Rokos Capital Management LLP Makes New Investment in Transocean Ltd. $RIG

Key Points

• Rokos Capital Management established a new Transocean stake of 3.17 million shares valued at approximately $21 million, representing about 0.28% of the offshore driller. Institutional investors collectively own 67.73% of the company.
• Analyst sentiment remains mixed, with three Buy, five Hold, and three Sell ratings; the consensus rating is Hold with an average price target of $6.82. Barclays upgraded the stock to Overweight and raised its target to $8.
• Transocean reported quarterly revenue of $1.08 billion, up 19.3% year over year, but missed earnings expectations with a loss of $0.03 per share versus the forecasted $0.07 profit. Director Chad C. Deaton also purchased 35,000 shares at $4.95 each.

Rokos Capital Management LLP bought a new stake in shares of Transocean Ltd. (NYSE:RIG - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,169,572 shares of the offshore drilling services provider's stock, valued at approximately $21,030,000. Rokos Capital Management LLP owned approximately 0.28% of Transocean as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Josh Arnold Investment Consultant LLC purchased a new position in shares of Transocean during the 2nd quarter valued at $26,000. TD Waterhouse Canada Inc. grew its holdings in shares of 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 worth $26,000 after purchasing an additional 6,281 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in shares of Transocean during the fourth quarter worth about $27,000. Elevation Point Wealth Partners LLC bought a new position in shares of Transocean in the third quarter worth approximately $31,000. Finally, EP Wealth Advisors LLC purchased a new stake in Transocean in the second quarter valued at approximately $34,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Transocean Price Performance

Shares of NYSE:RIG opened at $5.28 on Tuesday. 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 stock has a market cap of $5.89 billion, a PE ratio of -1.77, a PEG ratio of 3.72 and a beta of 1.30. The company's fifty day moving average is $5.66 and its 200 day moving average is $5.86. Transocean Ltd. has a 52 week low of $2.72 and a 52 week high of $7.66.

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). The business had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $1.02 billion. Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. The business's quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.10) earnings per share. Research analysts anticipate that Transocean Ltd. will post 0.13 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Chad C. Deaton bought 35,000 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The stock was bought at an average cost of $4.95 per share, for a total transaction of $173,250.00. Following the acquisition, the director directly owned 237,421 shares of the company's stock, valued at $1,175,233.95. The trade was a 17.29% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.70% of the stock is owned by corporate insiders.

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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