Cambridge Investment Research Advisors Inc. Has $2.74 Million Stock Position in Transocean Ltd. (NYSE:RIG)

Cambridge Investment Research Advisors Inc. grew its position in Transocean Ltd. (NYSE:RIG) by 103.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 429,957 shares of the offshore drilling services provider’s stock after buying an additional 218,151 shares during the period. Cambridge Investment Research Advisors Inc. owned 0.06% of Transocean worth $2,735,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Archer Investment Corp grew its stake in shares of Transocean by 8,124.0% during the first quarter. Archer Investment Corp now owns 4,112 shares of the offshore drilling services provider’s stock worth $26,000 after purchasing an additional 4,062 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Transocean by 446.5% during the third quarter. Tower Research Capital LLC TRC now owns 10,996 shares of the offshore drilling services provider’s stock worth $27,000 after purchasing an additional 8,984 shares during the period. Belpointe Asset Management LLC acquired a new stake in shares of Transocean during the fourth quarter worth $31,000. HM Payson & Co. acquired a new stake in shares of Transocean during the first quarter worth $32,000. Finally, IHT Wealth Management LLC grew its stake in shares of Transocean by 38.8% during the third quarter. IHT Wealth Management LLC now owns 16,895 shares of the offshore drilling services provider’s stock worth $42,000 after purchasing an additional 4,719 shares during the period. 66.70% of the stock is owned by institutional investors and hedge funds.

Transocean Stock Performance

Shares of Transocean stock opened at $8.46 on Friday. The firm has a market cap of $6.48 billion, a price-to-earnings ratio of -6.13 and a beta of 2.96. The stock’s 50-day moving average is $7.93 and its 200-day moving average is $6.89. Transocean Ltd. has a one year low of $2.33 and a one year high of $8.86. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.96 and a quick ratio of 1.61.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Monday, July 31st. The offshore drilling services provider reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). Transocean had a negative net margin of 37.68% and a negative return on equity of 7.32%. The firm had revenue of $729.00 million during the quarter, compared to the consensus estimate of $732.58 million. During the same quarter last year, the firm earned ($0.10) earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. Equities analysts predict that Transocean Ltd. will post -0.71 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RIG. Benchmark reaffirmed a “buy” rating and set a $12.00 price objective on shares of Transocean in a research note on Tuesday, August 1st. Barclays lifted their target price on Transocean from $6.00 to $7.00 and gave the stock an “equal weight” rating in a report on Monday, August 7th. BTIG Research lifted their target price on Transocean from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, July 28th. Citigroup upgraded Transocean from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $6.50 to $9.50 in a report on Wednesday, July 5th. Finally, Piper Sandler lifted their target price on Transocean from $5.00 to $7.00 and gave the stock a “neutral” rating in a report on Monday, August 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.28.

Insider Activity at Transocean

In related news, CFO Mark-Anthony Lovell Mey sold 396,170 shares of the stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $8.50, for a total transaction of $3,367,445.00. Following the completion of the transaction, the chief financial officer now directly owns 984,317 shares of the company’s stock, valued at $8,366,694.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 13.16% of the company’s stock.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. It serves integrated energy companies, government-owned or government-controlled energy companies, and other independent energy companies.