Transocean Ltd. $RIG Shares Purchased by Penn Capital Management Company LLC

Penn Capital Management Company LLC boosted its position in Transocean Ltd. (NYSE:RIG) by 9.8% during the third quarter, Holdings Channel.com reports. The institutional investor owned 3,499,280 shares of the offshore drilling services provider’s stock after purchasing an additional 313,224 shares during the period. Penn Capital Management Company LLC’s holdings in Transocean were worth $10,943,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. CIBC Bancorp USA Inc. acquired a new stake in Transocean during the 3rd quarter valued at approximately $704,000. Maven Securities LTD acquired a new stake in shares of Transocean in the third quarter worth $4,680,000. Advisory Services Network LLC increased its stake in shares of Transocean by 20.4% in the third quarter. Advisory Services Network LLC now owns 363,262 shares of the offshore drilling services provider’s stock worth $1,133,000 after acquiring an additional 61,625 shares during the period. Abel Hall LLC raised its holdings in shares of Transocean by 81.4% during the third quarter. Abel Hall LLC now owns 46,964 shares of the offshore drilling services provider’s stock worth $147,000 after purchasing an additional 21,073 shares during the last quarter. Finally, NewEdge Advisors LLC raised its holdings in shares of Transocean by 35.7% during the third quarter. NewEdge Advisors LLC now owns 101,451 shares of the offshore drilling services provider’s stock worth $317,000 after purchasing an additional 26,697 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Keelan Adamson sold 58,687 shares of Transocean stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $5.00, for a total value of $293,435.00. Following the sale, the chief executive officer owned 1,222,182 shares in the company, valued at $6,110,910. This trade represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Roderick James Mackenzie sold 78,370 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $6.36, for a total transaction of $498,433.20. Following the sale, the executive vice president directly owned 268,025 shares of the company’s stock, valued at $1,704,639. This represents a 22.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 159,903 shares of company stock worth $906,098 in the last quarter. Insiders own 12.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a report on Thursday, January 22nd. Morgan Stanley raised their target price on Transocean from $4.50 to $5.00 and gave the stock an “equal weight” rating in a report on Monday, February 23rd. JPMorgan Chase & Co. reissued an “underweight” rating on shares of Transocean in a report on Wednesday, December 10th. Pareto Securities cut shares of Transocean from a “hold” rating to a “sell” rating and set a $5.25 price objective on the stock. in a research note on Tuesday, February 10th. Finally, Citigroup boosted their target price on shares of Transocean from $4.25 to $4.50 and gave the company a “neutral” rating in a research note on Thursday, December 11th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $6.38.

Transocean Price Performance

Shares of Transocean stock opened at $6.59 on Wednesday. The firm has a market cap of $7.26 billion, a PE ratio of -2.09 and a beta of 1.40. Transocean Ltd. has a twelve month low of $1.97 and a twelve month high of $6.96. The company has a quick ratio of 1.27, a current ratio of 1.56 and a debt-to-equity ratio of 0.64. The business has a 50-day moving average price of $5.51 and a 200 day moving average price of $4.37.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Thursday, February 19th. The offshore drilling services provider reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). Transocean had a positive return on equity of 0.41% and a negative net margin of 73.52%.The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the company posted ($0.09) EPS. The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. Sell-side analysts predict that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

Transocean Company 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.