Transocean LTD (NYSE:RIG) Shares Purchased by Russell Investments Group Ltd.

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Russell Investments Group Ltd. raised its stake in Transocean LTD (NYSE:RIG) by 73.2% during the second quarter, Holdings Channel.com reports. The firm owned 338,283 shares of the offshore drilling services provider’s stock after purchasing an additional 142,935 shares during the quarter. Russell Investments Group Ltd.’s holdings in Transocean were worth $2,149,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Icon Wealth Partners LLC acquired a new stake in Transocean in the 1st quarter valued at about $38,000. Steward Partners Investment Advisory LLC acquired a new stake in Transocean in the 2nd quarter valued at about $35,000. Meeder Asset Management Inc. raised its position in Transocean by 535.2% in the 2nd quarter. Meeder Asset Management Inc. now owns 8,962 shares of the offshore drilling services provider’s stock valued at $57,000 after purchasing an additional 7,551 shares in the last quarter. National Asset Management Inc. acquired a new stake in Transocean in the 2nd quarter valued at about $71,000. Finally, Wedbush Securities Inc. acquired a new stake in Transocean in the 2nd quarter valued at about $74,000. 70.65% of the stock is currently owned by institutional investors.

Shares of NYSE RIG traded down $0.01 during midday trading on Thursday, hitting $5.91. 292,595 shares of the company’s stock were exchanged, compared to its average volume of 20,048,340. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.88 and a quick ratio of 2.55. Transocean LTD has a twelve month low of $3.76 and a twelve month high of $14.47. The company has a market cap of $3.62 billion, a PE ratio of -7.49 and a beta of 1.85. The firm’s fifty day simple moving average is $4.85 and its 200-day simple moving average is $6.78.

Transocean (NYSE:RIG) last issued its earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) earnings per share for the quarter, hitting the consensus estimate of ($0.34). Transocean had a negative return on equity of 4.18% and a negative net margin of 33.49%. The business had revenue of $758.00 million for the quarter, compared to analyst estimates of $765.81 million. During the same quarter last year, the company earned ($0.04) EPS. The business’s quarterly revenue was down 4.1% on a year-over-year basis. Equities analysts anticipate that Transocean LTD will post -1.22 EPS for the current fiscal year.

In other Transocean news, CAO Howard E. Davis bought 98,049 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were acquired at an average price of $6.35 per share, with a total value of $622,611.15. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Chad C. Deaton bought 25,000 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were acquired at an average cost of $5.29 per share, for a total transaction of $132,250.00. Following the transaction, the director now directly owns 24,800 shares in the company, valued at approximately $131,192. The disclosure for this purchase can be found here. Insiders have bought a total of 130,549 shares of company stock worth $785,526 in the last three months. Corporate insiders own 11.05% of the company’s stock.

A number of research firms have issued reports on RIG. Morgan Stanley set a $10.00 price target on Transocean and gave the company a “buy” rating in a research report on Monday, July 15th. Bank of America began coverage on Transocean in a research report on Monday, June 10th. They issued a “neutral” rating and a $6.50 price target on the stock. ValuEngine raised Transocean from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. HSBC set a $12.00 price target on Transocean and gave the company a “buy” rating in a research report on Monday, July 15th. Finally, Piper Jaffray Companies set a $8.00 price target on Transocean and gave the company a “hold” rating in a research report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $11.43.

Transocean Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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