Teacher Retirement System of Texas purchased a new position in Transocean Ltd. (NYSE:RIG - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 119,801 shares of the offshore drilling services provider's stock, valued at approximately $380,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Twin Tree Management LP acquired a new stake in shares of Transocean in the fourth quarter worth about $27,000. Optiver Holding B.V. lifted its position in shares of Transocean by 53.6% in the fourth quarter. Optiver Holding B.V. now owns 8,400 shares of the offshore drilling services provider's stock worth $32,000 after buying an additional 2,933 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Transocean by 154.8% in the first quarter. Parallel Advisors LLC now owns 8,810 shares of the offshore drilling services provider's stock worth $28,000 after buying an additional 5,353 shares during the last quarter. Townsend & Associates Inc acquired a new stake in shares of Transocean in the first quarter worth about $32,000. Finally, Guardian Wealth Advisors LLC NC acquired a new stake in shares of Transocean in the fourth quarter worth about $40,000. Institutional investors and hedge funds own 67.73% of the company's stock.
Insider Transactions at Transocean
In other news, EVP Roderick James Mackenzie sold 22,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $2.78, for a total value of $61,160.00. Following the sale, the executive vice president directly owned 340,841 shares in the company, valued at approximately $947,537.98. This represents a 6.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 12.27% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on RIG shares. Barclays reduced their price target on Transocean from $4.00 to $3.50 and set an "overweight" rating for the company in a research report on Monday, April 7th. Morgan Stanley cut their price objective on Transocean from $4.00 to $3.50 and set an "equal weight" rating for the company in a research report on Friday, May 16th. BTIG Research set a $5.00 price objective on Transocean and gave the stock a "buy" rating in a research report on Monday, May 5th. Finally, Susquehanna cut their price objective on Transocean from $5.00 to $4.00 and set a "positive" rating for the company in a research report on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $4.58.
Check Out Our Latest Report on Transocean
Transocean Stock Performance
RIG traded up $0.03 on Friday, hitting $2.63. 25,223,383 shares of the stock traded hands, compared to its average volume of 29,547,807. Transocean Ltd. has a 52 week low of $1.97 and a 52 week high of $5.98. The company has a current ratio of 1.33, a quick ratio of 1.06 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $2.32 billion, a PE ratio of -2.77, a P/E/G ratio of 5.45 and a beta of 2.50. The business has a fifty day moving average price of $2.75 and a two-hundred day moving average price of $3.02.
Transocean (NYSE:RIG - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The offshore drilling services provider reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. Transocean had a negative return on equity of 0.94% and a negative net margin of 18.79%. The firm had revenue of $906.00 million for the quarter, compared to analyst estimates of $884.92 million. During the same period in the previous year, the company posted ($0.03) earnings per share. The company's quarterly revenue was up 18.7% compared to the same quarter last year. On average, research analysts predict that Transocean Ltd. will post 0.14 EPS for the current fiscal year.
About Transocean
(
Free Report)
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.
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