2,111,329 Shares of Transocean Ltd. $RIG Acquired by Trek Financial LLC

Key Points

• Trek Financial LLC acquired 2.11 million Transocean shares worth approximately $11.1 million in the third quarter, giving it about a 0.19% stake.
• Institutional ownership remains substantial at 67.73%, with firms including Dimensional Fund Advisors, State Street, Elliott Investment Management and Bank of New York Mellon increasing or initiating positions.
• Analyst sentiment is mixed: Transocean has an average “Hold” rating and a $6.68 price target, despite recent upgrades from Zacks Research and Fearnley Fonds. The company modestly beat quarterly EPS and revenue expectations but remains unprofitable.

Trek Financial LLC bought a new stake in Transocean Ltd. (NYSE:RIG - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,111,329 shares of the offshore drilling services provider's stock, valued at approximately $11,063,000. Trek Financial LLC owned approximately 0.19% of Transocean at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in RIG. Dimensional Fund Advisors LP increased its stake in Transocean by 12.3% in the first quarter. Dimensional Fund Advisors LP now owns 48,819,576 shares of the offshore drilling services provider's stock valued at $323,682,000 after acquiring an additional 5,349,264 shares during the last quarter. State Street Corp lifted its stake in Transocean by 8.7% during the second quarter. State Street Corp now owns 27,148,850 shares of the offshore drilling services provider's stock worth $132,758,000 after purchasing an additional 2,166,646 shares during the last quarter. Elliott Investment Management L.P. acquired a new stake in shares of Transocean in the 1st quarter valued at $103,606,000. Bank of New York Mellon Corp boosted its holdings in shares of Transocean by 67.8% in the 1st quarter. Bank of New York Mellon Corp now owns 5,698,827 shares of the offshore drilling services provider's stock valued at $37,783,000 after purchasing an additional 2,303,297 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in shares of Transocean in the 2nd quarter valued at $37,477,000. Institutional investors own 67.73% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RIG. Zacks Research raised Transocean from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. Susquehanna reduced their price objective on Transocean from $8.00 to $7.00 and set a "positive" rating on the stock in a research note on Wednesday, July 8th. Fearnley Fonds upgraded Transocean from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Weiss Ratings restated a "sell (d-)" rating on shares of Transocean in a research note on Thursday, October 15th. Finally, Barclays reduced their price target on shares of Transocean from $8.00 to $7.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Transocean has an average rating of "Hold" and an average price target of $6.68.

Transocean Price Performance

NYSE:RIG opened at $6.94 on Monday. The firm's 50 day simple moving average is $5.76 and its 200 day simple moving average is $5.83. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.59 and a quick ratio of 1.27. Transocean Ltd. has a one year low of $3.68 and a one year high of $7.66. The company has a market cap of $7.75 billion, a PE ratio of -3.69, a P/E/G ratio of 5.08 and a beta of 1.41.

Transocean (NYSE:RIG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The offshore drilling services provider reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.02. The firm had revenue of $966.00 million during the quarter, compared to analysts' expectations of $956.64 million. Transocean had a negative net margin of 40.24% and a positive return on equity of 2.60%. The company's revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the company posted ($1.06) EPS. On average, research analysts anticipate that Transocean Ltd. will post 0.18 earnings per share for the current year.

Transocean Company Profile

Transocean Ltd. is an offshore drilling contractor that provides drilling services to international oil and gas companies. The company specializes in ultra-deepwater and harsh-environment drilling, helping customers explore for and develop offshore energy resources.

Transocean owns and operates a fleet of mobile offshore drilling units, including ultra-deepwater drillships and semisubmersible rigs. Its services generally include contract drilling, rig operations, well-construction support, and related offshore drilling management.

With roots tracing back to the 1920s, Transocean serves customers in major offshore energy regions around the world.

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