Fox Run Management L.L.C. purchased a new stake in Transocean Ltd. (NYSE:RIG) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 26,400 shares of the offshore drilling services provider’s stock, valued at approximately $217,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Transocean by 2.4% in the first quarter. Vanguard Group Inc. now owns 40,938,941 shares of the offshore drilling services provider’s stock valued at $509,689,000 after buying an additional 967,011 shares during the last quarter. State Street Corp boosted its position in Transocean by 8.2% in the first quarter. State Street Corp now owns 21,325,783 shares of the offshore drilling services provider’s stock valued at $265,374,000 after buying an additional 1,615,383 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Transocean by 11.3% in the first quarter. Dimensional Fund Advisors LP now owns 12,383,504 shares of the offshore drilling services provider’s stock valued at $154,170,000 after buying an additional 1,254,887 shares during the last quarter. Van ECK Associates Corp boosted its position in Transocean by 20.0% in the first quarter. Van ECK Associates Corp now owns 4,564,309 shares of the offshore drilling services provider’s stock valued at $56,826,000 after buying an additional 762,244 shares during the last quarter. Finally, Teachers Advisors LLC boosted its position in Transocean by 796.2% in the first quarter. Teachers Advisors LLC now owns 4,355,168 shares of the offshore drilling services provider’s stock valued at $54,222,000 after buying an additional 3,869,219 shares during the last quarter. 67.46% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Transocean Ltd. (NYSE RIG) traded down 0.76% during midday trading on Friday, hitting $9.18. 1,848,652 shares of the company traded hands. The company has a 50-day moving average price of $8.39 and a 200-day moving average price of $11.18. The stock has a market capitalization of $3.59 billion, a P/E ratio of 5.52 and a beta of 1.68. Transocean Ltd. has a 52 week low of $7.67 and a 52 week high of $16.66.
Transocean (NYSE:RIG) last posted its earnings results on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.09. Transocean had a negative net margin of 33.52% and a positive return on equity of 2.15%. The company had revenue of $785 million during the quarter, compared to analysts’ expectations of $737.51 million. Analysts anticipate that Transocean Ltd. will post ($0.41) earnings per share for the current fiscal year.
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A number of research analysts recently commented on RIG shares. Sanford C. Bernstein cut Transocean from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $16.50 to $9.00 in a research note on Thursday, July 6th. Royal Bank Of Canada reissued a “sell” rating and issued a $13.00 target price on shares of Transocean in a research note on Monday, May 15th. Jefferies Group LLC set a $12.00 target price on Transocean and gave the company a “hold” rating in a research note on Saturday, July 1st. R. F. Lafferty reduced their target price on Transocean from $21.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, May 15th. Finally, B. Riley reduced their target price on Transocean from $21.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, May 9th. Sixteen research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. Transocean currently has a consensus rating of “Hold” and an average target price of $12.61.
Transocean Company Profile
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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