Madison Asset Management LLC Invests $14.82 Million in Transocean Ltd. $RIG

Key Points

• Madison Asset Management acquired 3.03 million Transocean shares worth approximately $14.82 million, representing a 0.27% stake. Institutional investors collectively own 67.73% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $6.68; targets from Susquehanna and Barclays were recently lowered to $7.00.
• Transocean reported quarterly EPS of $0.03, exceeding the $0.01 estimate, while revenue reached $966 million. However, revenue declined 2.2% year over year and the company continues to report a negative net margin.

Madison Asset Management LLC bought a new position in shares of Transocean Ltd. (NYSE:RIG - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 3,030,000 shares of the offshore drilling services provider's stock, valued at approximately $14,817,000. Madison Asset Management LLC owned 0.27% of Transocean at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. TD Waterhouse Canada Inc. boosted its position in Transocean by 22,432.1% during the fourth quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider's stock valued at $26,000 after acquiring an additional 6,281 shares during the last quarter. Ascentis Independent Advisors bought a new position in shares of Transocean in the 1st quarter worth about $43,000. EverSource Wealth Advisors LLC raised its position in shares of Transocean by 27.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider's stock worth $43,000 after acquiring an additional 1,391 shares in the last quarter. Root Financial Partners LLC lifted its stake in shares of Transocean by 192.6% in the 1st quarter. Root Financial Partners LLC now owns 7,787 shares of the offshore drilling services provider's stock valued at $52,000 after purchasing an additional 5,126 shares during the period. Finally, Keudell Morrison Wealth Management acquired a new position in shares of Transocean in the 4th quarter valued at about $41,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Insiders Place Their Bets

In other Transocean news, Director Chad C. Deaton bought 35,000 shares of Transocean stock in a transaction dated Thursday, July 2nd. The shares were purchased at an average cost 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 of the company's stock, valued at approximately $1,175,233.95. This represents a 17.29% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 9.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Transocean in a report on Friday, July 17th. Susquehanna lowered their price objective on shares of Transocean from $8.00 to $7.00 and set a "positive" rating for the company in a research note on Wednesday, July 8th. Barclays dropped their target price on shares of Transocean from $8.00 to $7.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 12th. Fearnley Fonds upgraded shares of Transocean from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. Finally, TD Cowen lifted their price target on shares of Transocean from $5.50 to $6.00 and gave the company a "hold" rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Transocean has a consensus rating of "Hold" and an average target price of $6.68.

Transocean Trading Up 0.4%

NYSE:RIG opened at $5.84 on Thursday. Transocean Ltd. has a 12 month low of $2.76 and a 12 month high of $7.66. The company has a current ratio of 1.59, a quick ratio of 1.27 and a debt-to-equity ratio of 0.56. The firm's 50 day moving average is $5.33 and its 200 day moving average is $5.97. The stock has a market capitalization of $6.53 billion, a PE ratio of -3.11, a price-to-earnings-growth ratio of 3.75 and a beta of 1.32.

Transocean (NYSE:RIG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The offshore drilling services provider reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.02. Transocean had a positive return on equity of 2.60% and a negative net margin of 40.24%.The company had revenue of $966.00 million during the quarter, compared to analyst estimates of $956.64 million. During the same quarter last year, the firm posted ($1.06) EPS. The firm's revenue for the quarter was down 2.2% on a year-over-year basis. Sell-side analysts expect that Transocean Ltd. will post 0.14 earnings per share for the current year.

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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