Wells Fargo & Company MN lessened its position in Transocean LTD (NYSE:RIG) by 36.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 549,464 shares of the offshore drilling services provider’s stock after selling 312,263 shares during the quarter. Wells Fargo & Company MN owned 0.12% of Transocean worth $7,385,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Transocean by 11.5% in the first quarter. BlackRock Inc. now owns 39,497,237 shares of the offshore drilling services provider’s stock valued at $391,023,000 after acquiring an additional 4,076,783 shares during the last quarter. Asia Research & Capital Management Ltd purchased a new stake in Transocean during the first quarter valued at about $166,101,000. Dimensional Fund Advisors LP boosted its position in Transocean by 15.5% during the first quarter. Dimensional Fund Advisors LP now owns 11,012,549 shares of the offshore drilling services provider’s stock valued at $109,024,000 after buying an additional 1,478,859 shares during the period. Van ECK Associates Corp boosted its position in Transocean by 17.7% during the first quarter. Van ECK Associates Corp now owns 7,875,750 shares of the offshore drilling services provider’s stock valued at $77,970,000 after buying an additional 1,183,164 shares during the period. Finally, Platinum Investment Management Ltd. purchased a new stake in Transocean during the first quarter valued at about $47,837,000. 70.74% of the stock is currently owned by institutional investors and hedge funds.
Shares of Transocean stock traded down $0.07 during trading on Friday, reaching $13.66. 10,160,183 shares of the stock were exchanged, compared to its average volume of 14,208,147. The company has a current ratio of 1.49, a quick ratio of 1.35 and a debt-to-equity ratio of 0.63. The firm has a market cap of $6.44 billion, a P/E ratio of -227.67 and a beta of 1.47. Transocean LTD has a 1 year low of $8.70 and a 1 year high of $14.34.
Transocean (NYSE:RIG) last posted its earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.04) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.13. The company had revenue of $790.00 million during the quarter, compared to analyst estimates of $768.68 million. Transocean had a negative net margin of 99.38% and a negative return on equity of 2.00%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. Research analysts forecast that Transocean LTD will post -0.85 earnings per share for the current fiscal year.
In other news, Director Vincent J. Intrieri bought 10,000 shares of the company’s stock in a transaction dated Thursday, August 16th. The stock was bought at an average cost of $10.62 per share, for a total transaction of $106,200.00. Following the completion of the acquisition, the director now owns 10,000 shares in the company, valued at approximately $106,200. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 14.09% of the company’s stock.
Several analysts have issued reports on the stock. ValuEngine upgraded shares of Transocean from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Piper Jaffray Companies set a $14.00 price target on shares of Transocean and gave the company a “hold” rating in a research report on Monday, October 1st. Royal Bank of Canada upgraded shares of Transocean from a “sector perform” rating to an “outperform” rating in a research report on Thursday, September 20th. Wells Fargo & Co upgraded shares of Transocean from a “market perform” rating to an “outperform” rating and upped their price target for the company from $13.00 to $16.00 in a research report on Wednesday, September 19th. Finally, Morgan Stanley assumed coverage on shares of Transocean in a research report on Tuesday, September 18th. They set an “overweight” rating and a $15.00 price target for the company. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $13.36.
Transocean Company Profile
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.
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