Transocean Ltd. $RIG Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in Transocean Ltd. (NYSE:RIG) by 67.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 5,698,827 shares of the offshore drilling services provider’s stock after purchasing an additional 2,303,297 shares during the period. Bank of New York Mellon Corp’s holdings in Transocean were worth $37,783,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in RIG. Zimmer Partners LP purchased a new stake in Transocean in the third quarter valued at approximately $30,262,000. Barclays PLC raised its position in Transocean by 230.6% in the 4th quarter. Barclays PLC now owns 10,802,664 shares of the offshore drilling services provider’s stock valued at $44,615,000 after purchasing an additional 7,535,041 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Transocean by 20.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 43,470,312 shares of the offshore drilling services provider’s stock worth $179,531,000 after purchasing an additional 7,516,589 shares during the period. Renaissance Technologies LLC grew its position in Transocean by 416.8% during the 4th quarter. Renaissance Technologies LLC now owns 9,035,328 shares of the offshore drilling services provider’s stock worth $37,316,000 after purchasing an additional 7,287,083 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Transocean by 88.9% in the first quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock valued at $38,521,000 after purchasing an additional 5,719,637 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

Insider Activity at Transocean

In other Transocean news, Director Chad C. Deaton purchased 35,000 shares of Transocean stock in a transaction dated Thursday, July 2nd. The stock was acquired at an average cost of $4.95 per share, with a total value of $173,250.00. Following the acquisition, the director directly owned 237,421 shares of the company’s stock, valued at $1,175,233.95. This represents a 17.29% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 9.70% of the stock is owned by corporate insiders.

Transocean Trading Up 0.6%

NYSE RIG opened at $5.35 on Friday. The company has a quick ratio of 1.20, a current ratio of 1.54 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $5.98 billion, a P/E ratio of -1.80, a P/E/G ratio of 3.72 and a beta of 1.30. Transocean Ltd. has a 52-week low of $2.72 and a 52-week high of $7.66. The firm has a 50-day moving average price of $5.71 and a 200 day moving average price of $5.84.

Transocean (NYSE:RIG) last announced its quarterly earnings data 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). Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period in the prior year, the firm posted ($0.10) EPS. Transocean’s revenue for the quarter was up 19.3% compared to the same quarter last year. Equities research analysts expect that Transocean Ltd. will post 0.13 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $6.00 to $8.00 in a report on Thursday, May 7th. Morgan Stanley boosted their price target on Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. TD Cowen upped their price objective on Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research report on Friday, July 17th. Finally, Susquehanna lowered their target price on Transocean from $8.00 to $7.00 and set a “positive” rating on the stock in a research note on Wednesday, July 8th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Transocean presently has a consensus rating of “Hold” and a consensus price target of $6.82.

Transocean 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.