Counterpoint Mutual Funds LLC Acquires New Position in Transocean Ltd. $RIG

Counterpoint Mutual Funds LLC bought a new position in shares of Transocean Ltd. (NYSE:RIG) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 160,743 shares of the offshore drilling services provider’s stock, valued at approximately $502,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Trek Financial LLC acquired a new stake in Transocean during the 3rd quarter worth about $5,162,000. Cibc World Market Inc. raised its stake in shares of Transocean by 23.9% in the third quarter. Cibc World Market Inc. now owns 4,882,994 shares of the offshore drilling services provider’s stock worth $15,235,000 after purchasing an additional 941,537 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Transocean during the third quarter worth about $1,708,000. Quantbot Technologies LP boosted its position in Transocean by 382.4% in the second quarter. Quantbot Technologies LP now owns 1,046,818 shares of the offshore drilling services provider’s stock valued at $2,711,000 after buying an additional 829,802 shares during the last quarter. Finally, Creative Planning increased its holdings in Transocean by 89.6% in the 2nd quarter. Creative Planning now owns 1,072,043 shares of the offshore drilling services provider’s stock worth $2,777,000 after buying an additional 506,624 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Transocean Stock Performance

NYSE RIG opened at $6.53 on Wednesday. The stock has a market capitalization of $7.19 billion, a price-to-earnings ratio of -2.07 and a beta of 1.46. The stock has a 50-day moving average of $4.85 and a 200 day moving average of $4.02. The company has a current ratio of 1.56, a quick ratio of 1.27 and a debt-to-equity ratio of 0.64. Transocean Ltd. has a twelve month low of $1.97 and a twelve month high of $6.96.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Thursday, February 19th. The offshore drilling services provider reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Transocean had a negative net margin of 73.52% and a positive return on equity of 0.41%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the firm earned ($0.09) earnings per share. The firm’s quarterly revenue was up 9.6% compared to the same quarter last year. Sell-side analysts anticipate that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RIG. Barclays cut shares of Transocean from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $4.50 to $6.00 in a research note on Wednesday, February 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research report on Thursday, January 22nd. Morgan Stanley upped their target price on Transocean from $4.50 to $5.00 and gave the stock an “equal weight” rating in a research note on Monday. Susquehanna lifted their price target on Transocean from $6.50 to $7.50 and gave the company a “positive” rating in a research report on Monday. Finally, Pareto Securities lowered Transocean from a “hold” rating to a “sell” rating and set a $5.25 price objective on the stock. in a research report on Tuesday, February 10th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $5.86.

Insider Activity

In related news, CEO Keelan Adamson sold 58,687 shares of the company’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $5.00, for a total transaction of $293,435.00. Following the completion of the transaction, the chief executive officer owned 1,222,182 shares in the company, valued at $6,110,910. This represents a 4.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Roderick James Mackenzie sold 35,000 shares of Transocean stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $4.48, for a total value of $156,800.00. Following the completion of the sale, the executive vice president owned 212,072 shares in the company, valued at approximately $950,082.56. The trade was a 14.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 182,970 shares of company stock worth $863,432. Company insiders own 12.54% of the company’s stock.

Transocean Company Profile

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.