Aventail Capital Group LP Takes $3.12 Million Position in Transocean Ltd. $RIG

Aventail Capital Group LP purchased a new position in Transocean Ltd. (NYSE:RIG) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,000,000 shares of the offshore drilling services provider’s stock, valued at approximately $3,120,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RIG. Jones Financial Companies Lllp grew its stake in Transocean by 9.0% during the 3rd quarter. Jones Financial Companies Lllp now owns 35,604 shares of the offshore drilling services provider’s stock valued at $114,000 after acquiring an additional 2,932 shares in the last quarter. J.W. Cole Advisors Inc. lifted its stake in Transocean by 3.5% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 100,634 shares of the offshore drilling services provider’s stock worth $314,000 after purchasing an additional 3,367 shares in the last quarter. Blume Capital Management Inc. boosted its holdings in shares of Transocean by 43.1% during the 3rd quarter. Blume Capital Management Inc. now owns 15,110 shares of the offshore drilling services provider’s stock worth $47,000 after purchasing an additional 4,550 shares during the last quarter. SBI Securities Co. Ltd. boosted its holdings in shares of Transocean by 78.0% during the 2nd quarter. SBI Securities Co. Ltd. now owns 10,729 shares of the offshore drilling services provider’s stock worth $28,000 after purchasing an additional 4,700 shares during the last quarter. Finally, Profund Advisors LLC grew its position in shares of Transocean by 4.0% in the third quarter. Profund Advisors LLC now owns 133,724 shares of the offshore drilling services provider’s stock valued at $417,000 after purchasing an additional 5,154 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on RIG. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Thursday, January 22nd. JPMorgan Chase & Co. restated an “underweight” rating on shares of Transocean in a report on Wednesday, December 10th. Morgan Stanley raised their target price on Transocean from $4.50 to $5.00 and gave the stock an “equal weight” rating in a research note on Monday, February 23rd. Barclays cut shares of Transocean from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $4.50 to $6.00 in a research report on Wednesday, February 18th. Finally, Susquehanna raised their price objective on shares of Transocean from $6.50 to $7.50 and gave the stock a “positive” rating in a research report on Monday, February 23rd. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Transocean presently has a consensus rating of “Reduce” and a consensus target price of $6.38.

Transocean Price Performance

RIG stock opened at $6.37 on Friday. Transocean Ltd. has a 52-week low of $1.97 and a 52-week high of $6.96. The company has a quick ratio of 1.27, a current ratio of 1.56 and a debt-to-equity ratio of 0.64. The stock has a market cap of $7.02 billion, a price-to-earnings ratio of -2.02 and a beta of 1.40. The business has a fifty day moving average of $5.43 and a two-hundred day moving average of $4.32.

Transocean (NYSE:RIG) last released its quarterly earnings results on Thursday, February 19th. The offshore drilling services provider reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Transocean had a positive return on equity of 0.41% and a negative net margin of 73.52%.The business’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.09) earnings per share. As a group, research analysts anticipate that Transocean Ltd. will post 0.14 earnings per share for the current year.

Insider Transactions at Transocean

In other news, CEO Keelan Adamson sold 58,687 shares of the business’s stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $5.00, for a total value of $293,435.00. Following the sale, the chief executive officer directly owned 1,222,182 shares of the company’s stock, valued at approximately $6,110,910. The trade was a 4.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Roderick James Mackenzie sold 78,370 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $6.36, for a total transaction of $498,433.20. Following the completion of the transaction, the executive vice president owned 268,025 shares in the company, valued at approximately $1,704,639. This represents a 22.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 159,903 shares of company stock worth $906,098 in the last ninety days. 12.27% of the stock is currently owned by corporate insiders.

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.