Transocean Ltd. $RIG Shares Sold by Tidal Investments LLC

Tidal Investments LLC trimmed its position in shares of Transocean Ltd. (NYSE:RIG) by 32.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 248,825 shares of the offshore drilling services provider’s stock after selling 117,594 shares during the quarter. Tidal Investments LLC’s holdings in Transocean were worth $1,217,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in RIG. Arlington Capital Management Inc. purchased a new position in Transocean in the second quarter valued at $2,613,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Transocean during the 2nd quarter worth about $313,000. Beaconlight Capital LLC grew its position in shares of Transocean by 199.1% during the 2nd quarter. Beaconlight Capital LLC now owns 977,964 shares of the offshore drilling services provider’s stock valued at $4,782,000 after acquiring an additional 651,017 shares during the period. Quantitative Investment Management LLC acquired a new stake in shares of Transocean during the 2nd quarter valued at about $1,407,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Transocean in the 2nd quarter valued at about $122,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RIG has been the subject of a number of analyst reports. Susquehanna reduced their price target on Transocean from $8.00 to $7.00 and set a “positive” rating for the company in a report on Wednesday, July 8th. Barclays cut their price objective on Transocean from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Wednesday, August 12th. Fearnley Fonds raised Transocean from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Transocean currently has an average rating of “Hold” and a consensus price target of $6.68.

Insider Buying and Selling

In other news, Director Chad Deaton acquired 35,000 shares of the firm’s stock in a transaction on Thursday, July 2nd. The shares were bought at an average price of $4.95 per share, for a total transaction of $173,250.00. Following the acquisition, the director owned 237,421 shares of the company’s stock, valued at approximately $1,175,233.95. This trade represents a 17.29% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 9.70% of the company’s stock.

Transocean Price Performance

NYSE:RIG opened at $5.63 on Friday. The stock has a 50 day moving average of $5.55 and a two-hundred day moving average of $5.95. Transocean Ltd. has a 12 month low of $3.03 and a 12 month high of $7.66. The firm has a market cap of $6.29 billion, a P/E ratio of -3.00, a price-to-earnings-growth ratio of 4.19 and a beta of 1.34. The company has a current ratio of 1.59, a quick ratio of 1.27 and a debt-to-equity ratio of 0.56.

Transocean (NYSE:RIG) last released its earnings results on Wednesday, August 5th. The offshore drilling services provider reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. The business had revenue of $966.00 million for the quarter, compared to the consensus estimate of $956.64 million. Transocean had a positive return on equity of 2.60% and a negative net margin of 40.24%.The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the business posted ($1.06) earnings per share. On average, analysts expect that Transocean Ltd. will post 0.18 earnings per share for the current fiscal year.

About Transocean

Transocean Ltd. (NYSE:RIG) is an international offshore contract drilling company that provides drilling services to oil and gas companies. Its primary business is operating mobile offshore drilling units under contracts that support exploration, development and production activities in offshore oil and natural gas fields.

The company’s fleet is focused primarily on ultra-deepwater and harsh-environment drilling units, including drillships and semisubmersible rigs. Transocean provides rig operations, drilling personnel, equipment and related services intended to help customers safely construct and complete offshore wells.

Transocean serves energy companies in major offshore drilling regions around the world.