Fmr LLC Cuts Position in Transocean LTD (NYSE:RIG)

FMR LLC lowered its stake in shares of Transocean LTD (NYSE:RIG) by 15.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 9,545,929 shares of the offshore drilling services provider’s stock after selling 1,767,181 shares during the period. FMR LLC owned about 1.56% of Transocean worth $83,146,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RIG. Lasry Marc purchased a new position in shares of Transocean during the 4th quarter valued at about $53,938,000. BlackRock Inc. raised its stake in shares of Transocean by 19.4% during the 4th quarter. BlackRock Inc. now owns 46,363,702 shares of the offshore drilling services provider’s stock valued at $321,766,000 after buying an additional 7,522,749 shares during the last quarter. Norges Bank purchased a new position in shares of Transocean during the 4th quarter valued at about $46,425,000. Van ECK Associates Corp raised its stake in shares of Transocean by 15.1% during the 4th quarter. Van ECK Associates Corp now owns 9,627,227 shares of the offshore drilling services provider’s stock valued at $66,813,000 after buying an additional 1,261,299 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Transocean by 23.9% during the 4th quarter. Geode Capital Management LLC now owns 4,978,814 shares of the offshore drilling services provider’s stock valued at $34,552,000 after buying an additional 959,861 shares during the last quarter. Institutional investors and hedge funds own 70.14% of the company’s stock.

In other news, CAO Howard E. Davis acquired 98,049 shares of the business’s stock in a transaction on Friday, June 28th. The stock was bought at an average cost of $6.35 per share, for a total transaction of $622,611.15. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Vanessa C. L. Chang acquired 4,300 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were purchased at an average price of $5.92 per share, with a total value of $25,456.00. Following the completion of the purchase, the director now owns 14,000 shares in the company, valued at approximately $82,880. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 112,349 shares of company stock valued at $721,567. 11.05% of the stock is owned by company insiders.

Shares of Transocean stock traded up $0.17 on Friday, hitting $5.80. The company’s stock had a trading volume of 12,833,001 shares, compared to its average volume of 13,846,837. Transocean LTD has a 1 year low of $5.28 and a 1 year high of $14.47. The firm’s fifty day moving average is $6.11. The company has a quick ratio of 2.37, a current ratio of 2.72 and a debt-to-equity ratio of 0.70. The firm has a market cap of $3.44 billion, a P/E ratio of -7.34 and a beta of 1.77.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.30) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.01). Transocean had a negative return on equity of 2.70% and a negative net margin of 62.97%. The firm had revenue of $754.00 million for the quarter, compared to analysts’ expectations of $745.43 million. During the same quarter last year, the firm posted ($0.48) earnings per share. Transocean’s quarterly revenue was up 13.6% on a year-over-year basis. As a group, equities analysts forecast that Transocean LTD will post -0.98 earnings per share for the current fiscal year.

A number of research firms have weighed in on RIG. Bank of America set a $77.00 price objective on Citigroup and gave the company a “buy” rating in a research note on Monday, June 10th. ValuEngine lowered Welbilt from a “hold” rating to a “sell” rating in a research note on Wednesday, June 12th. Citigroup cut their price target on Broadcom from $320.00 to $300.00 and set a “buy” rating for the company in a research note on Friday, June 14th. Morgan Stanley set a $70.00 price target on Edison International and gave the company a “hold” rating in a research note on Monday, July 15th. Finally, HSBC set a $12.00 price target on Transocean and gave the company a “buy” rating in a research note on Monday, July 15th. Five research analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $12.23.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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