Transocean Ltd. $RIG Shares Acquired by American Century Companies Inc.

American Century Companies Inc. lifted its holdings in Transocean Ltd. (NYSE:RIG) by 12.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,456,554 shares of the offshore drilling services provider’s stock after purchasing an additional 3,006,786 shares during the quarter. American Century Companies Inc. owned about 2.40% of Transocean worth $82,544,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Benedict Financial Advisors Inc. acquired a new stake in Transocean in the third quarter worth about $31,000. Vestmark Advisory Solutions Inc. purchased a new position in shares of Transocean in the 3rd quarter valued at approximately $31,000. Josh Arnold Investment Consultant LLC acquired a new stake in Transocean in the 2nd quarter worth approximately $26,000. Blueshift Asset Management LLC purchased a new stake in Transocean during the 2nd quarter worth approximately $27,000. Finally, SBI Securities Co. Ltd. increased its stake in Transocean by 78.0% during the 2nd quarter. SBI Securities Co. Ltd. now owns 10,729 shares of the offshore drilling services provider’s stock valued at $28,000 after purchasing an additional 4,700 shares in the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RIG has been the subject of several research reports. JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Transocean in a research note on Wednesday, December 10th. Susquehanna lifted their price target on Transocean from $6.50 to $7.50 and gave the stock a “positive” rating in a research report on Monday, February 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research note on Thursday, January 22nd. Barclays cut Transocean from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $4.50 to $6.00 in a research note on Wednesday, February 18th. Finally, Morgan Stanley upped their target price on Transocean from $4.50 to $5.00 and gave the company an “equal weight” rating in a research report on Monday, February 23rd. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Transocean has an average rating of “Reduce” and a consensus price target of $5.86.

Insiders Place Their Bets

In other Transocean 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 value of $293,435.00. Following the completion of the transaction, the chief executive officer owned 1,222,182 shares in the company, valued at approximately $6,110,910. This represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 147,970 shares of company stock valued at $706,632 over the last three months. 12.54% of the stock is currently owned by insiders.

Transocean Trading Down 2.5%

Transocean stock opened at $6.10 on Wednesday. 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 12 month low of $1.97 and a 12 month high of $6.96. The stock’s 50 day simple moving average is $5.09 and its two-hundred day simple moving average is $4.14. The firm has a market cap of $6.72 billion, a PE ratio of -1.93 and a beta of 1.40.

Transocean (NYSE:RIG) last posted its earnings results on Thursday, February 19th. The offshore drilling services provider reported $0.02 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the firm earned ($0.09) earnings per share. Transocean’s revenue for the quarter was up 9.6% compared to the same quarter last year. Analysts anticipate that Transocean Ltd. will post 0.14 earnings per share for the current year.

About Transocean

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.