Jennison Associates LLC Reduces Stock Position in Transocean Ltd. (NYSE:RIG)

Jennison Associates LLC decreased its stake in shares of Transocean Ltd. (NYSE:RIG) by 0.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,517,553 shares of the offshore drilling services provider’s stock after selling 13,106 shares during the period. Jennison Associates LLC’s holdings in Transocean were worth $9,636,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. American Century Companies Inc. raised its stake in Transocean by 2.3% during the 3rd quarter. American Century Companies Inc. now owns 10,875,136 shares of the offshore drilling services provider’s stock valued at $89,285,000 after buying an additional 246,832 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Transocean by 20.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,852,752 shares of the offshore drilling services provider’s stock valued at $64,471,000 after acquiring an additional 1,353,221 shares during the period. Scout Investments Inc. lifted its holdings in Transocean by 57.5% in the third quarter. Scout Investments Inc. now owns 3,984,999 shares of the offshore drilling services provider’s stock valued at $31,402,000 after acquiring an additional 1,455,118 shares during the period. Keybank National Association OH purchased a new position in Transocean in the third quarter worth about $29,946,000. Finally, Kailix Advisors LLC grew its stake in shares of Transocean by 58.0% during the 3rd quarter. Kailix Advisors LLC now owns 1,964,027 shares of the offshore drilling services provider’s stock valued at $16,125,000 after purchasing an additional 721,152 shares during the period. Institutional investors own 67.73% of the company’s stock.

Analyst Ratings Changes

RIG has been the subject of several recent research reports. StockNews.com upgraded shares of Transocean to a “sell” rating in a research report on Tuesday, February 20th. Susquehanna upgraded shares of Transocean from a “neutral” rating to a “positive” rating and upped their price target for the stock from $5.50 to $9.00 in a research report on Monday, April 8th. Morgan Stanley decreased their price objective on shares of Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Monday, February 26th. Barclays dropped their target price on shares of Transocean from $7.00 to $6.00 and set an “equal weight” rating for the company in a report on Thursday, February 22nd. Finally, Citigroup lowered their price target on Transocean from $9.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, February 21st. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Transocean currently has an average rating of “Hold” and an average target price of $8.22.

Transocean Stock Performance

Shares of NYSE:RIG opened at $5.75 on Friday. Transocean Ltd. has a 1 year low of $4.45 and a 1 year high of $8.88. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.22 and a current ratio of 1.52. The business has a 50 day simple moving average of $5.69 and a two-hundred day simple moving average of $6.03.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Monday, February 19th. The offshore drilling services provider reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.12. The company had revenue of $741.00 million for the quarter, compared to the consensus estimate of $779.17 million. Transocean had a negative return on equity of 7.13% and a negative net margin of 33.69%. During the same quarter in the prior year, the company posted ($0.49) EPS. Equities analysts anticipate that Transocean Ltd. will post 0.02 EPS for the current year.

Transocean 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.