Keybank National Association OH Makes New $67.43 Million Investment in Transocean Ltd. $RIG

Key Points

• Keybank National Association OH acquired 12.87 million Transocean shares in the third quarter, worth about $67.4 million and representing approximately 1.15% of the company.
• Transocean reported quarterly EPS of $0.02, matching estimates, while revenue of $937 million fell short of forecasts and declined 8.9% year over year.
• Analysts have a consensus Hold rating and an average price target of $6.61; institutional investors own 67.73% of Transocean shares.

Keybank National Association OH bought a new stake in Transocean Ltd. (NYSE:RIG - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 12,867,979 shares of the offshore drilling services provider's stock, valued at approximately $67,428,000. Keybank National Association OH owned approximately 1.15% of Transocean as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in RIG. Hartford Financial Management Inc. acquired a new stake in shares of Transocean during the 3rd quarter worth about $31,000. Costello Asset Management INC bought a new position in Transocean during the 3rd quarter valued at about $33,000. Ascentis Independent Advisors acquired a new position in Transocean in the first quarter valued at about $43,000. EverSource Wealth Advisors LLC boosted its position in Transocean by 27.0% in the first quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider's stock valued at $43,000 after buying an additional 1,391 shares in the last quarter. Finally, Root Financial Partners LLC bought a new stake in Transocean during the third quarter worth about $48,000. Institutional investors own 67.73% of the company's stock.

Transocean Stock Up 0.5%

Shares of NYSE:RIG opened at $5.20 on Wednesday. Transocean Ltd. has a 12 month low of $3.68 and a 12 month high of $7.66. The company's 50-day moving average price is $5.72 and its two-hundred day moving average price is $5.87. The company has a quick ratio of 1.24, a current ratio of 1.53 and a debt-to-equity ratio of 0.54. The firm has a market cap of $5.80 billion, a P/E ratio of 37.11, a P/E/G ratio of 3.44 and a beta of 1.44.

Transocean (NYSE:RIG - Get Free Report) last posted its quarterly earnings data on Monday, November 2nd. The offshore drilling services provider reported $0.02 earnings per share for the quarter, meeting the consensus estimate of $0.02. Transocean had a net margin of 7.25% and a return on equity of 1.84%. The firm had revenue of $937.00 million during the quarter, compared to analysts' expectations of $943.99 million. During the same quarter last year, the company posted ($2.00) EPS. The company's quarterly revenue was down 8.9% compared to the same quarter last year. As a group, research analysts forecast that Transocean Ltd. will post 0.20 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Transocean from a "hold" rating to a "sell" rating in a report on Saturday. Barclays reduced their target price on Transocean from $8.00 to $7.00 and set an "overweight" rating on the stock in a report on Wednesday, August 12th. Fearnley Fonds upgraded Transocean from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Transocean in a report on Thursday, October 15th. Finally, Zacks Research downgraded Transocean from a "strong-buy" rating to a "hold" rating in a research report on Friday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $6.61.

Transocean Company Profile

Transocean Ltd. is an offshore contract drilling company that provides drilling services to oil and gas companies around the world. Its work focuses on offshore exploration and development, particularly in deepwater and harsh-environment locations. The company owns and operates a fleet of offshore drilling rigs, including drillships and semisubmersible rigs. It contracts these rigs to customers and provides the crews and related services needed to conduct offshore drilling operations. Transocean serves customers across multiple offshore regions worldwide.

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