3,778,762 Shares in Transocean Ltd. $RIG Acquired by Penn Capital Management Company LLC

Key Points

• Penn Capital Management acquired 3.78 million Transocean shares in the third quarter, worth about $19.84 million. The position represents roughly 0.34% of Transocean and 1.4% of the firm’s holdings.
• Analyst views are mixed, with Transocean carrying a consensus “Hold” rating and an average price target of $6.61.
• Transocean matched quarterly earnings estimates at $0.02 per share, while revenue of $937 million fell short of forecasts and declined 8.9% year over year.

Penn Capital Management Company LLC purchased a new stake in shares of Transocean Ltd. (NYSE:RIG - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 3,778,762 shares of the offshore drilling services provider's stock, valued at approximately $19,840,000. Transocean makes up 1.4% of Penn Capital Management Company LLC's holdings, making the stock its 19th biggest holding. Penn Capital Management Company LLC owned about 0.34% of Transocean as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Hartford Financial Management Inc. bought a new position in shares of Transocean during the 3rd quarter valued at approximately $31,000. Costello Asset Management INC bought a new stake in Transocean in the third quarter worth $33,000. Ascentis Independent Advisors purchased a new stake in Transocean during the first quarter valued at $43,000. EverSource Wealth Advisors LLC raised its stake in Transocean by 27.0% during the first quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider's stock valued at $43,000 after purchasing an additional 1,391 shares in the last quarter. Finally, Root Financial Partners LLC purchased a new stake in Transocean during the third quarter valued at $48,000. Institutional investors own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RIG. Barclays dropped their price objective on shares of Transocean from $8.00 to $7.00 and set an "overweight" rating for the company in a research note on Wednesday, August 12th. Wall Street Zen cut shares of Transocean from a "hold" rating to a "sell" rating in a research report on Saturday. Zacks Research upgraded shares of Transocean from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 5th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Transocean in a report on Thursday, October 15th. Finally, Morgan Stanley dropped their price target on Transocean from $7.00 to $6.50 and set an "equal weight" rating for the company in a research report on Monday. Two investment 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 issued a Sell rating to the company. Based on data from MarketBeat.com, Transocean currently has a consensus rating of "Hold" and a consensus target price of $6.61.

Transocean Stock Down 1.4%

Shares of RIG opened at $5.17 on Tuesday. The company has a quick ratio of 1.27, a current ratio of 1.53 and a debt-to-equity ratio of 0.54. The business has a fifty day moving average of $5.73 and a 200 day moving average of $5.87. The company has a market cap of $5.77 billion, a PE ratio of 36.89, a P/E/G ratio of 3.99 and a beta of 1.44. Transocean Ltd. has a 52-week low of $3.68 and a 52-week high of $7.66.

Transocean (NYSE:RIG - Get Free Report) last posted its quarterly earnings data on Monday, November 2nd. The offshore drilling services provider reported $0.02 earnings per share for the quarter, meeting analysts' consensus estimates of $0.02. Transocean had a net margin of 7.25% and a return on equity of 1.84%. The business had revenue of $937.00 million for the quarter, compared to analysts' expectations of $943.99 million. During the same quarter in the previous year, the business posted ($2.00) earnings per share. The business's revenue was down 8.9% compared to the same quarter last year. On average, sell-side analysts expect that Transocean Ltd. will post 0.18 EPS for the current year.

Transocean Company Profile

Transocean Ltd. is an offshore contract drilling company that provides drilling services to oil and gas companies around the world. Its work focuses on offshore exploration and development, particularly in deepwater and harsh-environment locations.

The company owns and operates a fleet of offshore drilling rigs, including drillships and semisubmersible rigs. It contracts these rigs to customers and provides the crews and related services needed to conduct offshore drilling operations.

Transocean serves customers across multiple offshore regions worldwide.

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