Transocean Ltd. $RIG Stock Position Raised by Ion Asset Management Ltd.

Key Points

• Ion Asset Management Ltd. increased its stake in Transocean Ltd. by 7.5%, now holding 4,300,000 shares worth approximately $13.6 million.
• Several institutional investors, including Cubist Systematic Strategies LLC and Paloma Partners Management Co., have recently modified their holdings in Transocean, reflecting increased interest in the stock.
• Transocean's stock has a fifty-two week low of $1.97 and a high of $4.76, with a market cap of $2.91 billion.

Ion Asset Management Ltd. lifted its stake in shares of Transocean Ltd. (NYSE:RIG - Free Report) by 7.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,300,000 shares of the offshore drilling services provider's stock after purchasing an additional 300,000 shares during the period. Transocean makes up about 0.9% of Ion Asset Management Ltd.'s holdings, making the stock its 15th biggest position. Ion Asset Management Ltd. owned 0.49% of Transocean worth $13,631,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of RIG. Paloma Partners Management Co purchased a new position in Transocean in the 1st quarter worth about $3,424,000. Cubist Systematic Strategies LLC lifted its stake in Transocean by 114.0% during the first quarter. Cubist Systematic Strategies LLC now owns 2,424,925 shares of the offshore drilling services provider's stock valued at $7,687,000 after buying an additional 1,291,565 shares in the last quarter. Vident Advisory LLC boosted its holdings in shares of Transocean by 54.0% in the first quarter. Vident Advisory LLC now owns 30,658 shares of the offshore drilling services provider's stock worth $97,000 after buying an additional 10,754 shares during the period. State of Wyoming increased its position in shares of Transocean by 53.4% in the first quarter. State of Wyoming now owns 82,475 shares of the offshore drilling services provider's stock worth $261,000 after acquiring an additional 28,705 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in shares of Transocean by 1.9% during the first quarter. MetLife Investment Management LLC now owns 424,606 shares of the offshore drilling services provider's stock valued at $1,346,000 after acquiring an additional 7,803 shares during the period. Institutional investors and hedge funds own 67.73% of the company's stock.

Transocean Stock Performance

Shares of RIG stock opened at $3.09 on Friday. Transocean Ltd. has a fifty-two week low of $1.97 and a fifty-two week high of $4.76. The stock's 50-day moving average is $2.89 and its two-hundred day moving average is $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. The firm has a market cap of $2.91 billion, a P/E ratio of -1.66, a PEG ratio of 6.39 and a beta of 2.79.

Analyst Upgrades and Downgrades

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

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