of the offshore drilling services provider’s stock valued at $852,000 after purchasing an additional 5,533 shares during the period. Oppenheimer & Co. Inc. raised its stake in Transocean by 6.7% during the 1st quarter. Oppenheimer & Co. Inc. now owns 91,572 shares of the offshore drilling services provider’s stock valued at $907,000 after purchasing an additional 5,768 shares during the period. Advisor Group Inc. raised its stake in Transocean by 5.2% during the 4th quarter. Advisor Group Inc. now owns 121,431 shares of the offshore drilling services provider’s stock valued at $1,297,000 after purchasing an additional 6,044 shares during the period. Finally, Private Advisor Group LLC raised its stake in Transocean by 46.3% during the 1st quarter. Private Advisor Group LLC now owns 19,436 shares of the offshore drilling services provider’s stock valued at $194,000 after purchasing an additional 6,151 shares during the period. 72.82% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages recently issued reports on RIG. Citigroup decreased their target price on Transocean from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, June 21st. Cowen set a $10.00 target price on Transocean and gave the company a “hold” rating in a research note on Thursday, March 15th. ValuEngine raised Transocean from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 7th. Piper Jaffray Companies set a $11.00 target price on Transocean and gave the company a “hold” rating in a research note on Tuesday, March 27th. Finally, R. F. Lafferty lifted their price objective on Transocean from $11.00 to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, May 15th. Six research analysts have rated the stock with a sell rating, ten have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $11.76.

Shares of Transocean stock opened at $13.08 on Thursday. The company has a market capitalization of $6.02 billion, a PE ratio of -218.00 and a beta of 1.47. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.50 and a quick ratio of 1.35. Transocean LTD has a one year low of $7.20 and a one year high of $14.16.

Transocean (NYSE:RIG) last announced its earnings results on Monday, April 30th. The offshore drilling services provider reported ($0.48) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.38) by ($0.10). The company had revenue of $664.00 million during the quarter, compared to analysts’ expectations of $638.38 million. Transocean had a negative return on equity of 1.79% and a negative net margin of 120.20%. During the same quarter last year, the firm posted $0.23 EPS. research analysts forecast that Transocean LTD will post -0.95 earnings per share for the current year.

In other news, SVP David A. Tonnel sold 7,443 shares of Transocean stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $13.80, for a total value of $102,713.40. Following the completion of the transaction, the senior vice president now owns 78,819 shares in the company, valued at approximately $1,087,702.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 14.09% of the stock is currently owned by insiders.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.

Want to see what other hedge funds are holding RIG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Transocean LTD (NYSE:RIG).

Institutional Ownership by Quarter for Transocean (NYSE:RIG)

Receive News & Ratings for Transocean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transocean and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply