Geode Capital Management LLC Grows Stock Position in Transocean Ltd. $RIG

Geode Capital Management LLC boosted its stake in shares of Transocean Ltd. (NYSE:RIG) by 7.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 22,797,180 shares of the offshore drilling services provider’s stock after buying an additional 1,515,893 shares during the period. Geode Capital Management LLC’s holdings in Transocean were worth $94,168,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of RIG. TD Waterhouse Canada Inc. raised its holdings in Transocean by 22,432.1% during the 4th quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock valued at $26,000 after buying an additional 6,281 shares during the period. Josh Arnold Investment Consultant LLC purchased a new stake in Transocean in the second quarter worth $26,000. Flagship Harbor Advisors LLC purchased a new stake in Transocean in the fourth quarter worth $27,000. Vestmark Advisory Solutions Inc. purchased a new stake in Transocean in the third quarter worth $31,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in Transocean in the third quarter worth $31,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Transocean Stock Performance

RIG stock opened at $5.94 on Friday. Transocean Ltd. has a twelve month low of $2.51 and a twelve month high of $7.66. The company has a quick ratio of 1.20, a current ratio of 1.54 and a debt-to-equity ratio of 0.60. The business’s fifty day simple moving average is $6.51 and its two-hundred day simple moving average is $5.55. The firm has a market cap of $6.63 billion, a price-to-earnings ratio of -1.99 and a beta of 1.28.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the company posted ($0.10) EPS. Transocean’s quarterly revenue was up 19.3% compared to the same quarter last year. Analysts predict that Transocean Ltd. will post 0.17 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RIG has been the topic of a number of recent analyst reports. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $6.00 to $8.00 in a research note on Thursday, May 7th. Pareto Securities lowered Transocean from a “hold” rating to a “sell” rating and set a $5.25 target price on the stock. in a research note on Tuesday, February 10th. Clarkson Capital lowered Transocean from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research note on Tuesday, April 21st. Finally, Susquehanna increased their target price on Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a research note on Tuesday, April 7th. Three investment 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $6.96.

Transocean 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.