Primecap Management Co. CA Lowers Stock Position in Transocean Ltd. $RIG

Primecap Management Co. CA cut its holdings in shares of Transocean Ltd. (NYSE:RIG) by 23.1% during the third quarter, Holdings Channel.com reports. The firm owned 10,081,990 shares of the offshore drilling services provider’s stock after selling 3,030,832 shares during the period. Primecap Management Co. CA’s holdings in Transocean were worth $31,456,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Transocean by 19.3% during the third quarter. Vanguard Group Inc. now owns 94,519,248 shares of the offshore drilling services provider’s stock worth $294,900,000 after buying an additional 15,315,289 shares during the period. American Century Companies Inc. raised its position in shares of Transocean by 9.8% in the 2nd quarter. American Century Companies Inc. now owns 23,449,768 shares of the offshore drilling services provider’s stock worth $60,735,000 after acquiring an additional 2,101,673 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Transocean by 1.8% during the 2nd quarter. Geode Capital Management LLC now owns 18,095,187 shares of the offshore drilling services provider’s stock worth $46,873,000 after purchasing an additional 313,670 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Transocean by 88.9% during the first quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock valued at $38,521,000 after purchasing an additional 5,719,637 shares in the last quarter. Finally, Keybank National Association OH boosted its position in Transocean by 4.0% during the third quarter. Keybank National Association OH now owns 11,273,454 shares of the offshore drilling services provider’s stock valued at $35,173,000 after purchasing an additional 436,444 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

Transocean Price Performance

Shares of RIG opened at $6.48 on Friday. The business’s 50-day moving average is $5.00 and its two-hundred day moving average is $4.08. The company has a market capitalization of $7.14 billion, a P/E ratio of -2.06 and a beta of 1.46. Transocean Ltd. has a fifty-two week low of $1.97 and a fifty-two week high of $6.96. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.27 and a current ratio of 1.56.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Thursday, February 19th. The offshore drilling services provider reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Transocean had a positive return on equity of 0.41% and a negative net margin of 73.52%.The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the business earned ($0.09) EPS. Transocean’s revenue for the quarter was up 9.6% compared to the same quarter last year. Research analysts predict that Transocean Ltd. will post 0.14 earnings per share for the current year.

Wall Street Analyst Weigh In

RIG has been the subject of several analyst reports. Morgan Stanley increased their price target on shares of Transocean from $4.50 to $5.00 and gave the company an “equal weight” rating in a research report on Monday, February 23rd. JPMorgan Chase & Co. reiterated an “underweight” rating on shares of Transocean in a research note on Wednesday, December 10th. Susquehanna raised their target price on shares of Transocean from $6.50 to $7.50 and gave the company a “positive” rating in a research note on Monday. Pareto Securities lowered shares of Transocean from a “hold” rating to a “sell” rating and set a $5.25 price target on the stock. in a report on Tuesday, February 10th. Finally, BTIG Research increased their price objective on Transocean from $6.00 to $10.00 and gave the company a “buy” rating in a report on Monday, February 9th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Transocean presently has an average rating of “Reduce” and a consensus price target of $5.86.

Insider Buying and Selling at Transocean

In other news, CEO Keelan Adamson sold 58,687 shares of the firm’s stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $5.00, for a total value of $293,435.00. Following the transaction, the chief executive officer owned 1,222,182 shares in the company, valued at $6,110,910. This trade represents a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Roderick James Mackenzie sold 35,000 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The shares were sold at an average price of $4.48, for a total value of $156,800.00. Following the completion of the transaction, the executive vice president owned 212,072 shares in the company, valued at $950,082.56. The trade was a 14.17% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 182,970 shares of company stock valued at $863,432. 12.27% of the stock is owned by 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.