Transocean Ltd. $RIG Shares Sold by Capital World Investors

Capital World Investors cut its stake in shares of Transocean Ltd. (NYSE:RIG) by 16.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 15,665,736 shares of the offshore drilling services provider’s stock after selling 3,000,000 shares during the period. Capital World Investors’ holdings in Transocean were worth $64,699,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RIG. TD Waterhouse Canada Inc. boosted its holdings in Transocean by 22,432.1% in the fourth quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock valued at $26,000 after purchasing an additional 6,281 shares in the last quarter. Josh Arnold Investment Consultant LLC acquired a new position in Transocean in the second quarter valued at approximately $26,000. Flagship Harbor Advisors LLC acquired a new position in Transocean in the fourth quarter valued at approximately $27,000. Vestmark Advisory Solutions Inc. acquired a new position in Transocean in the third quarter valued at approximately $31,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in Transocean in the third quarter valued at approximately $31,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RIG has been the subject of a number of research analyst reports. Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $6.00 to $8.00 in a report on Thursday, May 7th. Clarkson Capital downgraded Transocean from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research note on Tuesday, April 21st. Morgan Stanley boosted their price objective on Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 15th. Finally, Fearnley Fonds cut Transocean from a “strong-buy” rating to a “hold” rating in a research note 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 company’s stock. According to data from MarketBeat, Transocean currently has an average rating of “Hold” and a consensus price target of $6.96.

Transocean Price Performance

Transocean stock opened at $5.88 on Wednesday. Transocean Ltd. has a 12 month low of $2.51 and a 12 month high of $7.66. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.54 and a quick ratio of 1.20. The business has a 50 day simple moving average of $6.48 and a 200-day simple moving average of $5.59. The stock has a market capitalization of $6.56 billion, a PE ratio of -1.97 and a beta of 1.28.

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 positive return on equity of 0.88% and a negative net margin of 66.79%.The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter last year, the company earned ($0.10) EPS. Transocean’s revenue for the quarter was up 19.3% compared to the same quarter last year. Equities analysts predict that Transocean Ltd. will post 0.17 earnings per share for the current year.

About Transocean

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.