Transocean Ltd. $RIG Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies cut its Transocean stake by 65.3% in the first quarter, selling 5.9 million shares and retaining 3.13 million shares worth about $20.8 million. Hedge funds and institutional investors collectively own 67.73% of the company.
• Transocean reported quarterly revenue of $1.08 billion, up 19.3% year over year and above estimates, but its $0.03 per-share loss missed expectations of $0.07 in earnings.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $6.82; meanwhile, director Chad C. Deaton bought 35,000 shares at an average price of $4.95.

Renaissance Technologies LLC lessened its stake in Transocean Ltd. (NYSE:RIG - Free Report) by 65.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,134,728 shares of the offshore drilling services provider's stock after selling 5,900,600 shares during the quarter. Renaissance Technologies LLC owned 0.28% of Transocean worth $20,783,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. TD Waterhouse Canada Inc. raised its position in Transocean by 22,432.1% during 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 acquiring an additional 6,281 shares in the last quarter. Josh Arnold Investment Consultant LLC acquired a new stake in shares of Transocean during the 2nd quarter worth approximately $26,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Transocean during the 4th quarter worth approximately $27,000. Elevation Point Wealth Partners LLC purchased a new position in shares of Transocean during the 3rd quarter valued at approximately $31,000. Finally, Larson Financial Group LLC increased its holdings in shares of Transocean by 203.8% during the 3rd quarter. Larson Financial Group LLC now owns 11,030 shares of the offshore drilling services provider's stock valued at $34,000 after purchasing an additional 7,399 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Transocean Stock Performance

RIG opened at $5.08 on Friday. The company has a market cap of $5.67 billion, a price-to-earnings ratio of -1.70, a PEG ratio of 3.44 and a beta of 1.30. The firm's fifty day simple moving average is $5.53 and its two-hundred day simple moving average is $5.87. 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.

Transocean (NYSE:RIG - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the company earned ($0.10) EPS. The firm's revenue for the quarter was up 19.3% on a year-over-year basis. Equities analysts anticipate that Transocean Ltd. will post 0.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RIG has been the topic of a number of recent analyst reports. Barclays raised shares of Transocean from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $6.00 to $8.00 in a report on Thursday, May 7th. Susquehanna lowered their target price on shares of Transocean from $8.00 to $7.00 and set a "positive" rating on the stock in a research note on Wednesday, July 8th. TD Cowen lifted their price target on Transocean from $5.50 to $6.00 and gave the company a "hold" rating in a research note on Wednesday, May 6th. Morgan Stanley increased their price target on Transocean from $5.00 to $7.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 15th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Transocean in a report on Friday, July 17th. Three 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $6.82.

Insider Buying and Selling at Transocean

In related news, Director Chad C. Deaton bought 35,000 shares of the stock in a transaction dated Thursday, July 2nd. The shares were acquired at an average cost of $4.95 per share, for a total transaction of $173,250.00. Following the acquisition, the director directly owned 237,421 shares in the company, valued at approximately $1,175,233.95. This trade represents a 17.29% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 9.70% of the company's stock.

Transocean Company Profile

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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