Transocean Ltd. $RIG Shares Bought by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC significantly increased its stake in Transocean Ltd. by 114.0% during the first quarter, owning 2,424,925 shares worth approximately $7.7 million.
• Institutional investors now own 67.73% of Transocean's stock, with several funds recently increasing their holdings in the company.
• Analysts have mixed ratings on Transocean, with an average price target of $4.26 and ratings ranging from "buy" to "hold."

Cubist Systematic Strategies LLC grew its position in Transocean Ltd. (NYSE:RIG - Free Report) by 114.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,424,925 shares of the offshore drilling services provider's stock after acquiring an additional 1,291,565 shares during the period. Cubist Systematic Strategies LLC owned about 0.27% of Transocean worth $7,687,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in RIG. Parallel Advisors LLC lifted its stake in shares of Transocean by 154.8% in the first quarter. Parallel Advisors LLC now owns 8,810 shares of the offshore drilling services provider's stock valued at $28,000 after purchasing an additional 5,353 shares during the period. Townsend & Associates Inc purchased a new stake in shares of Transocean in the first quarter valued at about $32,000. Costello Asset Management INC purchased a new stake in shares of Transocean in the first quarter valued at about $32,000. Wedbush Securities Inc. purchased a new stake in shares of Transocean in the first quarter valued at about $35,000. Finally, Integrity Wealth Solutions LLC purchased a new stake in shares of Transocean in the first quarter valued at about $39,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on RIG shares. Wall Street Zen raised shares of Transocean from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. Barclays upped their price target on shares of Transocean from $3.50 to $4.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. Finally, Morgan Stanley dropped their price target on shares of Transocean from $4.00 to $3.50 and set an "equal weight" rating for the company in a research report on Friday, May 16th. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $4.26.

Transocean Trading Down 1.1%

RIG traded down $0.04 during trading on Friday, hitting $3.07. 20,085,831 shares of the company's stock were exchanged, compared to its average volume of 20,292,748. The company has a current ratio of 1.26, a quick ratio of 0.99 and a debt-to-equity ratio of 0.63. Transocean Ltd. has a 1 year low of $1.97 and a 1 year high of $4.76. The stock has a 50 day moving average price of $2.90 and a 200 day moving average price of $2.79. The firm has a market cap of $2.89 billion, a P/E ratio of -1.65, a price-to-earnings-growth ratio of 6.63 and a beta of 2.79.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.