Pilgrim Global Advisors LLC Has $56.58 Million Holdings in Transocean Ltd. $RIG

Key Points

• Pilgrim Global Advisors LLC reduced its stake in Transocean Ltd. by 1.8%, making it the firm's 3rd largest position at 10.7% of their portfolio.
• Various institutional investors have increased their holdings in Transocean, leading to a total of 67.73% of the company being owned by institutional investors and hedge funds.
• Recent analyst ratings for Transocean include upgrades from "sell" to "hold" and a mixed range of target prices, with a consensus rating of "Hold" and an average price target of $4.26.

Pilgrim Global Advisors LLC trimmed its position in shares of Transocean Ltd. (NYSE:RIG - Free Report) by 1.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,849,459 shares of the offshore drilling services provider's stock after selling 328,345 shares during the period. Transocean accounts for approximately 10.7% of Pilgrim Global Advisors LLC's holdings, making the stock its 3rd biggest position. Pilgrim Global Advisors LLC owned approximately 2.02% of Transocean worth $56,583,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Parallel Advisors LLC boosted its stake in Transocean by 154.8% during the 1st quarter. Parallel Advisors LLC now owns 8,810 shares of the offshore drilling services provider's stock valued at $28,000 after purchasing an additional 5,353 shares during the period. Townsend & Associates Inc acquired a new position in shares of Transocean during the first quarter valued at approximately $32,000. Costello Asset Management INC acquired a new position in shares of Transocean during the first quarter valued at approximately $32,000. Wedbush Securities Inc. acquired a new position in shares of Transocean during the first quarter valued at approximately $35,000. Finally, Integrity Wealth Solutions LLC acquired a new position in shares of Transocean during the first quarter valued at approximately $39,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Transocean Stock Performance

Shares of RIG traded up $0.10 on Thursday, reaching $3.09. 23,446,360 shares of the stock traded hands, compared to its average volume of 35,255,938. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of -1.66, a P/E/G ratio of 6.48 and a beta of 2.79. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.26 and a quick ratio of 0.99. Transocean Ltd. has a 12 month low of $1.97 and a 12 month high of $4.76. The stock's 50-day moving average price is $2.89 and its 200-day moving average price is $2.80.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Barclays lifted their price objective on shares of Transocean from $3.50 to $4.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Morgan Stanley lowered their price objective on shares of Transocean from $4.00 to $3.50 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Finally, Wall Street Zen raised shares of Transocean from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $4.26.

Transocean 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.