Hsbc Holdings PLC Purchases 2,674,466 Shares of Transocean Ltd. $RIG

Hsbc Holdings PLC raised its holdings in shares of Transocean Ltd. (NYSE:RIG) by 604.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 3,117,030 shares of the offshore drilling services provider’s stock after purchasing an additional 2,674,466 shares during the period. Hsbc Holdings PLC owned 0.28% of Transocean worth $12,920,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. TD Waterhouse Canada Inc. increased its holdings in shares of Transocean by 22,432.1% in the 4th quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock valued at $26,000 after acquiring an additional 6,281 shares during the period. Flagship Harbor Advisors LLC bought a new position in Transocean in the fourth quarter worth about $27,000. Forteris Wealth Management Inc. purchased a new stake in shares of Transocean during the fourth quarter valued at about $41,000. Keudell Morrison Wealth Management bought a new stake in shares of Transocean in the 4th quarter valued at about $41,000. Finally, Josh Arnold Investment Consultant LLC bought a new stake in shares of Transocean in the 2nd quarter valued at about $26,000. Institutional investors own 67.73% of the company’s stock.

Transocean Price Performance

NYSE:RIG opened at $5.03 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.54 and a quick ratio of 1.20. The company has a 50 day moving average price of $6.06 and a 200-day moving average price of $5.75. Transocean Ltd. has a 1-year low of $2.53 and a 1-year high of $7.66. The firm has a market cap of $5.61 billion, a price-to-earnings ratio of -1.69 and a beta of 1.30.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The business 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%.The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.10) EPS. Equities research analysts forecast that Transocean Ltd. will post 0.16 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $6.00 to $8.00 in a report on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research note on Tuesday, April 21st. Morgan Stanley raised their price target on Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 15th. Clarkson Capital lowered shares of Transocean from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 19th. Finally, Susquehanna boosted their target price on shares of Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a research report on Tuesday, April 7th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Transocean presently has a consensus rating of “Hold” and a consensus target price of $6.96.

Insider Transactions at Transocean

In related news, Director Chad C. Deaton purchased 35,000 shares of the business’s stock in a transaction that occurred 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 owned 237,421 shares in the company, valued at $1,175,233.95. This trade represents a 17.29% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 9.70% of the company’s stock.

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.