SG Americas Securities LLC Trims Stock Holdings in Transocean Ltd. $RIG

Key Points

• SG Americas Securities LLC sharply reduced its Transocean stake by 91.3% in the first quarter, selling 566,196 shares and leaving it with 54,204 shares valued at about $359,000.
• Transocean reported mixed quarterly results: revenue rose 19.3% year over year to $1.08 billion and topped estimates, but earnings came in below expectations at -$0.03 EPS versus the expected $0.07.
• Sentiment around the stock remains divided, with insider buying from Director Chad C. Deaton and analysts maintaining an overall “Hold” rating with an average price target of $6.82.

SG Americas Securities LLC lowered its stake in shares of Transocean Ltd. (NYSE:RIG - Free Report) by 91.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 54,204 shares of the offshore drilling services provider's stock after selling 566,196 shares during the period. SG Americas Securities LLC's holdings in Transocean were worth $359,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. HighTower Advisors LLC grew its holdings in Transocean by 33.5% during the 4th quarter. HighTower Advisors LLC now owns 2,085,842 shares of the offshore drilling services provider's stock valued at $8,615,000 after buying an additional 523,528 shares in the last quarter. Mirabella Financial Services LLP purchased a new stake in shares of Transocean in the third quarter worth about $2,609,000. Van ECK Associates Corp lifted its holdings in shares of Transocean by 6.4% in the third quarter. Van ECK Associates Corp now owns 14,690,291 shares of the offshore drilling services provider's stock worth $45,834,000 after buying an additional 884,924 shares in the last quarter. Polar Asset Management Partners Inc. bought a new position in shares of Transocean in the third quarter valued at approximately $3,978,000. Finally, Clough Capital Partners L P grew its stake in Transocean by 157.3% during the third quarter. Clough Capital Partners L P now owns 3,958,053 shares of the offshore drilling services provider's stock valued at $12,349,000 after acquiring an additional 2,419,796 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

Transocean Stock Performance

Transocean stock opened at $5.13 on Friday. Transocean Ltd. has a fifty-two week low of $2.53 and a fifty-two week high of $7.66. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.54. The stock has a market cap of $5.73 billion, a P/E ratio of -1.72 and a beta of 1.30. The firm's fifty day moving average price is $6.00 and its 200-day moving average price is $5.76.

Transocean (NYSE:RIG - Get Free Report) last released its earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the prior year, the company earned ($0.10) EPS. The firm's revenue was up 19.3% compared to the same quarter last year. On average, equities research analysts expect that Transocean Ltd. will post 0.16 earnings per share for the current fiscal year.

Insider Activity

In other Transocean news, Director Chad C. Deaton acquired 35,000 shares of the business's stock in a transaction dated Thursday, July 2nd. The stock was bought at an average price of $4.95 per share, with a total value 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 9.70% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on RIG. TD Cowen increased their target price on shares of Transocean from $5.50 to $6.00 and gave the stock a "hold" rating in a research note on Wednesday, May 6th. Clarkson Capital lowered shares of Transocean from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 19th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Transocean in a research report on Tuesday, April 21st. Morgan Stanley lifted their price objective on Transocean from $5.00 to $7.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 15th. Finally, Susquehanna reduced their target price on Transocean from $8.00 to $7.00 and set a "positive" rating for the company in a research report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $6.82.

Transocean Company 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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