Pinpoint Asset Management Singapore Pte. Ltd. Boosts Stock Holdings in Transocean Ltd. $RIG

Pinpoint Asset Management Singapore Pte. Ltd. grew its position in shares of Transocean Ltd. (NYSE:RIG) by 358.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 121,056 shares of the offshore drilling services provider’s stock after buying an additional 94,672 shares during the period. Pinpoint Asset Management Singapore Pte. Ltd.’s holdings in Transocean were worth $500,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in RIG. Josh Arnold Investment Consultant LLC purchased a new position in shares of Transocean during the 2nd quarter valued at approximately $26,000. TD Waterhouse Canada Inc. increased its holdings in shares of 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 purchasing an additional 6,281 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in shares of Transocean during the 4th quarter valued at approximately $27,000. Vestmark Advisory Solutions Inc. purchased a new position in shares of Transocean during the 3rd quarter valued at approximately $31,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of Transocean during the 3rd quarter valued at approximately $31,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Transocean Price Performance

Transocean stock opened at $6.05 on Friday. The company’s fifty day moving average price is $6.44 and its 200 day moving average price is $5.62. Transocean Ltd. has a 1 year low of $2.51 and a 1 year high of $7.66. The stock has a market capitalization of $6.75 billion, a P/E ratio of -2.03 and a beta of 1.28. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.54.

Transocean (NYSE:RIG) last released 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 negative net margin of 66.79% and a positive return on equity of 0.88%. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same period in the prior year, the business posted ($0.10) EPS. Transocean’s revenue was up 19.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Transocean Ltd. will post 0.17 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RIG has been the subject of several recent research reports. Susquehanna lifted their target price on shares of Transocean from $7.50 to $8.00 and gave the company a “positive” rating in a report on Tuesday, April 7th. TD Cowen lifted their target price on shares of Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $6.00 to $8.00 in a report on Thursday, May 7th. Clarkson Capital cut shares of Transocean from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 19th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Transocean in a research note on Tuesday, April 21st. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target 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.