Transocean Ltd. $RIG Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its stake in shares of Transocean Ltd. (NYSE:RIG - Free Report) by 67.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,698,827 shares of the offshore drilling services provider's stock after buying an additional 2,303,297 shares during the quarter. Bank of New York Mellon Corp owned 0.51% of Transocean worth $37,783,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. TD Waterhouse Canada Inc. grew its stake in shares of Transocean by 22,432.1% in the fourth quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider's stock valued at $26,000 after buying an additional 6,281 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new position in Transocean during the 4th quarter worth about $27,000. Ascentis Independent Advisors purchased a new position in Transocean during the 1st quarter valued at about $43,000. Root Financial Partners LLC grew its position in Transocean by 192.6% in the 1st quarter. Root Financial Partners LLC now owns 7,787 shares of the offshore drilling services provider's stock valued at $52,000 after acquiring an additional 5,126 shares in the last quarter. Finally, Forteris Wealth Management Inc. purchased a new stake in Transocean during the fourth quarter worth about $41,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RIG has been the topic of several research reports. Susquehanna reduced their price target on shares of Transocean from $8.00 to $7.00 and set a "positive" rating on the stock in a research report on Wednesday, July 8th. Morgan Stanley upped their target price on shares of Transocean from $5.00 to $7.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of Transocean in a research report on Friday, July 17th. Barclays upgraded shares of Transocean from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $6.00 to $8.00 in a research note on Thursday, May 7th. Finally, TD Cowen upped their price objective on Transocean from $5.50 to $6.00 and gave the stock a "hold" rating in a research report on Wednesday, May 6th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $6.82.

Transocean Trading Up 0.6%

NYSE RIG opened at $5.35 on Friday. The company has a quick ratio of 1.20, a current ratio of 1.54 and a debt-to-equity ratio of 0.60. Transocean Ltd. has a 52 week low of $2.72 and a 52 week high of $7.66. The stock has a market capitalization of $5.98 billion, a PE ratio of -1.80, a price-to-earnings-growth ratio of 3.72 and a beta of 1.30. The firm has a 50 day moving average of $5.71 and a two-hundred day moving average of $5.84.

Transocean (NYSE:RIG - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.10). The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.02 billion. Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. Transocean's revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.10) earnings per share. As a group, research analysts expect that Transocean Ltd. will post 0.13 EPS for the current fiscal year.

Insider Activity

In other Transocean news, Director Chad C. Deaton acquired 35,000 shares of the company's stock in a transaction dated Thursday, July 2nd. The shares were acquired at an average price of $4.95 per share, for a total transaction of $173,250.00. Following the acquisition, 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 document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 9.70% of the company's stock.

About Transocean

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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