Transocean Ltd. $RIG Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC cut its holdings in Transocean Ltd. (NYSE:RIG) by 65.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,134,728 shares of the offshore drilling services provider’s stock after selling 5,900,600 shares during the period. Renaissance Technologies LLC’s holdings in Transocean were worth $20,783,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Josh Arnold Investment Consultant LLC acquired a new position in shares of Transocean in the 2nd quarter valued at $26,000. TD Waterhouse Canada Inc. raised its holdings in Transocean by 22,432.1% in the 4th quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock valued at $26,000 after buying an additional 6,281 shares during the period. Flagship Harbor Advisors LLC purchased a new position in Transocean during the fourth quarter worth about $27,000. Elevation Point Wealth Partners LLC purchased a new stake in Transocean in the third quarter valued at approximately $31,000. Finally, EP Wealth Advisors LLC purchased a new stake in Transocean during the second quarter worth about $34,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Transocean Stock Performance

Shares of RIG opened at $5.08 on Friday. The company’s 50 day simple moving average is $5.53 and its 200-day simple moving average is $5.87. The firm has a market cap of $5.67 billion, a PE ratio of -1.70, a price-to-earnings-growth ratio of 3.44 and a beta of 1.30. Transocean Ltd. has a 12-month low of $2.72 and a 12-month high of $7.66. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60.

Transocean (NYSE:RIG) last released its quarterly 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). 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 quarter last year, the company earned ($0.10) EPS. The firm’s revenue for the quarter was up 19.3% compared to the same quarter last year. As a group, equities analysts predict that Transocean Ltd. will post 0.13 EPS for the current year.

Analyst Upgrades and Downgrades

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

Insider Activity at Transocean

In related news, Director Chad C. Deaton purchased 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The stock was purchased at an average cost of $4.95 per share, with a total value of $173,250.00. Following the completion of the acquisition, the director directly owned 237,421 shares in the company, 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 filing with the SEC, which is accessible through this link. 9.70% of the stock is owned by company insiders.

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.