Janus Henderson Group PLC trimmed its stake in shares of Transocean LTD (NYSE:RIG) by 33.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,184 shares of the offshore drilling services provider’s stock after selling 8,695 shares during the quarter. Janus Henderson Group PLC’s holdings in Transocean were worth $110,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in RIG. Geode Capital Management LLC boosted its holdings in Transocean by 23.9% during the fourth quarter. Geode Capital Management LLC now owns 4,978,814 shares of the offshore drilling services provider’s stock valued at $34,552,000 after acquiring an additional 959,861 shares during the period. Nisa Investment Advisors LLC bought a new stake in Transocean during the first quarter valued at about $44,000. Mercer Global Advisors Inc. ADV bought a new stake in Transocean during the first quarter valued at about $93,000. World Asset Management Inc boosted its holdings in Transocean by 36.4% during the first quarter. World Asset Management Inc now owns 46,649 shares of the offshore drilling services provider’s stock valued at $406,000 after acquiring an additional 12,447 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Transocean by 4.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,155 shares of the offshore drilling services provider’s stock valued at $533,000 after acquiring an additional 2,653 shares during the period. Institutional investors and hedge funds own 69.47% of the company’s stock.
In other Transocean news, Director Chad C. Deaton purchased 25,000 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was purchased at an average price of $5.29 per share, with a total value of $132,250.00. Following the completion of the transaction, the director now directly owns 24,800 shares of the company’s stock, valued at approximately $131,192. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Vanessa C. L. Chang purchased 4,300 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was acquired 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 of the company’s stock, valued at $82,880. The disclosure for this purchase can be found here. Insiders purchased 134,849 shares of company stock valued at $810,982 in the last three months. Company insiders own 11.05% of the company’s stock.
Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.34). Transocean had a negative net margin of 33.49% and a negative return on equity of 4.18%. The firm had revenue of $758.00 million during the quarter, compared to analyst estimates of $765.81 million. During the same quarter in the prior year, the business posted ($0.04) earnings per share. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. Research analysts forecast that Transocean LTD will post -1.02 earnings per share for the current fiscal year.
A number of equities research analysts have issued reports on the stock. Scotiabank set a $7.00 price target on shares of Transocean and gave the company a “hold” rating in a report on Monday. Piper Jaffray Companies set a $8.00 price target on shares of Transocean and gave the company a “hold” rating in a report on Wednesday, July 31st. HSBC set a $12.00 price target on shares of Transocean and gave the company a “buy” rating in a report on Monday, July 15th. ValuEngine upgraded shares of Transocean from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Citigroup decreased their price target on shares of Transocean from $6.70 to $4.90 and set a “neutral” rating for the company in a report on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $11.84.
Transocean Company Profile
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.
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