Transocean Ltd. $RIG Holdings Boosted by State Street Corp

Key Points

• State Street increased its Transocean stake by 8.7% in the second quarter, adding 2.17 million shares and bringing its holdings to 27.15 million shares, or 2.43% of the company. Institutional investors collectively own 67.73% of Transocean.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with a $6.68 price target, despite bullish ratings from Susquehanna, Barclays and Fearnley Fonds and a “sell” rating from Weiss Ratings.
• Transocean reported quarterly EPS of $0.03, beating estimates of $0.01, while revenue reached $966 million. However, revenue declined 2.2% year over year and the company posted a negative net margin of 40.24%.

State Street Corp boosted its stake in shares of Transocean Ltd. (NYSE:RIG - Free Report) by 8.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,148,850 shares of the offshore drilling services provider's stock after buying an additional 2,166,646 shares during the period. State Street Corp owned 2.43% of Transocean worth $132,758,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of RIG. Sequoia Financial Advisors LLC raised its position in shares of Transocean by 40.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 44,338 shares of the offshore drilling services provider's stock worth $217,000 after acquiring an additional 12,734 shares in the last quarter. Arlington Capital Management Inc. purchased a new position in Transocean in the second quarter valued at about $2,613,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Transocean in the second quarter worth about $313,000. Beaconlight Capital LLC lifted its position in shares of Transocean by 199.1% during the second quarter. Beaconlight Capital LLC now owns 977,964 shares of the offshore drilling services provider's stock valued at $4,782,000 after buying an additional 651,017 shares during the last quarter. Finally, Quantitative Investment Management LLC bought a new stake in shares of Transocean in the 2nd quarter valued at about $1,407,000. Institutional investors own 67.73% of the company's stock.

Insider Buying and Selling

In other news, Director Chad Deaton purchased 35,000 shares of the stock in a transaction on 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 transaction, the director owned 237,421 shares in the company, valued at $1,175,233.95. The trade was a 17.29% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.70% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Susquehanna reduced 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 cut their price target on shares of Transocean from $8.00 to $7.00 and set an "overweight" rating on the stock in a report on Wednesday, August 12th. Fearnley Fonds raised Transocean from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Transocean in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $6.68.

Transocean Stock Down 0.7%

NYSE:RIG opened at $5.43 on Friday. The company has a current ratio of 1.59, a quick ratio of 1.27 and a debt-to-equity ratio of 0.56. Transocean Ltd. has a twelve month low of $3.03 and a twelve month high of $7.66. The company has a market cap of $6.07 billion, a PE ratio of -2.89, a P/E/G ratio of 4.06 and a beta of 1.34. The company's 50 day moving average is $5.57 and its two-hundred day moving average is $5.93.

Transocean (NYSE:RIG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The offshore drilling services provider reported $0.03 EPS for the quarter, topping the consensus estimate of $0.01 by $0.02. The business had revenue of $966.00 million during the quarter, compared to the consensus estimate of $956.64 million. Transocean had a negative net margin of 40.24% and a positive return on equity of 2.60%. The business's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.06) earnings per share. Analysts anticipate that Transocean Ltd. will post 0.18 EPS for the current year.

Transocean Profile

Transocean Ltd. NYSE: RIG is an international offshore contract drilling company that provides drilling services to oil and gas companies. Its primary business is operating mobile offshore drilling units under contracts that support exploration, development and production activities in offshore oil and natural gas fields.

The company's fleet is focused primarily on ultra-deepwater and harsh-environment drilling units, including drillships and semisubmersible rigs. Transocean provides rig operations, drilling personnel, equipment and related services intended to help customers safely construct and complete offshore wells.

Transocean serves energy companies in major offshore drilling regions around the world.

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