Forvis Mazars Wealth Advisors LLC Acquires New Holdings in Transocean Ltd. $RIG

Key Points

• Forvis Mazars Wealth Advisors acquired 1.50 million Transocean shares in the third quarter, valued at approximately $7.9 million and representing about 0.13% of the company.
• Transocean shares rose 0.8% to $5.64, while institutional investors and hedge funds collectively owned 67.73% of the stock.
• The company beat quarterly earnings and revenue estimates, but revenue declined 2.2% year over year and net margins remained negative. Analysts’ consensus rating is Hold, with an average price target of $6.68.

Forvis Mazars Wealth Advisors LLC bought a new position in shares of Transocean Ltd. (NYSE:RIG - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,502,697 shares of the offshore drilling services provider's stock, valued at approximately $7,874,000. Forvis Mazars Wealth Advisors LLC owned approximately 0.13% of Transocean as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Sax Wealth Advisors LLC acquired a new position in shares of Transocean in the third quarter valued at approximately $90,000. GAMMA Investing LLC bought a new stake in shares of Transocean during the third quarter worth $88,000. Farther Finance Advisors LLC bought a new stake in shares of Transocean during the third quarter worth $642,000. Versant Capital Management Inc raised its holdings in shares of Transocean by 15.6% during the third quarter. Versant Capital Management Inc now owns 15,550 shares of the offshore drilling services provider's stock worth $81,000 after acquiring an additional 2,099 shares during the period. Finally, State Street Corp raised its holdings in shares of Transocean by 8.7% during the second quarter. State Street Corp now owns 27,148,850 shares of the offshore drilling services provider's stock worth $132,758,000 after acquiring an additional 2,166,646 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Transocean Stock Up 0.8%

NYSE:RIG traded up $0.04 during trading hours on Tuesday, reaching $5.64. 37,550,270 shares of the stock were exchanged, compared to its average volume of 40,459,813. Transocean Ltd. has a twelve month low of $3.10 and a twelve month high of $7.66. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.59 and a quick ratio of 1.27. The firm has a 50 day moving average of $5.62 and a 200 day moving average of $5.85. The stock has a market cap of $6.30 billion, a PE ratio of -3.00, a PEG ratio of 4.07 and a beta of 1.41.

Transocean (NYSE:RIG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The offshore drilling services provider reported $0.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.01 by $0.02. The company had revenue of $966.00 million for the quarter, compared to the consensus estimate of $956.64 million. Transocean had a negative net margin of 40.24% and a positive return on equity of 2.60%. The firm's revenue was down 2.2% compared to the same quarter last year. During the same period last year, the company earned ($1.06) earnings per share. On average, equities analysts expect that Transocean Ltd. will post 0.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on RIG shares. Fearnley Fonds raised shares of Transocean from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Zacks Research upgraded Transocean from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. Barclays lowered their target price on Transocean from $8.00 to $7.00 and set an "overweight" rating for the company in a report on Wednesday, August 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of Transocean in a research note on Friday, July 17th. Finally, Susquehanna cut their price target on Transocean from $8.00 to $7.00 and set a "positive" rating on the stock in a report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $6.68.

About Transocean

Transocean Ltd. is an offshore contract drilling company that provides drilling services to the international oil and gas industry. The company operates a fleet of mobile offshore drilling units, including ultra-deepwater and harsh-environment drillships and semisubmersible rigs, which are contracted by energy companies to drill exploration, appraisal and development wells.

Transocean's services support offshore drilling programs in challenging environments around the world. Its operations have included activity in the Gulf of Mexico, Brazil, the North Sea, West Africa and other major offshore regions.

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