Geode Capital Management LLC Raises Stake in Transocean Ltd. $RIG

Geode Capital Management LLC raised its position in shares of Transocean Ltd. (NYSE:RIG) by 7.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,797,180 shares of the offshore drilling services provider’s stock after purchasing an additional 1,515,893 shares during the quarter. Geode Capital Management LLC owned 2.07% of Transocean worth $94,168,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Fruth Investment Management boosted its stake in Transocean by 2.8% in the 4th quarter. Fruth Investment Management now owns 90,378 shares of the offshore drilling services provider’s stock worth $373,000 after purchasing an additional 2,500 shares during the period. Jones Financial Companies Lllp boosted its stake in Transocean by 9.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 35,604 shares of the offshore drilling services provider’s stock worth $114,000 after purchasing an additional 2,932 shares during the period. J.W. Cole Advisors Inc. boosted its stake in Transocean by 3.5% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 100,634 shares of the offshore drilling services provider’s stock worth $314,000 after purchasing an additional 3,367 shares during the period. Townsend & Associates Inc boosted its stake in Transocean by 16.0% in the 4th quarter. Townsend & Associates Inc now owns 29,000 shares of the offshore drilling services provider’s stock worth $126,000 after purchasing an additional 4,000 shares during the period. Finally, Mercer Global Advisors Inc. ADV boosted its stake in Transocean by 20.0% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 24,175 shares of the offshore drilling services provider’s stock worth $75,000 after purchasing an additional 4,026 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RIG shares. Pareto Securities downgraded Transocean from a “hold” rating to a “sell” rating and set a $5.25 price target for the company. in a research note on Tuesday, February 10th. TD Cowen upped their price target on Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. BTIG Research upped their price target on Transocean from $6.00 to $10.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. Fearnley Fonds downgraded Transocean from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Finally, Clarkson Capital downgraded Transocean from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 19th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Transocean has a consensus rating of “Hold” and a consensus price target of $6.96.

Transocean Stock Performance

NYSE:RIG opened at $5.94 on Friday. The stock’s fifty day moving average is $6.51 and its 200 day moving average is $5.55. Transocean Ltd. has a fifty-two week low of $2.51 and a fifty-two week high of $7.66. The firm has a market capitalization of $6.63 billion, a PE ratio of -1.99 and a beta of 1.28. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.54.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the previous year, the company posted ($0.10) EPS. The business’s quarterly revenue was up 19.3% on a year-over-year basis. On average, sell-side analysts anticipate that Transocean Ltd. will post 0.17 earnings per share for the current year.

About Transocean

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.