Transocean Ltd. $RIG Shares Bought by Citigroup Inc.

Citigroup Inc. lifted its holdings in shares of Transocean Ltd. (NYSE:RIG) by 37.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 818,781 shares of the offshore drilling services provider’s stock after buying an additional 223,231 shares during the quarter. Citigroup Inc. owned approximately 0.07% of Transocean worth $2,555,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Josh Arnold Investment Consultant LLC purchased a new stake in Transocean during the 2nd quarter valued at about $26,000. Blueshift Asset Management LLC acquired a new stake in Transocean in the 2nd quarter valued at about $27,000. SBI Securities Co. Ltd. lifted its stake in Transocean by 78.0% in the 2nd quarter. SBI Securities Co. Ltd. now owns 10,729 shares of the offshore drilling services provider’s stock worth $28,000 after purchasing an additional 4,700 shares in the last quarter. Benedict Financial Advisors Inc. acquired a new position in shares of Transocean during the 3rd quarter worth approximately $31,000. Finally, NFP Retirement Inc. acquired a new position in shares of Transocean during the 2nd quarter worth approximately $32,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Buying and Selling at Transocean

In other news, CEO Keelan Adamson sold 58,687 shares of the company’s stock in a transaction on Tuesday, January 27th. The stock was sold at an average price of $5.00, for a total transaction of $293,435.00. Following the completion of the sale, the chief executive officer directly 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 filing with the SEC, which is available at this link. Also, EVP Roderick James Mackenzie sold 78,370 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $6.36, for a total value of $498,433.20. Following the sale, the executive vice president owned 268,025 shares of the company’s stock, valued at $1,704,639. The trade was a 22.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 159,903 shares of company stock valued at $906,098 over the last quarter. Insiders own 12.27% of the company’s stock.

Analysts Set New Price Targets

RIG has been the subject of a number of analyst reports. Barclays lowered shares of Transocean from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $4.50 to $6.00 in a report on Wednesday, February 18th. JPMorgan Chase & Co. reissued an “underweight” rating on shares of Transocean in a research report on Wednesday, December 10th. Citigroup upped their price objective on Transocean from $4.25 to $4.50 and gave the company a “neutral” rating in a research note on Thursday, December 11th. BTIG Research boosted their price objective on shares of Transocean from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, February 9th. Finally, Morgan Stanley boosted their target price on Transocean from $4.50 to $5.00 and gave the stock an “equal weight” rating in a research report on Monday, February 23rd. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Transocean has an average rating of “Reduce” and an average target price of $6.38.

Transocean Trading Down 3.2%

Transocean stock opened at $5.93 on Friday. The stock has a 50-day moving average price of $5.21 and a 200 day moving average price of $4.19. Transocean Ltd. has a 52 week low of $1.97 and a 52 week high of $6.96. The stock has a market cap of $6.54 billion, a PE ratio of -1.88 and a beta of 1.40. 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 (NYSE:RIG) last released its earnings results on Thursday, February 19th. The offshore drilling services provider reported $0.02 earnings per share (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 firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the company posted ($0.09) earnings per share. Transocean’s revenue for the quarter was up 9.6% on a year-over-year basis. Equities research analysts predict that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

Transocean 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.