Swiss National Bank lifted its position in shares of Transocean Ltd. (NYSE:RIG) by 0.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,335,130 shares of the offshore drilling services provider’s stock after purchasing an additional 11,900 shares during the period. Swiss National Bank owned about 0.22% of Transocean worth $4,740,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rhumbline Advisers lifted its position in shares of Transocean by 14.2% during the fourth quarter. Rhumbline Advisers now owns 1,007,614 shares of the offshore drilling services provider’s stock worth $2,328,000 after purchasing an additional 125,330 shares in the last quarter. BlackRock Inc. lifted its position in shares of Transocean by 8.9% during the fourth quarter. BlackRock Inc. now owns 43,406,217 shares of the offshore drilling services provider’s stock worth $100,269,000 after purchasing an additional 3,529,403 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Transocean during the fourth quarter worth $15,211,000. Personal Capital Advisors Corp acquired a new position in shares of Transocean during the fourth quarter worth $43,000. Finally, Fruth Investment Management lifted its position in shares of Transocean by 5.4% during the first quarter. Fruth Investment Management now owns 77,364 shares of the offshore drilling services provider’s stock worth $274,000 after purchasing an additional 3,998 shares in the last quarter. 52.37% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have recently commented on RIG. Barclays reissued an “underweight” rating and set a $2.00 target price (up from $1.00) on shares of Transocean in a research report on Thursday, March 11th. Susquehanna dropped their price target on shares of Transocean from $5.00 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, May 5th. Susquehanna Bancshares dropped their price target on shares of Transocean from $5.00 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, May 5th. Finally, Morgan Stanley lifted their price target on shares of Transocean from $2.50 to $3.50 and gave the stock an “equal weight” rating in a research note on Tuesday, April 13th. Three investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. Transocean has a consensus rating of “Hold” and a consensus target price of $2.78.
Transocean (NYSE:RIG) last released its quarterly earnings results on Sunday, May 2nd. The offshore drilling services provider reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.01). The firm had revenue of $653.00 million for the quarter, compared to the consensus estimate of $653.71 million. Transocean had a negative return on equity of 3.51% and a negative net margin of 9.00%. The firm’s revenue was down 14.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.30) EPS. As a group, equities research analysts predict that Transocean Ltd. will post -0.55 earnings per share for the current fiscal year.
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its drilling rigs, related equipment, and work crews to drill oil and gas wells. As of February 22, 2021, the company owned or had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deepwater and 10 harsh environment floaters.
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