Beaconlight Capital LLC Invests $2.17 Million in Transocean Ltd. $RIG

Beaconlight Capital LLC acquired a new stake in Transocean Ltd. (NYSE:RIG) during the 1st quarter, Holdings Channel reports. The fund acquired 326,947 shares of the offshore drilling services provider’s stock, valued at approximately $2,168,000. Transocean comprises approximately 1.1% of Beaconlight Capital LLC’s portfolio, making the stock its 24th biggest holding.

A number of other hedge funds and other institutional investors have also modified their holdings of RIG. HighTower Advisors LLC raised its holdings in shares of Transocean by 33.5% in the 4th quarter. HighTower Advisors LLC now owns 2,085,842 shares of the offshore drilling services provider’s stock valued at $8,615,000 after purchasing an additional 523,528 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in Transocean in the 4th quarter valued at about $2,338,000. Dimensional Fund Advisors LP boosted its holdings in shares of Transocean by 12.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 48,819,576 shares of the offshore drilling services provider’s stock valued at $323,682,000 after purchasing an additional 5,349,264 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Transocean by 194.7% in the 4th quarter. SG Americas Securities LLC now owns 620,400 shares of the offshore drilling services provider’s stock valued at $2,562,000 after purchasing an additional 409,864 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Transocean by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 97,006,263 shares of the offshore drilling services provider’s stock worth $400,636,000 after acquiring an additional 2,487,015 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Transocean Price Performance

Shares of RIG opened at $5.35 on Friday. Transocean Ltd. has a fifty-two week low of $2.72 and a fifty-two week high of $7.66. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.54. The stock has a market cap of $5.98 billion, a PE ratio of -1.80, a price-to-earnings-growth ratio of 3.70 and a beta of 1.30. The firm’s 50-day simple moving average is $5.71 and its two-hundred day simple moving average is $5.84.

Transocean (NYSE:RIG) last released 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 company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.02 billion. Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The company’s revenue was up 19.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.10) earnings per share. Analysts anticipate that Transocean Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Transocean

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

Analyst Ratings Changes

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

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.