Transocean Ltd. $RIG Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC lessened its stake in shares of Transocean Ltd. (NYSE:RIG) by 25.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 259,755 shares of the offshore drilling services provider’s stock after selling 88,211 shares during the quarter. Intech Investment Management LLC’s holdings in Transocean were worth $810,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Citigroup Inc. boosted its stake in Transocean by 37.5% during the 3rd quarter. Citigroup Inc. now owns 818,781 shares of the offshore drilling services provider’s stock worth $2,555,000 after purchasing an additional 223,231 shares during the period. Trek Financial LLC acquired a new position in Transocean in the third quarter valued at $5,162,000. HighTower Advisors LLC increased its stake in Transocean by 2,662.3% in the third quarter. HighTower Advisors LLC now owns 1,562,314 shares of the offshore drilling services provider’s stock valued at $4,874,000 after purchasing an additional 1,505,755 shares during the period. Cibc World Market Inc. raised its holdings 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 valued at $15,235,000 after buying an additional 941,537 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Transocean during the third quarter worth about $1,708,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Transocean Stock Up 4.0%

RIG opened at $6.17 on Tuesday. The business’s fifty day moving average is $5.26 and its two-hundred day moving average is $4.23. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.27 and a current ratio of 1.56. The company has a market cap of $6.80 billion, a price-to-earnings ratio of -1.96 and a beta of 1.40. Transocean Ltd. has a one year low of $1.97 and a one year high of $6.96.

Transocean (NYSE:RIG) last announced 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 positive return on equity of 0.41% and a negative net margin of 73.52%.The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm posted ($0.09) EPS. The business’s revenue was up 9.6% on a year-over-year basis. Analysts anticipate that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Insider Buying and Selling at Transocean

In related news, CEO Keelan Adamson sold 58,687 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer owned 1,222,182 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Also, EVP Roderick James Mackenzie sold 78,370 shares of the firm’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $6.36, for a total transaction of $498,433.20. Following the completion of the transaction, the executive vice president directly owned 268,025 shares in the company, valued at approximately $1,704,639. This represents 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 12.54% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. BTIG Research lifted their target price on Transocean from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, February 9th. Pareto Securities cut Transocean from a “hold” rating to a “sell” rating and set a $5.25 price target for the company. in a research note on Tuesday, February 10th. Susquehanna increased their price target on Transocean from $6.50 to $7.50 and gave the stock a “positive” rating in a report on Monday, February 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Thursday, January 22nd. Finally, Citigroup upped their price objective on shares of Transocean from $4.25 to $4.50 and gave the stock a “neutral” rating in a research report on Thursday, December 11th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Transocean has a consensus rating of “Reduce” and a consensus target price of $6.38.

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.