Fisher Asset Management LLC Takes $7.38 Million Position in Transocean LTD (RIG)

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Fisher Asset Management LLC purchased a new stake in shares of Transocean LTD (NYSE:RIG) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 528,909 shares of the offshore drilling services provider’s stock, valued at approximately $7,378,000.

Other hedge funds have also recently made changes to their positions in the company. Asia Research & Capital Management Ltd raised its position in shares of Transocean by 0.4% during the second quarter. Asia Research & Capital Management Ltd now owns 16,849,241 shares of the offshore drilling services provider’s stock worth $226,454,000 after acquiring an additional 71,391 shares during the last quarter. Contrarius Investment Management Ltd raised its position in shares of Transocean by 0.5% during the second quarter. Contrarius Investment Management Ltd now owns 12,631,817 shares of the offshore drilling services provider’s stock worth $169,772,000 after acquiring an additional 64,474 shares during the last quarter. Platinum Investment Management Ltd. raised its position in shares of Transocean by 80.3% during the second quarter. Platinum Investment Management Ltd. now owns 8,714,500 shares of the offshore drilling services provider’s stock worth $117,123,000 after acquiring an additional 3,882,400 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Transocean by 17.6% during the second quarter. Renaissance Technologies LLC now owns 8,022,428 shares of the offshore drilling services provider’s stock worth $107,821,000 after acquiring an additional 1,200,528 shares during the last quarter. Finally, Odey Asset Management Group Ltd raised its position in shares of Transocean by 2.7% during the second quarter. Odey Asset Management Group Ltd now owns 6,042,430 shares of the offshore drilling services provider’s stock worth $81,210,000 after acquiring an additional 158,931 shares during the last quarter. 70.99% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have recently issued reports on RIG shares. ValuEngine upgraded Transocean from a “hold” rating to a “buy” rating in a research report on Wednesday, September 19th. JPMorgan Chase & Co. restated a “sell” rating on shares of Transocean in a research report on Tuesday, September 4th. Royal Bank of Canada upgraded Transocean from a “sector perform” rating to an “outperform” rating in a research report on Thursday, September 20th. Morgan Stanley started coverage on Transocean in a research report on Tuesday, September 18th. They set an “overweight” rating and a $15.00 price objective for the company. Finally, Tudor Pickering upgraded Transocean from a “hold” rating to a “buy” rating in a report on Thursday, July 12th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $13.79.

In other news, Director Vincent J. Intrieri acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, August 16th. The stock was purchased at an average price of $10.62 per share, for a total transaction of $106,200.00. Following the completion of the acquisition, the director now directly owns 10,000 shares in the company, valued at approximately $106,200. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 14.09% of the company’s stock.

Shares of RIG stock opened at $10.82 on Wednesday. The company has a market capitalization of $5.07 billion, a price-to-earnings ratio of -180.33 and a beta of 1.47. The company has a quick ratio of 1.35, a current ratio of 1.49 and a debt-to-equity ratio of 0.63. Transocean LTD has a fifty-two week low of $8.70 and a fifty-two week high of $14.47.

Transocean (NYSE:RIG) last issued its earnings results on Monday, October 29th. The offshore drilling services provider reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.16. The business had revenue of $816.00 million during the quarter, compared to the consensus estimate of $779.19 million. Transocean had a negative return on equity of 2.00% and a negative net margin of 99.38%. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 earnings per share. On average, research analysts anticipate that Transocean LTD will post -0.85 earnings per share for the current year.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.

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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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