Keybank National Association OH Buys 12,867,979 Shares of Transocean Ltd. $RIG

Keybank National Association OH bought a new position in shares of Transocean Ltd. (NYSE:RIG) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 12,867,979 shares of the offshore drilling services provider’s stock, valued at approximately $67,428,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Deuterium Capital Management LLC bought a new position in Transocean in the third quarter valued at about $314,000. Penn Capital Management Company LLC bought a new stake in Transocean during the 3rd quarter worth about $19,840,000. AlphaCore Capital LLC bought a new stake in Transocean during the 3rd quarter worth about $175,000. Brighton Jones LLC acquired a new position in Transocean during the 3rd quarter valued at about $136,000. Finally, StoneX Group Inc. acquired a new position in Transocean during the 3rd quarter valued at about $97,000. Institutional investors own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RIG. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research note on Thursday, October 15th. Zacks Research downgraded shares of Transocean from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 6th. Morgan Stanley cut their price objective on shares of Transocean from $7.00 to $6.50 and set an “equal weight” rating on the stock in a report on Monday. Barclays cut their price objective on shares of Transocean from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Wednesday, August 12th. Finally, Wall Street Zen cut shares of Transocean from a “hold” rating to a “sell” rating in a research note on Saturday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $6.61.

Transocean Stock Up 0.5%

NYSE:RIG opened at $5.20 on Wednesday. The company has a quick ratio of 1.24, a current ratio of 1.53 and a debt-to-equity ratio of 0.54. Transocean Ltd. has a 12-month low of $3.68 and a 12-month high of $7.66. The stock’s fifty day simple moving average is $5.72 and its 200-day simple moving average is $5.87. The firm has a market capitalization of $5.80 billion, a P/E ratio of 37.11, a P/E/G ratio of 3.44 and a beta of 1.44.

Transocean (NYSE:RIG) last released its quarterly earnings data on Monday, November 2nd. The offshore drilling services provider reported $0.02 EPS for the quarter, meeting analysts’ consensus estimates of $0.02. Transocean had a return on equity of 1.84% and a net margin of 7.25%. The business had revenue of $937.00 million during the quarter, compared to the consensus estimate of $943.99 million. During the same quarter in the prior year, the company posted ($2.00) earnings per share. The firm’s revenue was down 8.9% on a year-over-year basis. Equities research analysts expect that Transocean Ltd. will post 0.20 earnings per share for the current year.

Transocean Company Profile

Transocean Ltd. is an offshore contract drilling company that provides drilling services to oil and gas companies around the world. Its work focuses on offshore exploration and development, particularly in deepwater and harsh-environment locations. The company owns and operates a fleet of offshore drilling rigs, including drillships and semisubmersible rigs. It contracts these rigs to customers and provides the crews and related services needed to conduct offshore drilling operations. Transocean serves customers across multiple offshore regions worldwide.