South Dakota Investment Council increased its position in shares of Transocean LTD (NYSE:RIG) by 13.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 595,000 shares of the offshore drilling services provider’s stock after purchasing an additional 70,000 shares during the period. South Dakota Investment Council owned approximately 0.13% of Transocean worth $5,891,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in RIG. Asia Research & Capital Management Ltd purchased a new position in shares of Transocean during the 1st quarter worth about $166,101,000. BlackRock Inc. boosted its stake in shares of Transocean by 11.5% during the 1st quarter. BlackRock Inc. now owns 39,497,237 shares of the offshore drilling services provider’s stock worth $391,023,000 after purchasing an additional 4,076,783 shares during the period. Contrarius Investment Management Ltd boosted its stake in shares of Transocean by 20.4% during the 1st quarter. Contrarius Investment Management Ltd now owns 12,567,343 shares of the offshore drilling services provider’s stock worth $124,417,000 after purchasing an additional 2,133,176 shares during the period. Orbis Allan Gray Ltd purchased a new position in shares of Transocean during the 4th quarter worth about $20,610,000. Finally, Schroder Investment Management Group boosted its stake in shares of Transocean by 132.5% during the 4th quarter. Schroder Investment Management Group now owns 2,802,851 shares of the offshore drilling services provider’s stock worth $29,935,000 after purchasing an additional 1,597,440 shares during the period. 72.90% of the stock is owned by hedge funds and other institutional investors.
NYSE:RIG opened at $13.06 on Friday. Transocean LTD has a one year low of $7.20 and a one year high of $14.16. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.50 and a quick ratio of 1.35. The stock has a market capitalization of $6.18 billion, a PE ratio of -217.67 and a beta of 1.47.
Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, April 30th. The offshore drilling services provider reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.10). Transocean had a negative net margin of 120.20% and a negative return on equity of 1.79%. The business had revenue of $664.00 million during the quarter, compared to the consensus estimate of $638.38 million. During the same quarter in the prior year, the firm posted $0.23 EPS. research analysts forecast that Transocean LTD will post -0.86 earnings per share for the current year.
A number of equities analysts recently commented on the stock. ValuEngine raised shares of Transocean from a “strong sell” rating to a “sell” rating in a research note on Thursday, March 22nd. Susquehanna Bancshares set a $10.00 price target on shares of Transocean and gave the stock a “hold” rating in a research note on Friday, February 16th. HSBC raised shares of Transocean from a “hold” rating to a “buy” rating and set a $11.50 price target for the company in a research note on Wednesday, April 4th. Cowen set a $10.00 price target on shares of Transocean and gave the stock a “hold” rating in a research note on Thursday, March 15th. Finally, Bank of America lifted their price target on shares of Transocean from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 18th. Seven analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $11.81.
In other news, Director Frederik Wilhelm Mohn acquired 2,000,000 shares of Transocean stock in a transaction that occurred on Friday, March 2nd. The stock was purchased at an average price of $9.29 per share, for a total transaction of $18,580,000.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP David A. Tonnel sold 7,443 shares of the business’s stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $13.80, for a total transaction of $102,713.40. Following the transaction, the senior vice president now owns 78,819 shares of the company’s stock, valued at approximately $1,087,702.20. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.
Want to see what other hedge funds are holding RIG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Transocean LTD (NYSE:RIG).
Receive News & Ratings for Transocean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transocean and related companies with MarketBeat.com's FREE daily email newsletter.