Wedge Capital Management L L P NC lifted its position in shares of Transocean LTD (NYSE:RIG) by 4.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,492,905 shares of the offshore drilling services provider’s stock after purchasing an additional 62,528 shares during the period. Wedge Capital Management L L P NC’s holdings in Transocean were worth $20,826,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RIG. Flagship Harbor Advisors LLC bought a new stake in Transocean in the 2nd quarter valued at $101,000. Mobius Capital Management LLC bought a new stake in Transocean in the 3rd quarter valued at $112,000. MinichMacGregor Wealth Management LLC increased its holdings in Transocean by 100.0% in the 3rd quarter. MinichMacGregor Wealth Management LLC now owns 10,000 shares of the offshore drilling services provider’s stock valued at $141,000 after acquiring an additional 5,000 shares during the last quarter. Verition Fund Management LLC bought a new stake in Transocean in the 2nd quarter valued at $167,000. Finally, Centaurus Financial Inc. bought a new stake in Transocean in the 2nd quarter valued at $178,000. Institutional investors own 70.86% of the company’s stock.
In other news, Director Vincent J. Intrieri purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The stock was purchased at an average cost of $10.62 per share, with a total value of $106,200.00. Following the purchase, the director now owns 10,000 shares in the company, valued at $106,200. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 14.09% of the stock is currently owned by insiders.
Transocean stock opened at $10.89 on Monday. Transocean LTD has a twelve month low of $8.70 and a twelve month high of $14.47. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.77 and a current ratio of 3.07. The stock has a market capitalization of $5.03 billion, a PE ratio of -181.50 and a beta of 1.60.
Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, October 29th. The offshore drilling services provider reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16. Transocean had a negative net margin of 64.33% and a negative return on equity of 2.31%. The firm had revenue of $816.00 million during the quarter, compared to analysts’ expectations of $779.19 million. During the same period in the previous year, the company earned $0.16 EPS. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, equities analysts forecast that Transocean LTD will post -0.78 earnings per share for the current fiscal year.
A number of brokerages have issued reports on RIG. ValuEngine upgraded shares of Transocean from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 2nd. Piper Jaffray Companies set a $14.00 price target on shares of Transocean and gave the company a “hold” rating in a report on Monday, October 1st. Susquehanna Bancshares set a $17.00 price target on shares of Transocean and gave the company a “buy” rating in a report on Wednesday, October 10th. Tudor Pickering upgraded shares of Transocean from a “hold” rating to a “buy” rating in a report on Thursday, July 12th. Finally, Credit Suisse Group set a $16.00 target price on shares of Transocean and gave the stock a “buy” rating in a report on Friday, July 13th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $13.79.
Transocean Company Profile
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.
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