Hsbc Holdings PLC Grows Stock Position in Transocean Ltd. $RIG

Hsbc Holdings PLC raised its position in Transocean Ltd. (NYSE:RIG) by 604.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,117,030 shares of the offshore drilling services provider’s stock after purchasing an additional 2,674,466 shares during the period. Hsbc Holdings PLC’s holdings in Transocean were worth $12,920,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of RIG. TD Waterhouse Canada Inc. lifted its holdings in Transocean by 22,432.1% during the 4th quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock worth $26,000 after buying an additional 6,281 shares during the last quarter. Josh Arnold Investment Consultant LLC acquired a new stake in shares of Transocean during the 2nd quarter worth about $26,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Transocean during the 4th quarter worth about $27,000. Elevation Point Wealth Partners LLC purchased a new stake in Transocean during the third quarter worth approximately $31,000. Finally, Larson Financial Group LLC boosted its holdings in Transocean by 203.8% in the third quarter. Larson Financial Group LLC now owns 11,030 shares of the offshore drilling services provider’s stock valued at $34,000 after purchasing an additional 7,399 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Transocean Trading Up 1.9%

Shares of RIG stock opened at $5.03 on Wednesday. The company has a quick ratio of 1.20, a current ratio of 1.54 and a debt-to-equity ratio of 0.60. Transocean Ltd. has a fifty-two week low of $2.53 and a fifty-two week high of $7.66. The stock has a market cap of $5.61 billion, a P/E ratio of -1.69 and a beta of 1.30. The business has a fifty day simple moving average of $6.06 and a 200-day simple moving average of $5.75.

Transocean (NYSE:RIG) last released its earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.02 billion. Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.10) earnings per share. On average, analysts forecast that Transocean Ltd. will post 0.16 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Chad C. Deaton purchased 35,000 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The stock was acquired at an average price of $4.95 per share, with a total value of $173,250.00. Following the completion of the transaction, the director owned 237,421 shares of the company’s stock, valued at $1,175,233.95. This represents a 17.29% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 9.70% of the company’s stock.

Wall Street Analysts Forecast Growth

RIG has been the subject of several research analyst reports. Clarkson Capital cut shares of Transocean from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 19th. Weiss Ratings reissued a “sell (d-)” rating on shares of Transocean in a research report on Tuesday, April 21st. Morgan Stanley upped their price objective on shares of Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 15th. Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $6.00 to $8.00 in a report on Thursday, May 7th. Finally, Susquehanna lifted their target price on Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a research report on Tuesday, April 7th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Transocean presently has an average rating of “Hold” and an average target price of $6.96.

Transocean 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.