Transocean Ltd. $RIG Stake Boosted by Keybank National Association OH

Key Points

• KeyBank National Association OH increased its stake in Transocean by 8.7% to 12,251,077 shares (about 1.11% of the company), valued at roughly $50.6 million after buying an additional 977,623 shares in Q4.
• EVP Roderick James Mackenzie sold 78,370 shares at an average price of $6.36 (a 22.62% reduction in his holding), and company insiders now own about 9.7% of Transocean stock.
• Transocean reported Q4 EPS of $0.02, missing estimates ($0.09) while revenue rose to $1.04 billion, and analysts hold a mixed view with an average rating of "Reduce" and an average price target of $6.79.

Keybank National Association OH raised its stake in Transocean Ltd. (NYSE:RIG - Free Report) by 8.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 12,251,077 shares of the offshore drilling services provider's stock after buying an additional 977,623 shares during the quarter. Keybank National Association OH owned approximately 1.11% of Transocean worth $50,597,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of RIG. TD Waterhouse Canada Inc. increased its holdings in shares of Transocean by 22,432.1% in the 4th quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider's stock worth $26,000 after acquiring an additional 6,281 shares during the period. Josh Arnold Investment Consultant LLC bought a new position in Transocean in the 2nd quarter worth about $26,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Transocean in the fourth quarter valued at approximately $27,000. Benedict Financial Advisors Inc. bought a new stake in shares of Transocean during the third quarter valued at approximately $31,000. Finally, Vestmark Advisory Solutions Inc. acquired a new position in shares of Transocean during the third quarter worth approximately $31,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Insider Buying and Selling at Transocean

In other news, EVP Roderick James Mackenzie sold 78,370 shares of Transocean stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $6.36, for a total value of $498,433.20. Following the transaction, the executive vice president directly owned 268,025 shares of the company's stock, valued at $1,704,639. This trade represents a 22.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 9.70% of the stock is currently owned by company insiders.

Transocean Stock Performance

Shares of NYSE RIG opened at $6.81 on Wednesday. The stock's fifty day simple moving average is $6.39 and its 200 day simple moving average is $5.04. The stock has a market capitalization of $7.54 billion, a price-to-earnings ratio of -2.16 and a beta of 1.37. The company has a quick ratio of 1.27, a current ratio of 1.56 and a debt-to-equity ratio of 0.64. Transocean Ltd. has a 52-week low of $2.11 and a 52-week high of $7.14.

Transocean (NYSE:RIG - Get Free Report) last announced its earnings results on Friday, February 20th. The offshore drilling services provider reported $0.02 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.07). The company had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.03 billion. Transocean had a negative net margin of 73.52% and a positive return on equity of 0.41%. The company's revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.09) earnings per share. As a group, sell-side analysts forecast that Transocean Ltd. will post 0.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on RIG shares. Fearnley Fonds downgraded Transocean from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 10th. Morgan Stanley raised their price target on Transocean from $5.00 to $7.00 and gave the company an "equal weight" rating in a report on Wednesday, April 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Transocean in a report on Tuesday, April 21st. Pareto Securities downgraded shares of Transocean from a "hold" rating to a "sell" rating and set a $5.25 price target on the stock. in a research report on Tuesday, February 10th. Finally, Clarkson Capital lowered shares of Transocean from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 19th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Reduce" and an average price target of $6.79.

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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