First Trust Advisors LP Has $6.35 Million Stock Holdings in Transocean Ltd. $RIG

Key Points

• First Trust Advisors LP increased its Transocean stake by 3,072.5% in the first quarter, purchasing 928,196 additional shares. The fund now owns 958,406 shares valued at approximately $6.35 million, while institutional investors collectively own 67.73% of RIG.
• Transocean reported quarterly revenue of $1.08 billion, up 19.3% year over year and above analyst expectations, but its $0.03 loss per share missed consensus estimates by $0.10. The company continues to have a negative net margin of 66.79%.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $6.82 versus the stock’s $5.32 opening price. Director Chad C. Deaton also bought 35,000 shares at $4.95 each, increasing his stake by 17.29%.

First Trust Advisors LP lifted its position in Transocean Ltd. (NYSE:RIG - Free Report) by 3,072.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 958,406 shares of the offshore drilling services provider's stock after buying an additional 928,196 shares during the quarter. First Trust Advisors LP owned about 0.09% of Transocean worth $6,354,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Integrated Wealth Concepts LLC lifted its position in Transocean by 12.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider's stock worth $221,000 after acquiring an additional 7,520 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Transocean by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 434,031 shares of the offshore drilling services provider's stock valued at $1,376,000 after purchasing an additional 18,957 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Transocean by 88.9% in the first quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider's stock valued at $38,521,000 after purchasing an additional 5,719,637 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of Transocean by 5.7% in the second quarter. Cetera Investment Advisers now owns 233,984 shares of the offshore drilling services provider's stock worth $606,000 after purchasing an additional 12,532 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Transocean by 29.2% in the second quarter. Invesco Ltd. now owns 1,032,774 shares of the offshore drilling services provider's stock worth $2,675,000 after purchasing an additional 233,458 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Transocean Trading Down 0.1%

RIG stock opened at $5.32 on Monday. Transocean Ltd. has a 1-year low of $2.72 and a 1-year 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. The business's 50 day moving average is $5.50 and its 200-day moving average is $5.88. The firm has a market cap of $5.93 billion, a P/E ratio of -1.78, a P/E/G ratio of 3.79 and a beta of 1.32.

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

Analysts Set New Price Targets

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

Insider Activity at Transocean

In other news, Director Chad C. Deaton bought 35,000 shares of Transocean stock in a transaction dated Thursday, July 2nd. The shares were bought at an average price of $4.95 per share, for a total transaction of $173,250.00. Following the purchase, the director owned 237,421 shares of the company's stock, valued at approximately $1,175,233.95. This trade represents a 17.29% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 9.70% of the company's stock.

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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