Investors Buy Shares of Transocean (RIG) on Weakness

Traders purchased shares of Transocean LTD (NYSE:RIG) on weakness during trading hours on Monday. $20.94 million flowed into the stock on the tick-up and $14.09 million flowed out of the stock on the tick-down, for a money net flow of $6.85 million into the stock. Of all stocks tracked, Transocean had the 19th highest net in-flow for the day. Transocean traded down ($0.12) for the day and closed at $10.06

A number of research firms recently commented on RIG. Piper Jaffray set a $11.00 target price on Transocean and gave the stock a “hold” rating in a research report on Thursday, February 15th. ValuEngine upgraded Transocean from a “strong sell” rating to a “sell” rating in a research report on Thursday. Susquehanna Bancshares set a $10.00 target price on Transocean and gave the stock a “hold” rating in a research report on Friday, February 16th. Cowen set a $11.00 target price on Transocean and gave the stock a “hold” rating in a research report on Thursday, January 11th. Finally, Jefferies Group upgraded Transocean from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research report on Thursday, January 4th. Nine investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. Transocean has an average rating of “Hold” and an average price target of $11.64.

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The company has a quick ratio of 3.06, a current ratio of 3.36 and a debt-to-equity ratio of 0.56. The firm has a market cap of $4,671.75, a P/E ratio of -1.26 and a beta of 1.62.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Tuesday, February 20th. The offshore drilling services provider reported ($0.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.03). Transocean had a negative return on equity of 0.17% and a negative net margin of 105.18%. The company had revenue of $629.00 million for the quarter, compared to the consensus estimate of $619.66 million. During the same period in the previous year, the firm earned $0.69 earnings per share. The company’s revenue was down 35.4% compared to the same quarter last year. equities research analysts expect that Transocean LTD will post -0.73 EPS for the current fiscal year.

In other news, SVP David A. Tonnel sold 9,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $9.39, for a total transaction of $84,510.00. Following the transaction, the senior vice president now owns 75,349 shares of the company’s stock, valued at $707,527.11. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frederik Wilhelm Mohn bought 2,000,000 shares of the business’s stock in a transaction dated Friday, March 2nd. The shares were acquired at an average cost of $9.29 per share, for a total transaction of $18,580,000.00. The disclosure for this purchase can be found here. Insiders own 0.31% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in RIG. Nationwide Fund Advisors grew its stake in shares of Transocean by 61.3% during the third quarter. Nationwide Fund Advisors now owns 955,007 shares of the offshore drilling services provider’s stock valued at $10,276,000 after buying an additional 362,890 shares during the last quarter. Sei Investments Co. grew its stake in Transocean by 11.5% in the third quarter. Sei Investments Co. now owns 231,189 shares of the offshore drilling services provider’s stock worth $2,487,000 after purchasing an additional 23,908 shares in the last quarter. New York State Common Retirement Fund grew its stake in Transocean by 11.1% in the third quarter. New York State Common Retirement Fund now owns 961,100 shares of the offshore drilling services provider’s stock worth $10,341,000 after purchasing an additional 96,000 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Transocean by 28.7% in the third quarter. Bank of New York Mellon Corp now owns 4,580,112 shares of the offshore drilling services provider’s stock worth $49,282,000 after purchasing an additional 1,022,621 shares in the last quarter. Finally, Comerica Bank grew its stake in Transocean by 148.9% in the third quarter. Comerica Bank now owns 336,684 shares of the offshore drilling services provider’s stock worth $3,498,000 after purchasing an additional 201,399 shares in the last quarter. 63.87% of the stock is currently owned by hedge funds and other institutional investors.

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About Transocean

Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.

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