Assenagon Asset Management S.A. acquired a new stake in shares of Transocean Ltd. (NYSE:RIG - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 7,664,059 shares of the offshore drilling services provider's stock, valued at approximately $37,477,000. Assenagon Asset Management S.A. owned approximately 0.69% of Transocean at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in RIG. EverSource Wealth Advisors LLC boosted its stake in Transocean by 27.0% in 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 acquiring an additional 1,391 shares in the last quarter. Fruth Investment Management lifted its holdings in shares of Transocean by 2.8% during the 4th quarter. Fruth Investment Management now owns 90,378 shares of the offshore drilling services provider's stock valued at $373,000 after purchasing an additional 2,500 shares during the last quarter. Annandale Capital LLC boosted its position in shares of Transocean by 17.7% in the 4th quarter. Annandale Capital LLC now owns 16,600 shares of the offshore drilling services provider's stock worth $69,000 after purchasing an additional 2,500 shares in the last quarter. Townsend & Associates Inc grew its stake in Transocean by 16.0% during the 4th quarter. Townsend & Associates Inc now owns 29,000 shares of the offshore drilling services provider's stock worth $126,000 after buying an additional 4,000 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its stake in Transocean by 20.0% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 24,175 shares of the offshore drilling services provider's stock worth $75,000 after buying an additional 4,026 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on the company. Susquehanna reduced their target price on Transocean from $8.00 to $7.00 and set a "positive" rating on the stock in a research report on Wednesday, July 8th. Fearnley Fonds upgraded Transocean from a "hold" rating to a "strong-buy" rating in a research note on Friday. Barclays upgraded shares of Transocean from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $6.00 to $8.00 in a report on Thursday, May 7th. TD Cowen lifted their target price on shares of Transocean from $5.50 to $6.00 and gave the stock a "hold" rating in a research note on Wednesday, May 6th. Finally, Morgan Stanley boosted their target price on shares of Transocean from $5.00 to $7.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Transocean currently has an average rating of "Hold" and a consensus price target of $6.82.
Read Our Latest Report on Transocean
Insider Transactions at Transocean
In other Transocean news, Director Chad C. Deaton purchased 35,000 shares of Transocean stock in a transaction on Thursday, July 2nd. The stock was bought at an average cost of $4.95 per share, with a total value of $173,250.00. Following the transaction, the director owned 237,421 shares of the company's stock, valued at $1,175,233.95. This represents a 17.29% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.70% of the company's stock.
Transocean Stock Performance
Shares of RIG opened at $5.26 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.20 and a current ratio of 1.59. The stock has a 50-day moving average of $5.38 and a two-hundred day moving average of $5.90. The stock has a market cap of $5.88 billion, a P/E ratio of -2.80, a P/E/G ratio of 3.75 and a beta of 1.32. Transocean Ltd. has a one year low of $2.76 and a one year high of $7.66.
Transocean (NYSE:RIG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The offshore drilling services provider reported $0.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.02. The business had revenue of $966.00 million for the quarter, compared to analyst estimates of $956.64 million. Transocean had a positive return on equity of 2.60% and a negative net margin of 40.24%.The company's revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the company earned ($1.06) earnings per share. As a group, research analysts predict that Transocean Ltd. will post 0.13 EPS for the current year.
About Transocean
(
Free Report)
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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