Contrarius Group Holdings Ltd Trims Stock Position in Transocean Ltd. $RIG

Contrarius Group Holdings Ltd lessened its stake in shares of Transocean Ltd. (NYSE:RIG) by 16.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,649,457 shares of the offshore drilling services provider’s stock after selling 333,834 shares during the quarter. Contrarius Group Holdings Ltd’s holdings in Transocean were worth $6,812,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of RIG. TD Waterhouse Canada Inc. lifted its position in shares of Transocean by 22,432.1% during the 4th quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock worth $26,000 after buying an additional 6,281 shares during the last quarter. Josh Arnold Investment Consultant LLC acquired a new position in Transocean in the second quarter valued at $26,000. Flagship Harbor Advisors LLC acquired a new position in Transocean in the fourth quarter valued at $27,000. Vestmark Advisory Solutions Inc. acquired a new position in Transocean in the third quarter valued at $31,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in Transocean in the third quarter valued at $31,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Transocean Price Performance

Shares of NYSE:RIG opened at $5.94 on Monday. The company has a 50-day simple moving average of $6.51 and a 200-day simple moving average of $5.56. Transocean Ltd. has a one year low of $2.51 and a one year high of $7.66. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.54. The stock has a market capitalization of $6.63 billion, a price-to-earnings ratio of -1.99 and a beta of 1.28.

Transocean (NYSE:RIG) last announced its earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period in the previous year, the company posted ($0.10) earnings per share. Transocean’s quarterly revenue was up 19.3% on a year-over-year basis. On average, analysts predict that Transocean Ltd. will post 0.17 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on RIG shares. TD Cowen upped their price objective on shares of Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Susquehanna raised their price target on Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a research note on Tuesday, April 7th. Morgan Stanley raised their price target on Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $6.00 to $8.00 in a research note on Thursday, May 7th. Finally, Fearnley Fonds cut shares of Transocean from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $6.96.

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.