National Asset Management Inc. bought a new stake in shares of Transocean LTD (NYSE:RIG) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 10,907 shares of the offshore drilling services provider’s stock, valued at approximately $71,000.
Other large investors have also made changes to their positions in the company. Icon Wealth Partners LLC purchased a new position in shares of Transocean during the 1st quarter valued at approximately $38,000. Nisa Investment Advisors LLC purchased a new position in shares of Transocean during the 1st quarter valued at approximately $44,000. Steward Partners Investment Advisory LLC purchased a new position in shares of Transocean during the 2nd quarter valued at approximately $35,000. Meeder Asset Management Inc. lifted its position in shares of Transocean by 535.2% during the 2nd quarter. Meeder Asset Management Inc. now owns 8,962 shares of the offshore drilling services provider’s stock valued at $57,000 after buying an additional 7,551 shares in the last quarter. Finally, Quinn Opportunity Partners LLC purchased a new position in Transocean in the 1st quarter valued at $87,000. Hedge funds and other institutional investors own 69.47% of the company’s stock.
A number of research analysts have weighed in on RIG shares. Morgan Stanley set a $10.00 price objective on Transocean and gave the company a “buy” rating in a report on Monday, July 15th. HSBC set a $12.00 price objective on Transocean and gave the company a “buy” rating in a report on Monday, July 15th. Citigroup decreased their price objective on Transocean from $6.70 to $4.90 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Royal Bank of Canada set a $17.00 price objective on Transocean and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, ValuEngine upgraded Transocean from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $12.29.
Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) EPS for the quarter, hitting the consensus estimate of ($0.34). The business had revenue of $758.00 million for the quarter, compared to analyst estimates of $765.81 million. Transocean had a negative return on equity of 4.18% and a negative net margin of 33.49%. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.04) EPS. Research analysts anticipate that Transocean LTD will post -1.02 earnings per share for the current fiscal year.
In other news, Director Vanessa C. L. Chang bought 4,300 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was bought at an average cost of $5.92 per share, with a total value of $25,456.00. Following the transaction, the director now directly owns 14,000 shares in the company, valued at approximately $82,880. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Howard E. Davis bought 98,049 shares of the company’s stock in a transaction on Friday, June 28th. The stock was purchased at an average cost of $6.35 per share, with a total value of $622,611.15. The disclosure for this purchase can be found here. Insiders have purchased a total of 134,849 shares of company stock valued at $810,982 over the last three months. Corporate insiders own 11.05% of the company’s stock.
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.
Recommended Story: Trading Ex-Dividend
Want to see what other hedge funds are holding RIG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Transocean LTD (NYSE:RIG).
Receive News & Ratings for Transocean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transocean and related companies with MarketBeat.com's FREE daily email newsletter.