Allspring Global Investments Holdings LLC Acquires 28,437 Shares of Transocean Ltd. (NYSE:RIG)

Allspring Global Investments Holdings LLC lifted its holdings in shares of Transocean Ltd. (NYSE:RIG) by 12.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 252,326 shares of the offshore drilling services provider’s stock after purchasing an additional 28,437 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Transocean were worth $1,602,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. American Century Companies Inc. increased its stake in Transocean by 2.3% during the 3rd quarter. American Century Companies Inc. now owns 10,875,136 shares of the offshore drilling services provider’s stock worth $89,285,000 after acquiring an additional 246,832 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Transocean by 20.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,852,752 shares of the offshore drilling services provider’s stock valued at $64,471,000 after buying an additional 1,353,221 shares in the last quarter. Scout Investments Inc. boosted its position in shares of Transocean by 57.5% during the 3rd quarter. Scout Investments Inc. now owns 3,984,999 shares of the offshore drilling services provider’s stock worth $31,402,000 after acquiring an additional 1,455,118 shares in the last quarter. Keybank National Association OH bought a new position in Transocean in the third quarter valued at approximately $29,946,000. Finally, Kailix Advisors LLC increased its stake in Transocean by 58.0% in the third quarter. Kailix Advisors LLC now owns 1,964,027 shares of the offshore drilling services provider’s stock valued at $16,125,000 after acquiring an additional 721,152 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on RIG shares. Citigroup reduced their target price on Transocean from $9.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. Morgan Stanley decreased their target price on Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Monday, February 26th. StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, February 20th. Bank of America lifted their price target on shares of Transocean from $5.50 to $6.00 and gave the company an “underperform” rating in a report on Monday, April 15th. Finally, Barclays dropped their price objective on shares of Transocean from $7.00 to $6.00 and set an “equal weight” rating for the company in a research note on Thursday, February 22nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $8.22.

Transocean Stock Up 2.5 %

NYSE:RIG opened at $5.81 on Tuesday. Transocean Ltd. has a one year low of $4.45 and a one year high of $8.88. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.22. The company has a market cap of $4.76 billion, a PE ratio of -4.57 and a beta of 2.77. The firm’s 50 day simple moving average is $5.65 and its 200 day simple moving average is $6.05.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, February 19th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.12. Transocean had a negative net margin of 33.69% and a negative return on equity of 7.13%. The firm had revenue of $741.00 million during the quarter, compared to the consensus estimate of $779.17 million. During the same quarter last year, the firm earned ($0.49) earnings per share. On average, research analysts anticipate that Transocean Ltd. will post 0.02 earnings per share for the current year.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.