Bank of New York Mellon Corp Decreases Position in Transocean Ltd. $RIG

Bank of New York Mellon Corp reduced its position in shares of Transocean Ltd. (NYSE:RIG) by 35.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,887,623 shares of the offshore drilling services provider’s stock after selling 1,594,772 shares during the period. Bank of New York Mellon Corp owned 0.33% of Transocean worth $7,479,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Costello Asset Management INC acquired a new stake in shares of Transocean in the first quarter worth approximately $32,000. Blume Capital Management Inc. lifted its holdings in Transocean by 125.9% in the 2nd quarter. Blume Capital Management Inc. now owns 10,560 shares of the offshore drilling services provider’s stock valued at $27,000 after purchasing an additional 5,885 shares in the last quarter. Verum Partners LLC acquired a new stake in Transocean during the 2nd quarter worth $28,000. Wedbush Securities Inc. acquired a new stake in Transocean during the 1st quarter worth $35,000. Finally, Stockman Wealth Management Inc. purchased a new stake in shares of Transocean during the second quarter worth $28,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Transocean Stock Performance

NYSE:RIG opened at $3.83 on Friday. The company’s 50-day moving average is $3.59 and its two-hundred day moving average is $3.10. Transocean Ltd. has a 1-year low of $1.97 and a 1-year high of $4.51. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.26 and a quick ratio of 0.99. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of -1.17 and a beta of 2.65.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Wednesday, October 29th. The offshore drilling services provider reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. Transocean had a negative net margin of 75.71% and a positive return on equity of 0.43%. The business had revenue of ($1,894.00) million during the quarter, compared to the consensus estimate of $1.01 billion. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. Analysts forecast that Transocean Ltd. will post 0.14 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RIG. Barclays raised their price target on shares of Transocean from $4.00 to $4.50 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Wall Street Zen raised shares of Transocean from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a research report on Wednesday, October 8th. Finally, Citigroup increased their price target on Transocean from $3.50 to $4.25 and gave the company a “neutral” rating in a report on Friday, November 14th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $4.39.

Insiders Place Their Bets

In other Transocean news, Director Frederik Wilhelm Mohn bought 4,000,000 shares of Transocean stock in a transaction on Friday, September 26th. The shares were bought at an average price of $3.05 per share, for a total transaction of $12,200,000.00. Following the completion of the transaction, the director directly owned 95,074,894 shares of the company’s stock, valued at $289,978,426.70. This trade represents a 4.39% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Keelan Adamson sold 40,942 shares of the stock in a transaction on Friday, October 24th. The stock was sold at an average price of $4.00, for a total value of $163,768.00. Following the transaction, the chief executive officer owned 1,370,152 shares of the company’s stock, valued at approximately $5,480,608. This represents a 2.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 12.27% of the stock is owned by insiders.

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.