Empowered Funds LLC Buys 468,968 Shares of Transocean Ltd. $RIG

Key Points

• Empowered Funds LLC increased its Transocean stake by 1,356.7% in the first quarter, buying 468,968 additional shares for a total holding of 503,535 shares valued at approximately $3.34 million.
• Institutional investors own 67.73% of Transocean’s stock, with major holders including Vanguard, Dimensional Fund Advisors, Dalal Street, Morgan Stanley, and State Street expanding their positions.
• Transocean’s latest quarterly revenue rose 19.3% year over year to $1.08 billion but its $0.03 loss per share missed estimates. Analysts maintain a consensus “Hold” rating with an average price target of $6.82, while a company director recently bought 35,000 shares.

Empowered Funds LLC grew its stake in shares of Transocean Ltd. (NYSE:RIG - Free Report) by 1,356.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 503,535 shares of the offshore drilling services provider's stock after acquiring an additional 468,968 shares during the quarter. Empowered Funds LLC's holdings in Transocean were worth $3,338,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Transocean by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 97,006,263 shares of the offshore drilling services provider's stock worth $400,636,000 after acquiring an additional 2,487,015 shares during the period. Dimensional Fund Advisors LP increased its stake in Transocean by 12.3% in the first quarter. Dimensional Fund Advisors LP now owns 48,819,576 shares of the offshore drilling services provider's stock valued at $323,682,000 after acquiring an additional 5,349,264 shares during the last quarter. Dalal Street LLC raised its position in Transocean by 10.6% during the fourth quarter. Dalal Street LLC now owns 27,040,133 shares of the offshore drilling services provider's stock valued at $111,676,000 after purchasing an additional 2,597,801 shares in the last quarter. Morgan Stanley lifted its stake in Transocean by 9.4% during the fourth quarter. Morgan Stanley now owns 24,790,325 shares of the offshore drilling services provider's stock worth $102,384,000 after purchasing an additional 2,135,964 shares during the last quarter. Finally, State Street Corp lifted its stake in Transocean by 13.1% during the fourth quarter. State Street Corp now owns 24,725,897 shares of the offshore drilling services provider's stock worth $102,118,000 after purchasing an additional 2,856,372 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Transocean Stock Performance

Shares of RIG stock opened at $5.16 on Tuesday. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of -1.73, a PEG ratio of 3.79 and a beta of 1.32. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60. The business's 50-day moving average price is $5.47 and its 200-day moving average price is $5.89. Transocean Ltd. has a 12 month low of $2.75 and a 12 month high of $7.66.

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

Insider Buying and Selling at Transocean

In related news, Director Chad C. Deaton purchased 35,000 shares of the firm's stock in a transaction dated Thursday, July 2nd. The stock was bought at an average price of $4.95 per share, with a total value of $173,250.00. Following the completion of the purchase, the director owned 237,421 shares in the company, valued at approximately $1,175,233.95. This represents a 17.29% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 9.70% of the company's stock.

Analysts Set New Price Targets

RIG has been the topic of several recent analyst reports. TD Cowen lifted their price target on Transocean from $5.50 to $6.00 and gave the company a "hold" rating in a research note on Wednesday, May 6th. Barclays upgraded Transocean from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $6.00 to $8.00 in a research report on Thursday, May 7th. Susquehanna decreased 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. Morgan Stanley boosted their target price on Transocean from $5.00 to $7.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 15th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Transocean in a report on Friday, July 17th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $6.82.

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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