Bayesian Capital Management LP Takes $256,000 Position in Transocean Ltd. (NYSE:RIG)

Bayesian Capital Management LP purchased a new position in Transocean Ltd. (NYSE:RIG) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 68,400 shares of the offshore drilling services provider’s stock, valued at approximately $256,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. raised its holdings in shares of Transocean by 51.5% in the 4th quarter. American Century Companies Inc. now owns 19,257,437 shares of the offshore drilling services provider’s stock worth $72,215,000 after buying an additional 6,542,271 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Transocean in the fourth quarter valued at $16,608,000. Van ECK Associates Corp raised its stake in Transocean by 33.9% during the fourth quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider’s stock worth $57,727,000 after acquiring an additional 3,895,880 shares in the last quarter. Madison Investment Advisors LLC bought a new position in shares of Transocean during the fourth quarter valued at $11,156,000. Finally, Vanguard Group Inc. boosted its stake in shares of Transocean by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 78,811,863 shares of the offshore drilling services provider’s stock valued at $295,544,000 after purchasing an additional 931,684 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

Insider Activity at Transocean

In other news, EVP Roderick James Mackenzie sold 22,000 shares of the firm’s stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $2.23, for a total value of $49,060.00. Following the sale, the executive vice president now directly owns 362,841 shares in the company, valued at approximately $809,135.43. This trade represents a 5.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 12.54% of the stock is currently owned by insiders.

Transocean Price Performance

Shares of NYSE:RIG opened at $2.52 on Friday. The firm has a 50 day moving average of $2.63 and a 200-day moving average of $3.48. Transocean Ltd. has a 12 month low of $1.97 and a 12 month high of $6.38. The company has a current ratio of 1.47, a quick ratio of 1.34 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $2.22 billion, a PE ratio of -3.45, a PEG ratio of 0.86 and a beta of 2.52.

Transocean (NYSE:RIG) last released its earnings results on Monday, April 28th. The offshore drilling services provider reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The firm had revenue of $906.00 million during the quarter, compared to analysts’ expectations of $884.92 million. During the same period in the prior year, the company earned ($0.03) earnings per share. The company’s quarterly revenue was up 18.7% on a year-over-year basis. On average, equities research analysts predict that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RIG shares. Morgan Stanley cut their price target on shares of Transocean from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Evercore ISI downgraded Transocean from an “outperform” rating to an “in-line” rating and reduced their target price for the stock from $6.00 to $5.00 in a report on Wednesday, January 15th. Susquehanna dropped their price target on Transocean from $5.00 to $4.00 and set a “positive” rating for the company in a report on Monday, April 14th. Citigroup decreased their price target on shares of Transocean from $4.50 to $3.50 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Finally, BTIG Research set a $5.00 price objective on Transocean and gave the stock a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $4.63.

Transocean Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.