Capital World Investors Decreases Stake in Transocean Ltd. $RIG

Capital World Investors decreased its holdings in shares of Transocean Ltd. (NYSE:RIG) by 49.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,665,736 shares of the offshore drilling services provider’s stock after selling 18,074,620 shares during the quarter. Capital World Investors’ holdings in Transocean were worth $58,237,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of RIG. Josh Arnold Investment Consultant LLC purchased a new stake in Transocean during the 2nd quarter valued at about $26,000. Blueshift Asset Management LLC acquired a new position in shares of Transocean during the 2nd quarter worth approximately $27,000. SBI Securities Co. Ltd. grew its position in shares of Transocean by 78.0% in the second quarter. SBI Securities Co. Ltd. now owns 10,729 shares of the offshore drilling services provider’s stock valued at $28,000 after purchasing an additional 4,700 shares in the last quarter. Benedict Financial Advisors Inc. purchased a new stake in shares of Transocean in the third quarter valued at approximately $31,000. Finally, Vestmark Advisory Solutions Inc. acquired a new stake in shares of Transocean in the third quarter valued at approximately $31,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RIG has been the topic of a number of analyst reports. Citigroup lifted their price objective on Transocean from $4.25 to $4.50 and gave the stock a “neutral” rating in a research report on Thursday, December 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research note on Thursday, January 22nd. BTIG Research lifted their price target on Transocean from $6.00 to $10.00 and gave the stock a “buy” rating in a report on Monday, February 9th. JPMorgan Chase & Co. reissued an “underweight” rating on shares of Transocean in a report on Wednesday, December 10th. Finally, Pareto Securities cut shares of Transocean from a “hold” rating to a “sell” rating and set a $5.25 price objective for the company. in a research report on Tuesday, February 10th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $6.38.

Insider Buying and Selling

In related news, EVP Roderick James Mackenzie sold 78,370 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $6.36, for a total value of $498,433.20. Following the sale, the executive vice president owned 268,025 shares in the company, valued at approximately $1,704,639. The trade was a 22.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keelan Adamson sold 58,687 shares of the stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $5.00, for a total value of $293,435.00. Following the transaction, the chief executive officer directly owned 1,222,182 shares in the company, valued at approximately $6,110,910. The trade was a 4.58% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 159,903 shares of company stock worth $906,098. 12.27% of the stock is owned by corporate insiders.

Transocean Trading Down 0.6%

Shares of RIG stock opened at $6.27 on Friday. Transocean Ltd. has a 1-year low of $1.97 and a 1-year high of $6.96. The firm has a market cap of $6.92 billion, a PE ratio of -1.99 and a beta of 1.40. The company has a 50-day moving average of $5.38 and a two-hundred day moving average of $4.28. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.56 and a quick ratio of 1.27.

Transocean (NYSE:RIG) last released its quarterly earnings results on Thursday, February 19th. The offshore drilling services provider reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Transocean had a negative net margin of 73.52% and a positive return on equity of 0.41%. Transocean’s revenue was up 9.6% on a year-over-year basis. During the same period last year, the firm posted ($0.09) earnings per share. On average, analysts predict that Transocean Ltd. will post 0.14 EPS for the current year.

Transocean Company 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.