Bank of New York Mellon Corp Has $14.21 Million Stake in Transocean Ltd. (NYSE:RIG)

Bank of New York Mellon Corp cut its position in Transocean Ltd. (NYSE:RIG - Free Report) by 37.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,482,395 shares of the offshore drilling services provider's stock after selling 2,690,715 shares during the quarter. Bank of New York Mellon Corp owned 0.51% of Transocean worth $14,209,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Transocean by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 78,811,863 shares of the offshore drilling services provider's stock valued at $295,544,000 after purchasing an additional 931,684 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Transocean by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 40,008,596 shares of the offshore drilling services provider's stock worth $150,029,000 after purchasing an additional 809,864 shares during the period. American Century Companies Inc. increased its position in Transocean by 51.5% during the 4th quarter. American Century Companies Inc. now owns 19,257,437 shares of the offshore drilling services provider's stock worth $72,215,000 after purchasing an additional 6,542,271 shares during the period. Keybank National Association OH increased its position in Transocean by 14.2% during the 1st quarter. Keybank National Association OH now owns 13,480,351 shares of the offshore drilling services provider's stock worth $42,733,000 after purchasing an additional 1,672,958 shares during the period. Finally, Northern Trust Corp increased its position in Transocean by 7.5% during the 4th quarter. Northern Trust Corp now owns 7,470,701 shares of the offshore drilling services provider's stock worth $28,015,000 after purchasing an additional 520,053 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $2.78, for a total transaction of $61,160.00. Following the completion of the transaction, the executive vice president 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 Securities & Exchange Commission, which is accessible through this link. 12.27% of the stock is currently owned by corporate insiders.

Transocean Stock Performance

RIG stock traded up $0.20 during trading on Wednesday, reaching $3.09. 35,548,699 shares of the stock were exchanged, compared to its average volume of 29,863,111. 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 stock has a 50 day simple moving average of $2.76 and a 200-day simple moving average of $2.99. The company has a market capitalization of $2.72 billion, a P/E ratio of -3.25, a price-to-earnings-growth ratio of 5.56 and a beta of 2.50. Transocean Ltd. has a twelve month low of $1.97 and a twelve month high of $5.98.

Transocean (NYSE:RIG - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The offshore drilling services provider reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.02. The firm had revenue of $906.00 million for the quarter, compared to the consensus estimate of $884.92 million. Transocean had a negative return on equity of 0.94% and a negative net margin of 18.79%. The business's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.03) EPS. As a group, sell-side analysts anticipate that Transocean Ltd. will post 0.14 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on RIG shares. Barclays lowered their target price on Transocean from $4.00 to $3.50 and set an "overweight" rating on the stock in a report on Monday, April 7th. Susquehanna cut their price objective on Transocean from $5.00 to $4.00 and set a "positive" rating on the stock in a research report on Monday, April 14th. Wall Street Zen upgraded Transocean from a "sell" rating to a "hold" rating in a research note on Friday, July 18th. BTIG Research set a $5.00 target price on Transocean and gave the company a "buy" rating in a research note on Monday, May 5th. Finally, Morgan Stanley decreased their price target on Transocean from $4.00 to $3.50 and set an "equal weight" rating for the company in a research note on Friday, May 16th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $4.58.

Transocean Company Profile

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.