California State Teachers Retirement System Boosts Stock Position in Transocean Ltd. $RIG

Key Points

• California State Teachers Retirement System increased its Transocean stake by 23.5% in the first quarter, adding 220,119 shares to own 1.16 million shares valued at approximately $7.7 million. Institutional investors collectively hold 67.73% of RIG.
• Transocean director Chad C. Deaton purchased 35,000 shares at an average price of $4.95, raising his direct ownership by 17.29%; insiders own 9.70% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $6.82. The company reported quarterly revenue of $1.08 billion, up 19.3% year over year, but missed earnings estimates with a loss of $0.03 per share.

California State Teachers Retirement System raised its position in shares of Transocean Ltd. (NYSE:RIG - Free Report) by 23.5% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,157,178 shares of the offshore drilling services provider's stock after purchasing an additional 220,119 shares during the quarter. California State Teachers Retirement System owned 0.10% of Transocean worth $7,672,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Fruth Investment Management boosted its position in Transocean by 2.8% in the fourth quarter. Fruth Investment Management now owns 90,378 shares of the offshore drilling services provider's stock worth $373,000 after purchasing an additional 2,500 shares during the last quarter. Annandale Capital LLC lifted its holdings in shares of Transocean by 17.7% in the fourth quarter. Annandale Capital LLC now owns 16,600 shares of the offshore drilling services provider's stock worth $69,000 after buying an additional 2,500 shares in the last quarter. Townsend & Associates Inc boosted its holdings in shares of Transocean by 16.0% during the 4th quarter. Townsend & Associates Inc now owns 29,000 shares of the offshore drilling services provider's stock valued at $126,000 after purchasing an additional 4,000 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in Transocean by 20.0% during the third quarter. Mercer Global Advisors Inc. ADV now owns 24,175 shares of the offshore drilling services provider's stock valued at $75,000 after buying an additional 4,026 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its stake in Transocean by 19.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 24,497 shares of the offshore drilling services provider's stock valued at $101,000 after purchasing an additional 4,043 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Transocean news, Director Chad C. Deaton acquired 35,000 shares of the business's stock in a transaction dated Thursday, July 2nd. The stock was acquired at an average cost of $4.95 per share, for a total transaction of $173,250.00. Following the completion of the transaction, the director directly owned 237,421 shares of the company's stock, valued at $1,175,233.95. This represents a 17.29% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 9.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RIG. Susquehanna decreased their price objective on Transocean from $8.00 to $7.00 and set a "positive" rating on the stock in a research report on Wednesday, July 8th. Barclays raised Transocean from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $6.00 to $8.00 in a research report on Thursday, May 7th. Morgan Stanley raised their price target on Transocean from $5.00 to $7.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 15th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Transocean in a report on Friday, July 17th. Finally, TD Cowen boosted their target price on shares of Transocean from $5.50 to $6.00 and gave the company a "hold" rating in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Transocean has a consensus rating of "Hold" and an average target price of $6.82.

Transocean Stock Performance

RIG opened at $5.22 on Wednesday. The firm has a market capitalization of $5.83 billion, a PE ratio of -1.75, a P/E/G ratio of 3.67 and a beta of 1.32. The firm has a 50 day moving average of $5.44 and a two-hundred day moving average of $5.89. Transocean Ltd. has a 12-month low of $2.76 and a 12-month high of $7.66. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60.

Transocean (NYSE:RIG - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.02 billion. Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.Transocean's revenue for the quarter was up 19.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.10) earnings per share. On average, analysts anticipate that Transocean Ltd. will post 0.13 EPS for the current year.

Transocean Profile

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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