Oppenheimer & Co. Inc. Purchases 32,814 Shares of Transocean LTD (NYSE:RIG)

Oppenheimer & Co. Inc. grew its position in Transocean LTD (NYSE:RIG) by 74.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,766 shares of the offshore drilling services provider’s stock after purchasing an additional 32,814 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Transocean were worth $491,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Icon Wealth Partners LLC purchased a new stake in shares of Transocean during the first quarter worth about $38,000. Steward Partners Investment Advisory LLC purchased a new position in Transocean during the second quarter valued at $35,000. Meeder Asset Management Inc. grew its stake in Transocean by 535.2% during the second quarter. Meeder Asset Management Inc. now owns 8,962 shares of the offshore drilling services provider’s stock valued at $57,000 after acquiring an additional 7,551 shares in the last quarter. Quinn Opportunity Partners LLC bought a new stake in Transocean in the 1st quarter valued at $87,000. Finally, Mercer Global Advisors Inc. ADV bought a new stake in Transocean in the 1st quarter valued at $93,000. 70.83% of the stock is owned by hedge funds and other institutional investors.

Several research analysts have commented on RIG shares. HSBC set a $12.00 price objective on shares of Transocean and gave the company a “buy” rating in a report on Monday, July 15th. Morgan Stanley set a $10.00 target price on Transocean and gave the stock a “buy” rating in a research report on Monday, July 15th. ValuEngine upgraded Transocean from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Piper Jaffray Companies set a $8.00 price target on Transocean and gave the company a “hold” rating in a report on Wednesday, July 31st. Finally, Bank of America started coverage on Transocean in a research note on Monday, June 10th. They issued a “neutral” rating and a $6.50 price objective on the stock. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $11.84.

RIG traded up $0.27 during trading on Wednesday, reaching $5.76. The company had a trading volume of 656,667 shares, compared to its average volume of 19,174,732. The company has a quick ratio of 2.55, a current ratio of 2.88 and a debt-to-equity ratio of 0.74. The business has a 50 day simple moving average of $4.82 and a 200-day simple moving average of $6.86. The stock has a market cap of $3.35 billion, a P/E ratio of -7.29 and a beta of 1.85. Transocean LTD has a 52 week low of $3.76 and a 52 week high of $14.47.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, July 29th. The offshore drilling services provider reported ($0.34) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.34). The business had revenue of $758.00 million for the quarter, compared to analysts’ expectations of $765.81 million. Transocean had a negative net margin of 33.49% and a negative return on equity of 4.18%. The business’s revenue was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.04) earnings per share. As a group, equities research analysts expect that Transocean LTD will post -1.23 EPS for the current fiscal year.

In related news, CAO Howard E. Davis purchased 98,049 shares of Transocean stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average price of $6.35 per share, with a total value of $622,611.15. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Chad C. Deaton acquired 25,000 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were bought at an average price of $5.29 per share, with a total value of $132,250.00. Following the acquisition, the director now directly owns 24,800 shares in the company, valued at $131,192. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 130,549 shares of company stock valued at $785,526. Corporate insiders own 11.05% of the company’s stock.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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