Primecap Management Co. CA Increases Stake in Transocean Ltd. (NYSE:RIG)

Primecap Management Co. CA lifted its stake in Transocean Ltd. (NYSE:RIG) by 0.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 56,119,489 shares of the offshore drilling services provider’s stock after buying an additional 375,450 shares during the quarter. Primecap Management Co. CA owned approximately 5.96% of Transocean worth $300,239,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Cloverfields Capital Group LP purchased a new stake in Transocean in the 4th quarter worth $1,008,000. Vanguard Group Inc. lifted its position in shares of Transocean by 0.6% in the first quarter. Vanguard Group Inc. now owns 68,982,142 shares of the offshore drilling services provider’s stock worth $433,208,000 after buying an additional 429,950 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Transocean by 76.9% during the first quarter. Russell Investments Group Ltd. now owns 402,839 shares of the offshore drilling services provider’s stock valued at $2,530,000 after buying an additional 175,130 shares during the last quarter. Swiss National Bank grew its holdings in Transocean by 3.6% during the 1st quarter. Swiss National Bank now owns 1,437,730 shares of the offshore drilling services provider’s stock valued at $9,029,000 after buying an additional 49,800 shares in the last quarter. Finally, Quadrature Capital Ltd raised its holdings in shares of Transocean by 199.8% during the 4th quarter. Quadrature Capital Ltd now owns 522,973 shares of the offshore drilling services provider’s stock worth $3,323,000 after acquiring an additional 348,507 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

Insider Transactions at Transocean

In related news, Director Perestroika acquired 1,500,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was bought at an average price of $4.13 per share, for a total transaction of $6,195,000.00. Following the acquisition, the director now directly owns 91,074,894 shares of the company’s stock, valued at approximately $376,139,312.22. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Perestroika bought 1,500,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was acquired at an average cost of $4.13 per share, with a total value of $6,195,000.00. Following the transaction, the director now directly owns 91,074,894 shares in the company, valued at approximately $376,139,312.22. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director (Cyprus) Ltd Perestroika bought 2,000,000 shares of the stock in a transaction on Friday, August 2nd. The stock was purchased at an average price of $5.23 per share, with a total value of $10,460,000.00. Following the completion of the acquisition, the director now directly owns 89,574,894 shares in the company, valued at approximately $468,476,695.62. The disclosure for this purchase can be found here. Company insiders own 13.16% of the company’s stock.

Transocean Stock Up 7.6 %

Shares of NYSE RIG opened at $4.45 on Tuesday. Transocean Ltd. has a 1 year low of $3.85 and a 1 year high of $8.71. The firm has a 50-day simple moving average of $5.00 and a two-hundred day simple moving average of $5.46. The company has a market cap of $4.18 billion, a P/E ratio of -8.55 and a beta of 2.79. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.36 and a quick ratio of 1.08.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). The business had revenue of $861.00 million for the quarter, compared to the consensus estimate of $862.25 million. Transocean had a negative return on equity of 4.76% and a negative net margin of 11.34%. During the same period in the prior year, the business posted ($0.15) earnings per share. Transocean’s revenue was up 18.1% on a year-over-year basis. Research analysts anticipate that Transocean Ltd. will post -0.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RIG shares. StockNews.com raised shares of Transocean to a “sell” rating in a report on Monday, August 5th. Benchmark reissued a “buy” rating and issued a $8.00 price objective on shares of Transocean in a research note on Friday, August 2nd. Citigroup cut shares of Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. DNB Markets upgraded Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Finally, Morgan Stanley decreased their price objective on Transocean from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Monday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $7.00.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.