Financial Advocates Investment Management Has $49,000 Stake in Transocean LTD (RIG)

Financial Advocates Investment Management reduced its holdings in shares of Transocean LTD (NYSE:RIG) by 23.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 7,537 shares of the offshore drilling services provider’s stock after selling 2,268 shares during the period. Financial Advocates Investment Management’s holdings in Transocean were worth $49,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Transocean by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 38,625,518 shares of the offshore drilling services provider’s stock worth $538,826,000 after acquiring an additional 118,330 shares during the last quarter. Westpac Banking Corp bought a new stake in shares of Transocean during the 4th quarter worth approximately $1,833,000. First Trust Advisors LP bought a new stake in shares of Transocean during the 3rd quarter worth approximately $473,000. Prudential Financial Inc. lifted its stake in shares of Transocean by 47.4% during the 3rd quarter. Prudential Financial Inc. now owns 385,990 shares of the offshore drilling services provider’s stock worth $5,385,000 after acquiring an additional 124,110 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Transocean by 36.5% during the 3rd quarter. AQR Capital Management LLC now owns 88,498 shares of the offshore drilling services provider’s stock valued at $1,235,000 after purchasing an additional 23,649 shares in the last quarter. 76.15% of the stock is owned by hedge funds and other institutional investors.

In other news, CAO Howard E. Davis sold 55,212 shares of Transocean stock in a transaction on Friday, December 28th. The stock was sold at an average price of $7.10, for a total value of $392,005.20. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 11.05% of the company’s stock.

A number of equities research analysts have weighed in on the company. Credit Suisse Group assumed coverage on Transocean in a research report on Thursday, December 13th. They set an “outperform” rating and a $14.00 target price for the company. Zacks Investment Research lowered Transocean from a “hold” rating to a “sell” rating in a research report on Tuesday, February 26th. Barclays reaffirmed an “underweight” rating on shares of Transocean in a research report on Thursday, February 21st. DNB Markets raised Transocean from a “hold” rating to a “buy” rating in a research report on Wednesday, January 9th. Finally, Goldman Sachs Group assumed coverage on Transocean in a research report on Sunday, March 10th. They set a “buy” rating and a $11.00 target price for the company. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Transocean presently has a consensus rating of “Hold” and an average target price of $13.66.

Shares of NYSE:RIG opened at $8.83 on Tuesday. Transocean LTD has a 12-month low of $6.19 and a 12-month high of $14.47. The firm has a market capitalization of $5.46 billion, a PE ratio of -11.18 and a beta of 1.82. The company has a current ratio of 2.71, a quick ratio of 2.38 and a debt-to-equity ratio of 0.73.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Monday, February 18th. The offshore drilling services provider reported ($0.34) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.24) by ($0.10). Transocean had a negative net margin of 66.14% and a negative return on equity of 2.90%. The company had revenue of $748.00 million during the quarter, compared to analysts’ expectations of $741.18 million. During the same quarter in the prior year, the business posted ($0.24) earnings per share. The company’s revenue was up 18.9% compared to the same quarter last year. On average, equities research analysts forecast that Transocean LTD will post -0.76 EPS for the current year.

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Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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