Voloridge Investment Management LLC Sells 1,177,568 Shares of Transocean Ltd. (NYSE:RIG)

Voloridge Investment Management LLC decreased its position in shares of Transocean Ltd. (NYSE:RIG) by 98.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 13,228 shares of the offshore drilling services provider’s stock after selling 1,177,568 shares during the quarter. Voloridge Investment Management LLC’s holdings in Transocean were worth $50,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in RIG. American Century Companies Inc. grew its stake in shares of Transocean by 51.5% during 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 acquiring an additional 6,542,271 shares during the period. Renaissance Technologies LLC bought a new position in shares of Transocean during the 4th quarter worth $16,608,000. SIR Capital Management L.P. bought a new position in Transocean in the 4th quarter worth about $14,976,000. Van ECK Associates Corp boosted its stake in Transocean by 33.9% in the 4th quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider’s stock worth $57,727,000 after purchasing an additional 3,895,880 shares during the period. Finally, Madison Investment Advisors LLC bought a new position in Transocean in the 4th quarter worth about $11,156,000. Institutional investors own 67.73% of the company’s stock.

Transocean Stock Performance

Shares of NYSE RIG opened at $2.49 on Friday. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -3.41, a P/E/G ratio of 0.86 and a beta of 2.52. The company has a current ratio of 1.47, a quick ratio of 1.34 and a debt-to-equity ratio of 0.60. Transocean Ltd. has a 1-year low of $1.97 and a 1-year high of $6.25. The stock’s 50-day moving average is $2.49 and its 200 day moving average is $3.29.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Monday, April 28th. The offshore drilling services provider reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $906.00 million for the quarter, compared to analysts’ expectations of $884.92 million. Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. Transocean’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.03) EPS. On average, sell-side analysts anticipate that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Insider Activity at Transocean

In other news, EVP Roderick James Mackenzie sold 22,000 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $2.78, for a total transaction of $61,160.00. Following the transaction, the executive vice president now directly owns 340,841 shares of the company’s stock, valued at approximately $947,537.98. The trade was a 6.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.54% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have commented on RIG. Citigroup cut their target price on Transocean from $4.50 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. BTIG Research set a $5.00 target price on Transocean and gave the stock a “buy” rating in a research note on Monday, May 5th. Morgan Stanley cut their target price on Transocean from $4.00 to $3.50 and set an “equal weight” rating for the company in a research note on Friday, May 16th. SEB Equity Research set a $2.80 target price on Transocean in a research note on Wednesday, March 5th. Finally, Susquehanna cut their target price on Transocean from $5.00 to $4.00 and set a “positive” rating for the company in a research note on Monday, April 14th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $4.58.

About Transocean

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.