Engineers Gate Manager LP Decreases Stake in Transocean Ltd. $RIG

Engineers Gate Manager LP cut its stake in Transocean Ltd. (NYSE:RIG) by 32.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 750,415 shares of the offshore drilling services provider’s stock after selling 360,946 shares during the quarter. Engineers Gate Manager LP’s holdings in Transocean were worth $3,670,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Elliott Investment Management L.P. purchased a new stake in shares of Transocean in the 1st quarter worth about $103,606,000. Zimmer Partners LP purchased a new position in Transocean during the 3rd quarter valued at about $30,262,000. Assenagon Asset Management S.A. acquired a new position in Transocean during the second quarter worth about $37,477,000. Barclays PLC raised its position in Transocean by 230.6% during the fourth quarter. Barclays PLC now owns 10,802,664 shares of the offshore drilling services provider’s stock worth $44,615,000 after acquiring an additional 7,535,041 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Transocean by 20.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 43,470,312 shares of the offshore drilling services provider’s stock valued at $179,531,000 after purchasing an additional 7,516,589 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research note on Friday, July 17th. Susquehanna cut their target price on shares of Transocean from $8.00 to $7.00 and set a “positive” rating for the company in a research note on Wednesday, July 8th. Fearnley Fonds upgraded shares of Transocean from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Finally, Barclays decreased their price target on shares of Transocean from $8.00 to $7.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $6.68.

Transocean Stock Down 2.0%

Shares of RIG opened at $5.66 on Friday. The firm has a market cap of $6.32 billion, a PE ratio of -3.01, a price-to-earnings-growth ratio of 4.24 and a beta of 1.34. The company’s fifty day moving average is $5.50 and its two-hundred day moving average is $5.98. Transocean Ltd. has a fifty-two week low of $3.03 and a fifty-two week high of $7.66. The company has a quick ratio of 1.27, a current ratio of 1.59 and a debt-to-equity ratio of 0.56.

Transocean (NYSE:RIG) last issued its earnings results on Wednesday, August 5th. The offshore drilling services provider reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. The business had revenue of $966.00 million for the quarter, compared to the consensus estimate of $956.64 million. Transocean had a negative net margin of 40.24% and a positive return on equity of 2.60%. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.06) EPS. Analysts forecast that Transocean Ltd. will post 0.18 earnings per share for the current year.

Insider Activity

In other news, Director Chad Deaton purchased 35,000 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were acquired at an average cost of $4.95 per share, with a total value of $173,250.00. Following the transaction, the director owned 237,421 shares in the company, valued at approximately $1,175,233.95. The trade was a 17.29% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 9.70% of the company’s stock.

Transocean Profile

Transocean Ltd. (NYSE:RIG) is an international offshore contract drilling company that provides drilling services to oil and gas companies. Its primary business is operating mobile offshore drilling units under contracts that support exploration, development and production activities in offshore oil and natural gas fields.

The company’s fleet is focused primarily on ultra-deepwater and harsh-environment drilling units, including drillships and semisubmersible rigs. Transocean provides rig operations, drilling personnel, equipment and related services intended to help customers safely construct and complete offshore wells.

Transocean serves energy companies in major offshore drilling regions around the world.