Fideuram Intesa Sanpaolo Private Banking S.P.A. Makes New $2.34 Million Investment in Transocean Ltd. $RIG

Key Points

• Fideuram Intesa Sanpaolo Private Banking opened a new position in Transocean, buying 566,158 shares valued at about $2.34 million in the fourth quarter.
• Transocean reported Q1 revenue of $1.08 billion, topping estimates, but earnings came in at -$0.03 per share, missing analyst expectations. Revenue rose 19.3% year over year.
• Analyst sentiment is mixed: Barclays and BTIG raised targets and ratings, while the overall consensus remains Hold with an average price target of $6.96.

Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Transocean Ltd. (NYSE:RIG - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 566,158 shares of the offshore drilling services provider's stock, valued at approximately $2,338,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. owned about 0.05% of Transocean at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Fruth Investment Management lifted its position in Transocean by 2.8% during the 4th quarter. Fruth Investment Management now owns 90,378 shares of the offshore drilling services provider's stock worth $373,000 after acquiring an additional 2,500 shares during the last quarter. Jones Financial Companies Lllp lifted its position in Transocean by 9.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 35,604 shares of the offshore drilling services provider's stock worth $114,000 after acquiring an additional 2,932 shares during the last quarter. J.W. Cole Advisors Inc. lifted its position in Transocean by 3.5% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 100,634 shares of the offshore drilling services provider's stock worth $314,000 after acquiring an additional 3,367 shares during the last quarter. Townsend & Associates Inc lifted its position 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 acquiring an additional 4,000 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its position 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 acquiring an additional 4,026 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Insider Transactions at Transocean

In related news, EVP Roderick James Mackenzie sold 78,370 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $6.36, for a total value of $498,433.20. Following the completion of the transaction, the executive vice president owned 268,025 shares of the company's stock, valued at $1,704,639. This represents a 22.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.70% of the stock is owned by company insiders.

Transocean Stock Performance

NYSE:RIG opened at $7.34 on Thursday. Transocean Ltd. has a 12-month low of $2.34 and a 12-month high of $7.66. The company has a quick ratio of 1.20, a current ratio of 1.54 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $8.19 billion, a PE ratio of -2.46 and a beta of 1.34. The firm has a 50-day moving average price of $6.52 and a 200 day moving average price of $5.36.

Transocean (NYSE:RIG - Get Free Report) last posted its quarterly earnings results 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). Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same period last year, the company earned ($0.10) EPS. The business's revenue for the quarter was up 19.3% on a year-over-year basis. Research analysts anticipate that Transocean Ltd. will post 0.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Transocean in a research note on Tuesday, April 21st. Barclays upgraded shares of Transocean from an "equal weight" rating to an "overweight" rating and increased their target price for the company from $6.00 to $8.00 in a research note on Thursday, May 7th. Susquehanna increased their target price on shares of Transocean from $7.50 to $8.00 and gave the company a "positive" rating in a research note on Tuesday, April 7th. Pareto Securities cut shares of Transocean from a "hold" rating to a "sell" rating and set a $5.25 target price for the company. in a research note on Tuesday, February 10th. Finally, BTIG Research increased their target price on shares of Transocean from $6.00 to $10.00 and gave the company a "buy" rating in a research note on Monday, February 9th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $6.96.

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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