Peregrine Asset Advisers Inc. bought a new stake in Transocean LTD (NYSE:RIG) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 169,339 shares of the offshore drilling services provider’s stock, valued at approximately $2,276,000. Transocean accounts for approximately 1.2% of Peregrine Asset Advisers Inc.’s portfolio, making the stock its 29th biggest holding.
Several other large investors have also recently added to or reduced their stakes in the company. Luminus Management LLC raised its stake in shares of Transocean by 9.0% during the 2nd quarter. Luminus Management LLC now owns 1,851,365 shares of the offshore drilling services provider’s stock worth $24,882,000 after buying an additional 153,500 shares during the last quarter. Tocqueville Asset Management L.P. acquired a new position in shares of Transocean during the 2nd quarter worth $1,322,000. Oregon Public Employees Retirement Fund raised its stake in shares of Transocean by 8.0% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 170,766 shares of the offshore drilling services provider’s stock worth $2,295,000 after buying an additional 12,718 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Transocean by 17.6% during the 2nd quarter. Renaissance Technologies LLC now owns 8,022,428 shares of the offshore drilling services provider’s stock worth $107,821,000 after buying an additional 1,200,528 shares during the last quarter. Finally, Liberty Mutual Group Asset Management Inc. raised its stake in shares of Transocean by 13.4% during the 2nd quarter. Liberty Mutual Group Asset Management Inc. now owns 87,345 shares of the offshore drilling services provider’s stock worth $1,174,000 after buying an additional 10,302 shares during the last quarter. 70.75% of the stock is owned by institutional investors and hedge funds.
RIG opened at $10.85 on Monday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.49 and a quick ratio of 1.35. The stock has a market capitalization of $5.01 billion, a price-to-earnings ratio of -180.83 and a beta of 1.49. Transocean LTD has a 12 month low of $8.35 and a 12 month high of $14.34.
Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.13. The company had revenue of $790.00 million during the quarter, compared to analysts’ expectations of $768.68 million. Transocean had a negative return on equity of 2.00% and a negative net margin of 99.38%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. sell-side analysts forecast that Transocean LTD will post -0.85 EPS for the current fiscal year.
Several research analysts have recently issued reports on the company. BMO Capital Markets reaffirmed a “sell” rating and set a $8.00 price target on shares of Transocean in a research note on Friday, August 10th. ValuEngine downgraded Transocean from a “buy” rating to a “hold” rating in a research note on Monday. Piper Jaffray Companies reaffirmed a “hold” rating and set a $13.20 price target on shares of Transocean in a research note on Wednesday, August 1st. Barclays lifted their price target on Transocean from $7.00 to $8.00 and gave the stock an “underweight” rating in a research note on Thursday, August 9th. Finally, Tudor Pickering upgraded Transocean from a “hold” rating to a “buy” rating in a research report on Thursday, July 12th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $12.75.
In other Transocean news, Director Vincent J. Intrieri purchased 10,000 shares of the stock in a transaction on Thursday, August 16th. The stock was bought at an average price of $10.62 per share, for a total transaction of $106,200.00. Following the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at $106,200. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 14.09% of the stock is owned by insiders.
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.
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