Seven Eight Capital LP acquired a new stake in shares of Transocean Ltd. (NYSE:RIG – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 131,996 shares of the offshore drilling services provider’s stock, valued at approximately $839,000.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Archer Investment Corp increased its holdings 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 valued at $26,000 after acquiring an additional 4,062 shares in the last quarter. HM Payson & Co. bought a new position in shares of Transocean during the first quarter valued at $32,000. Belpointe Asset Management LLC bought a new position in shares of Transocean during the fourth quarter valued at $31,000. CWM LLC increased its holdings in shares of Transocean by 42.1% during the first quarter. CWM LLC now owns 6,747 shares of the offshore drilling services provider’s stock valued at $43,000 after acquiring an additional 2,000 shares in the last quarter. Finally, US Bancorp DE increased its holdings in shares of Transocean by 31.0% during the first quarter. US Bancorp DE now owns 7,545 shares of the offshore drilling services provider’s stock valued at $48,000 after acquiring an additional 1,784 shares in the last quarter. Hedge funds and other institutional investors own 66.70% of the company’s stock.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on RIG. Susquehanna raised their price target on Transocean from $7.50 to $9.00 and gave the company a “neutral” rating in a report on Wednesday, August 2nd. BTIG Research lifted their price objective on Transocean from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, July 28th. Benchmark reiterated a “buy” rating and issued a $12.00 price objective on shares of Transocean in a report on Tuesday, August 1st. StockNews.com upgraded Transocean to a “sell” rating in a report on Friday, June 16th. Finally, Citigroup upgraded Transocean from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $6.50 to $9.50 in a report on Wednesday, July 5th. One equities 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 company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.28.
Transocean Stock Up 1.2 %
RIG stock opened at $8.18 on Monday. Transocean Ltd. has a twelve month low of $2.33 and a twelve month high of $8.86. The company has a quick ratio of 1.61, a current ratio of 1.96 and a debt-to-equity ratio of 0.69. The stock has a market cap of $6.27 billion, a P/E ratio of -5.93 and a beta of 2.99. The business’s 50-day moving average price is $8.11 and its 200-day moving average price is $6.93.
Transocean (NYSE:RIG – Get Free Report) last posted 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 return on equity of 7.32% and a negative net margin of 37.68%. The business had revenue of $729.00 million during the quarter, compared to analysts’ expectations of $732.58 million. During the same period in the prior year, the firm posted ($0.10) earnings per share. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities research analysts forecast that Transocean Ltd. will post -0.71 EPS for the current year.
Insider Buying and Selling
In related news, CAO David A. Tonnel sold 57,259 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $8.22, for a total value of $470,668.98. Following the transaction, the chief accounting officer now directly owns 417,789 shares of the company’s stock, valued at approximately $3,434,225.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Transocean news, CFO Mark-Anthony Lovell Mey sold 396,170 shares of Transocean stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $8.50, for a total value of $3,367,445.00. Following the sale, the chief financial officer now owns 984,317 shares of the company’s stock, valued at approximately $8,366,694.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO David A. Tonnel sold 57,259 shares of Transocean stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $8.22, for a total value of $470,668.98. Following the completion of the sale, the chief accounting officer now directly owns 417,789 shares in the company, valued at approximately $3,434,225.58. The disclosure for this sale can be found here. In the last three months, insiders have sold 455,183 shares of company stock valued at $3,853,479. Corporate insiders own 13.16% of the company’s stock.
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.
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