Marnell Management LLC Takes Position in Transocean Ltd. $RIG

Marnell Management LLC acquired a new stake in shares of Transocean Ltd. (NYSE:RIG) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 289,877 shares of the offshore drilling services provider’s stock, valued at approximately $1,197,000.

A number of other hedge funds have also recently made changes to their positions in the business. Integrated Wealth Concepts LLC boosted its holdings in Transocean by 12.1% during the first quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider’s stock worth $221,000 after purchasing an additional 7,520 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Transocean by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 434,031 shares of the offshore drilling services provider’s stock worth $1,376,000 after purchasing an additional 18,957 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Transocean by 88.9% during the first quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock worth $38,521,000 after purchasing an additional 5,719,637 shares during the last quarter. Cetera Investment Advisers boosted its holdings in Transocean by 5.7% during the second quarter. Cetera Investment Advisers now owns 233,984 shares of the offshore drilling services provider’s stock worth $606,000 after purchasing an additional 12,532 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Transocean by 29.2% during the second quarter. Invesco Ltd. now owns 1,032,774 shares of the offshore drilling services provider’s stock worth $2,675,000 after purchasing an additional 233,458 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on RIG shares. TD Cowen lifted their price objective on shares of Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $6.00 to $8.00 in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research report on Tuesday, April 21st. Morgan Stanley increased their price objective on Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. Finally, Susquehanna increased their price objective on Transocean from $7.50 to $8.00 and gave the company a “positive” rating in a report on Tuesday, April 7th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $6.96.

Transocean Price Performance

Shares of NYSE RIG opened at $6.05 on Monday. The stock has a fifty day simple moving average of $6.44 and a two-hundred day simple moving average of $5.63. Transocean Ltd. has a 1-year low of $2.51 and a 1-year high of $7.66. The firm has a market cap of $6.75 billion, a price-to-earnings ratio of -2.03 and a beta of 1.29. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60.

Transocean (NYSE:RIG) last announced its quarterly earnings data 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 firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same period last year, the company posted ($0.10) earnings per share. Transocean’s revenue for the quarter was up 19.3% on a year-over-year basis. Analysts anticipate that Transocean Ltd. will post 0.17 earnings per share for the current year.

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.