15,626,834 Shares in Transocean Ltd. $RIG Bought by Elliott Investment Management L.P.

Elliott Investment Management L.P. acquired a new position in Transocean Ltd. (NYSE:RIG) during the first quarter, according to the company in its most recent filing with the SEC. The fund acquired 15,626,834 shares of the offshore drilling services provider’s stock, valued at approximately $103,606,000. Transocean makes up 0.5% of Elliott Investment Management L.P.’s holdings, making the stock its 14th biggest holding. Elliott Investment Management L.P. owned 1.40% of Transocean at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC increased its position in shares of Transocean by 12.1% during the first quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider’s stock worth $221,000 after acquiring an additional 7,520 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Transocean by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 434,031 shares of the offshore drilling services provider’s stock valued at $1,376,000 after purchasing an additional 18,957 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Transocean by 88.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock valued at $38,521,000 after purchasing an additional 5,719,637 shares in the last quarter. Cetera Investment Advisers increased its holdings in Transocean by 5.7% during the 2nd quarter. Cetera Investment Advisers now owns 233,984 shares of the offshore drilling services provider’s stock worth $606,000 after purchasing an additional 12,532 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Transocean by 29.2% during the 2nd quarter. Invesco Ltd. now owns 1,032,774 shares of the offshore drilling services provider’s stock worth $2,675,000 after purchasing an additional 233,458 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Transocean Trading Down 1.4%

NYSE:RIG opened at $5.28 on Tuesday. The company has a quick ratio of 1.20, a current ratio of 1.54 and a debt-to-equity ratio of 0.60. The business’s 50 day moving average is $5.66 and its two-hundred day moving average is $5.86. Transocean Ltd. has a 52 week low of $2.72 and a 52 week high of $7.66. The company has a market cap of $5.89 billion, a PE ratio of -1.77, a P/E/G ratio of 3.72 and a beta of 1.30.

Transocean (NYSE:RIG) last issued its earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.02 billion. Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.Transocean’s revenue was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.10) EPS. On average, analysts predict that Transocean Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling

In other Transocean news, Director Chad C. Deaton acquired 35,000 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was purchased at an average price of $4.95 per share, with a total value of $173,250.00. Following the completion of the acquisition, the director directly owned 237,421 shares in the company, valued at $1,175,233.95. This trade represents a 17.29% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 9.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. TD Cowen increased their target price on Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a research note on Friday, July 17th. Susquehanna cut their price target on shares of Transocean from $8.00 to $7.00 and set a “positive” rating on the stock in a report on Wednesday, July 8th. Morgan Stanley increased their price objective on shares of Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 15th. Finally, Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $6.00 to $8.00 in a report on Thursday, May 7th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $6.82.

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.