300,000 Shares in Transocean Ltd. $RIG Bought by Monashee Investment Management LLC

Key Points

• Monashee Investment Management bought a new position of 300,000 shares (~$936,000) in Transocean during the third quarter, joining heavy institutional activity (Vanguard added 15.3M shares) as institutions now own 67.73% of the company.
• Analysts are mixed: the consensus rating is "Reduce" with an average price target of $5.86, while individual targets range roughly from $4.25 to $10 and the analyst breakdown is 2 Buys, 4 Holds and 3 Sells.
• Transocean missed quarterly EPS ($0.02 vs. $0.09 expected) but posted $1.04B revenue; the stock trades near $6.48, with a market cap of about $7.14B and a 52‑week range of $1.97–$6.96.

Monashee Investment Management LLC bought a new position in Transocean Ltd. (NYSE:RIG - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 300,000 shares of the offshore drilling services provider's stock, valued at approximately $936,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. raised its position in Transocean by 19.3% during the third quarter. Vanguard Group Inc. now owns 94,519,248 shares of the offshore drilling services provider's stock valued at $294,900,000 after purchasing an additional 15,315,289 shares in the last quarter. Ninepoint Partners LP purchased a new position in shares of Transocean during the 3rd quarter valued at about $18,720,000. Goldman Sachs Group Inc. lifted its position in Transocean by 88.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider's stock worth $38,521,000 after buying an additional 5,719,637 shares during the last quarter. Jump Financial LLC boosted its stake in Transocean by 288.1% in the second quarter. Jump Financial LLC now owns 5,780,571 shares of the offshore drilling services provider's stock worth $14,972,000 after buying an additional 4,290,971 shares in the last quarter. Finally, Paloma Partners Management Co grew its position in Transocean by 288.9% during the second quarter. Paloma Partners Management Co now owns 4,200,000 shares of the offshore drilling services provider's stock valued at $10,878,000 after acquiring an additional 3,120,000 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RIG. Morgan Stanley boosted their target price on Transocean from $4.50 to $5.00 and gave the company an "equal weight" rating in a research note on Monday, February 23rd. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of Transocean in a research note on Wednesday, December 10th. Citigroup increased their price objective on Transocean from $4.25 to $4.50 and gave the company a "neutral" rating in a research note on Thursday, December 11th. Fearnley Fonds cut shares of Transocean from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 10th. Finally, BTIG Research upped their price target on shares of Transocean from $6.00 to $10.00 and gave the company a "buy" rating in a report on Monday, February 9th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of $5.86.

Insider Buying and Selling at Transocean

In other news, CEO Keelan Adamson sold 58,687 shares of the company's stock in a transaction on Tuesday, January 27th. The stock was sold at an average price of $5.00, for a total value of $293,435.00. Following the completion of the sale, the chief executive officer directly owned 1,222,182 shares in the company, valued at $6,110,910. This represents a 4.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Roderick James Mackenzie sold 35,000 shares of the company's stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $4.48, for a total value of $156,800.00. Following the completion of the sale, the executive vice president owned 212,072 shares of the company's stock, valued at approximately $950,082.56. The trade was a 14.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 182,970 shares of company stock worth $863,432 over the last ninety days. 12.27% of the stock is currently owned by insiders.

Transocean Stock Up 1.5%

RIG stock opened at $6.48 on Friday. Transocean Ltd. has a fifty-two week low of $1.97 and a fifty-two week high of $6.96. The company has a market capitalization of $7.14 billion, a price-to-earnings ratio of -2.06 and a beta of 1.46. The business's 50 day moving average price is $5.00 and its two-hundred day moving average price is $4.09. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.27 and a current ratio of 1.56.

Transocean (NYSE:RIG - Get Free Report) last issued its quarterly earnings results on Thursday, February 19th. The offshore drilling services provider reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.07). The business had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.03 billion. Transocean had a negative net margin of 73.52% and a positive return on equity of 0.41%. The company's revenue was up 9.6% on a year-over-year basis. During the same period last year, the business earned ($0.09) earnings per share. As a group, analysts forecast that Transocean Ltd. will post 0.14 earnings per share 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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