Tyers Asset Management LLC raised its position in Transocean LTD (NYSE:RIG) by 17.2% during the first quarter, HoldingsChannel reports. The firm owned 71,680 shares of the offshore drilling services provider’s stock after buying an additional 10,500 shares during the period. Tyers Asset Management LLC’s holdings in Transocean were worth $624,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Transocean by 1.7% during the 1st quarter. BlackRock Inc. now owns 47,148,891 shares of the offshore drilling services provider’s stock valued at $410,666,000 after acquiring an additional 785,189 shares during the last quarter. Vanguard Group Inc increased its stake in shares of Transocean by 0.3% during the 3rd quarter. Vanguard Group Inc now owns 38,625,518 shares of the offshore drilling services provider’s stock valued at $538,826,000 after acquiring an additional 118,330 shares during the last quarter. FMR LLC increased its stake in shares of Transocean by 44.6% during the 4th quarter. FMR LLC now owns 11,313,110 shares of the offshore drilling services provider’s stock valued at $78,513,000 after acquiring an additional 3,488,128 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Transocean by 15.1% during the 4th quarter. Van ECK Associates Corp now owns 9,627,227 shares of the offshore drilling services provider’s stock valued at $66,813,000 after acquiring an additional 1,261,299 shares during the last quarter. Finally, Lasry Marc acquired a new position in shares of Transocean during the 4th quarter valued at about $53,938,000. Institutional investors own 70.70% of the company’s stock.
In related news, SVP David A. Tonnel sold 16,561 shares of the firm’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $9.25, for a total transaction of $153,189.25. Following the transaction, the senior vice president now directly owns 111,936 shares in the company, valued at $1,035,408. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vincent J. Intrieri acquired 10,000 shares of Transocean stock in a transaction that occurred on Tuesday, May 7th. The shares were purchased at an average price of $7.35 per share, for a total transaction of $73,500.00. Following the completion of the purchase, the director now directly owns 19,900 shares of the company’s stock, valued at $146,265. The disclosure for this purchase can be found here. Corporate insiders own 11.05% of the company’s stock.
A number of research analysts have recently commented on the stock. Citigroup downgraded shares of Transocean from a “buy” rating to a “neutral” rating and set a $7.00 price objective for the company. in a research note on Friday. ValuEngine downgraded shares of Transocean from a “hold” rating to a “sell” rating in a research note on Wednesday. Bank of America assumed coverage on shares of Transocean in a research report on Monday, June 10th. They set a “neutral” rating and a $6.50 target price for the company. Goldman Sachs Group assumed coverage on shares of Transocean in a research report on Sunday, March 10th. They set a “buy” rating and a $11.00 target price for the company. Finally, Zacks Investment Research downgraded shares of Transocean from a “hold” rating to a “sell” rating in a research report on Tuesday, February 26th. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company’s stock. Transocean currently has an average rating of “Hold” and a consensus price target of $12.61.
RIG opened at $5.42 on Friday. The company has a market cap of $3.32 billion, a P/E ratio of -6.86 and a beta of 1.83. Transocean LTD has a 1 year low of $5.28 and a 1 year high of $14.47. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.72 and a quick ratio of 2.37.
Transocean (NYSE:RIG) last released its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.30) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.01). The business had revenue of $754.00 million for the quarter, compared to analysts’ expectations of $745.43 million. Transocean had a negative net margin of 62.97% and a negative return on equity of 2.70%. The business’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.48) earnings per share. On average, analysts expect that Transocean LTD will post -1.06 earnings per share for the current year.
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Transocean Company Profile
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.
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