Assenagon Asset Management S.A. Invests $790,000 in Transocean Ltd. $RIG

Assenagon Asset Management S.A. bought a new stake in Transocean Ltd. (NYSE:RIG) in the 4th quarter, HoldingsChannel.com reports. The firm bought 191,191 shares of the offshore drilling services provider’s stock, valued at approximately $790,000.

Other hedge funds have also recently modified their holdings of the company. Benedict Financial Advisors Inc. acquired a new stake in Transocean during the 3rd quarter worth $31,000. Vestmark Advisory Solutions Inc. purchased a new stake in Transocean in the 3rd quarter valued at $31,000. Josh Arnold Investment Consultant LLC purchased a new stake in shares of Transocean in the second quarter valued at about $26,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of Transocean in the third quarter valued at about $31,000. Finally, Blueshift Asset Management LLC acquired a new stake in shares of Transocean during the second quarter worth about $27,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Transocean Stock Down 2.0%

RIG opened at $6.50 on Thursday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.56 and a quick ratio of 1.27. Transocean Ltd. has a 12 month low of $1.97 and a 12 month high of $7.14. The stock has a market capitalization of $7.19 billion, a P/E ratio of -2.06 and a beta of 1.37. The business has a 50 day simple moving average of $6.01 and a 200-day simple moving average of $4.63.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Friday, February 20th. The offshore drilling services provider reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. Transocean had a positive return on equity of 0.41% and a negative net margin of 73.52%.The company’s revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.09) EPS. On average, equities analysts anticipate that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently issued reports on RIG. Morgan Stanley boosted their price target on Transocean from $4.50 to $5.00 and gave the company an “equal weight” rating in a research report on Monday, February 23rd. Clarkson Capital cut Transocean from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 19th. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Transocean in a report on Wednesday, December 10th. Fearnley Fonds lowered shares of Transocean from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Finally, Citigroup boosted their price objective on shares of Transocean from $4.25 to $4.50 and gave the company a “neutral” rating in a research note on Thursday, December 11th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $6.38.

Insider Buying and Selling at Transocean

In other news, EVP Roderick James Mackenzie sold 78,370 shares of the company’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 transaction, the executive vice president directly owned 268,025 shares of the company’s stock, valued at $1,704,639. This represents a 22.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Keelan Adamson sold 58,687 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 1,222,182 shares of the company’s stock, valued at $6,110,910. This represents a 4.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 159,903 shares of company stock worth $906,098 over the last 90 days. Insiders own 12.27% of the company’s stock.

Transocean Company 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.