Transocean Ltd. (NYSE:RIG) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in shares of Transocean Ltd. (NYSE:RIG) by 37.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,482,395 shares of the offshore drilling services provider’s stock after selling 2,690,715 shares during the period. Bank of New York Mellon Corp owned approximately 0.51% of Transocean worth $14,209,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. OneDigital Investment Advisors LLC raised its position in Transocean by 55.2% during the 1st quarter. OneDigital Investment Advisors LLC now owns 21,310 shares of the offshore drilling services provider’s stock worth $68,000 after buying an additional 7,583 shares during the last quarter. Goehring & Rozencwajg Associates LLC raised its holdings in Transocean by 2.3% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 876,712 shares of the offshore drilling services provider’s stock worth $2,841,000 after purchasing an additional 19,408 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Transocean by 20.0% during the first quarter. Principal Financial Group Inc. now owns 48,345 shares of the offshore drilling services provider’s stock worth $153,000 after purchasing an additional 8,043 shares in the last quarter. Teacher Retirement System of Texas acquired a new stake in Transocean in the first quarter valued at about $380,000. Finally, Keybank National Association OH boosted its holdings in Transocean by 14.2% in the 1st quarter. Keybank National Association OH now owns 13,480,351 shares of the offshore drilling services provider’s stock valued at $42,733,000 after purchasing an additional 1,672,958 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RIG. Barclays cut their price objective on Transocean from $4.00 to $3.50 and set an “overweight” rating for the company in a research report on Monday, April 7th. BTIG Research set a $5.00 price objective on Transocean and gave the stock a “buy” rating in a report on Monday, May 5th. Susquehanna dropped their target price on Transocean from $5.00 to $4.00 and set a “positive” rating for the company in a research note on Monday, April 14th. Wall Street Zen upgraded Transocean from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Morgan Stanley lowered their price target on Transocean from $4.00 to $3.50 and set an “equal weight” rating for the company in a report on Friday, May 16th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Transocean presently has a consensus rating of “Hold” and an average price target of $4.58.

Transocean Stock Up 1.2%

Shares of Transocean stock opened at $2.63 on Friday. Transocean Ltd. has a 1-year low of $1.97 and a 1-year high of $5.98. The company has a market capitalization of $2.32 billion, a PE ratio of -2.77, a P/E/G ratio of 5.62 and a beta of 2.50. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.33 and a quick ratio of 1.06. The business has a 50-day moving average of $2.75 and a 200-day moving average of $3.00.

Transocean (NYSE:RIG) last released its earnings results on Monday, April 28th. The offshore drilling services provider reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.02. The company had revenue of $906.00 million during the quarter, compared to analysts’ expectations of $884.92 million. Transocean had a negative return on equity of 0.94% and a negative net margin of 18.79%. The business’s revenue was up 18.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) EPS. As a group, equities analysts forecast that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Insider Activity

In other news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $2.78, for a total value of $61,160.00. Following the completion of the transaction, the executive vice president directly owned 340,841 shares of the company’s stock, valued at approximately $947,537.98. The trade was a 6.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 12.27% of the company’s stock.

Transocean Profile

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.