Algert Global LLC Takes Position in Transocean Ltd. $RIG

Algert Global LLC purchased a new stake in Transocean Ltd. (NYSE:RIG) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,518,220 shares of the offshore drilling services provider’s stock, valued at approximately $7,857,000. Algert Global LLC owned approximately 0.23% of Transocean as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Transocean by 19.3% in the third quarter. Vanguard Group Inc. now owns 94,519,248 shares of the offshore drilling services provider’s stock valued at $294,900,000 after purchasing an additional 15,315,289 shares in the last quarter. American Century Companies Inc. raised its position in Transocean by 12.8% during the third quarter. American Century Companies Inc. now owns 26,456,554 shares of the offshore drilling services provider’s stock valued at $82,544,000 after buying an additional 3,006,786 shares during the period. Dalal Street LLC purchased a new stake in Transocean in the 3rd quarter worth about $76,260,000. Two Sigma Investments LP lifted its stake in Transocean by 0.3% in the 3rd quarter. Two Sigma Investments LP now owns 18,636,188 shares of the offshore drilling services provider’s stock worth $58,145,000 after acquiring an additional 64,305 shares in the last quarter. Finally, Ghisallo Capital Management LLC acquired a new stake in Transocean during the 3rd quarter worth about $57,720,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Transocean

In other news, EVP Roderick James Mackenzie sold 78,370 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $6.36, for a total transaction of $498,433.20. Following the transaction, the executive vice president owned 268,025 shares of the company’s stock, valued at approximately $1,704,639. This represents a 22.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Keelan Adamson sold 58,687 shares of the firm’s stock in a transaction that occurred on 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 directly owned 1,222,182 shares in the company, valued at $6,110,910. The trade was a 4.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 159,903 shares of company stock worth $906,098 over the last three months. Company insiders own 12.54% of the company’s stock.

Wall Street Analyst Weigh In

RIG has been the topic of several research analyst reports. Barclays cut Transocean from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $4.50 to $6.00 in a research note on Wednesday, February 18th. Citigroup raised their price target on shares of Transocean from $4.25 to $4.50 and gave the stock a “neutral” rating in a report on Thursday, December 11th. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Transocean in a research report on Wednesday, December 10th. Morgan Stanley increased their target price on shares of Transocean from $4.50 to $5.00 and gave the stock an “equal weight” rating in a research report on Monday, February 23rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Transocean in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $6.38.

Transocean Stock Performance

RIG stock opened at $6.21 on Tuesday. The firm has a 50 day moving average of $5.46 and a two-hundred day moving average of $4.35. Transocean Ltd. has a 12 month low of $1.97 and a 12 month high of $6.96. The company has a market capitalization of $6.84 billion, a price-to-earnings ratio of -1.97 and a beta of 1.40. The company has a quick ratio of 1.27, a current ratio of 1.56 and a debt-to-equity ratio of 0.64.

Transocean (NYSE:RIG) last released its quarterly earnings results on Thursday, February 19th. The offshore drilling services provider reported $0.02 earnings per share 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 for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the business posted ($0.09) EPS. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. As a group, equities analysts anticipate that Transocean Ltd. will post 0.14 EPS for the current fiscal 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.