4,570,463 Shares in Transocean Ltd. $RIG Acquired by Empyrean Capital Partners LP

Empyrean Capital Partners LP purchased a new stake in shares of Transocean Ltd. (NYSE:RIG) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 4,570,463 shares of the offshore drilling services provider’s stock, valued at approximately $30,302,000. Transocean makes up approximately 1.0% of Empyrean Capital Partners LP’s holdings, making the stock its 29th largest holding.

Other institutional investors also recently bought and sold shares of the company. TD Waterhouse Canada Inc. increased its position in shares of Transocean by 22,432.1% in the fourth quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock worth $26,000 after acquiring an additional 6,281 shares in the last quarter. Josh Arnold Investment Consultant LLC acquired a new position in shares of Transocean during the 2nd quarter valued at $26,000. Flagship Harbor Advisors LLC acquired a new position in shares of Transocean during the 4th quarter valued at $27,000. Elevation Point Wealth Partners LLC purchased a new stake in Transocean during the 3rd quarter worth $31,000. Finally, Larson Financial Group LLC increased its holdings in Transocean by 203.8% in the 3rd 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 hedge funds and other institutional investors.

Transocean Stock Performance

Transocean stock opened at $5.28 on Tuesday. Transocean Ltd. has a 12-month low of $2.72 and a 12-month high of $7.66. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.54 and a quick ratio of 1.20. The company has a market capitalization of $5.89 billion, a price-to-earnings ratio of -1.77, a price-to-earnings-growth ratio of 3.72 and a beta of 1.30. The firm’s fifty day moving average price is $5.66 and its 200 day moving average price is $5.86.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.10) earnings per share. On average, research analysts forecast that Transocean Ltd. will post 0.13 EPS for the current fiscal year.

Insider Activity at Transocean

In other Transocean news, Director Chad C. Deaton purchased 35,000 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were acquired at an average price of $4.95 per share, for a total transaction of $173,250.00. Following the completion of the purchase, the director owned 237,421 shares in the company, valued at $1,175,233.95. The trade was a 17.29% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 9.70% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Susquehanna cut their price objective on Transocean from $8.00 to $7.00 and set a “positive” rating on the stock in a research report on Wednesday, July 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research note on Friday, July 17th. TD Cowen raised their target price on Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. Morgan Stanley boosted their price target on Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Finally, Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $6.00 to $8.00 in a report on Thursday, May 7th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $6.82.

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.