BNP Paribas Financial Markets Has $8.96 Million Stock Position in Transocean Ltd. $RIG

BNP Paribas Financial Markets grew its holdings in shares of Transocean Ltd. (NYSE:RIG) by 774.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,169,307 shares of the offshore drilling services provider’s stock after buying an additional 1,921,344 shares during the quarter. BNP Paribas Financial Markets’ holdings in Transocean were worth $8,959,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in RIG. TD Waterhouse Canada Inc. boosted its holdings in Transocean by 22,432.1% during the fourth quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock worth $26,000 after purchasing an additional 6,281 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new position in Transocean during the fourth quarter worth about $27,000. Vestmark Advisory Solutions Inc. purchased a new position in Transocean during the third quarter worth about $31,000. Forteris Wealth Management Inc. purchased a new position in Transocean during the fourth quarter worth about $41,000. Finally, Keudell Morrison Wealth Management purchased a new position in Transocean during the fourth quarter worth about $41,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Transocean Stock Performance

NYSE RIG opened at $6.16 on Tuesday. The company’s 50 day moving average is $6.50 and its 200-day moving average is $5.58. Transocean Ltd. has a 12-month low of $2.51 and a 12-month high of $7.66. 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 firm has a market cap of $6.87 billion, a P/E ratio of -2.07 and a beta of 1.29.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate 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 the consensus estimate of $1.02 billion. During the same period last year, the firm earned ($0.10) EPS. The business’s revenue for the quarter was up 19.3% on a year-over-year basis. Sell-side analysts predict that Transocean Ltd. will post 0.17 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Morgan Stanley boosted their price target on shares of Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 15th. Clarkson Capital cut shares of Transocean from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 19th. Pareto Securities cut shares of Transocean from a “hold” rating to a “sell” rating and set a $5.25 price target on the stock. in a report on Tuesday, February 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a report on Tuesday, April 21st. Finally, Fearnley Fonds cut shares of Transocean from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Three equities 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $6.96.

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.