Griffin Asset Management Inc. increased its position in Transocean LTD (NYSE:RIG) by 31.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,000 shares of the offshore drilling services provider’s stock after buying an additional 5,000 shares during the quarter. Griffin Asset Management Inc.’s holdings in Transocean were worth $183,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of Transocean by 19.4% in the fourth quarter. BlackRock Inc. now owns 46,363,702 shares of the offshore drilling services provider’s stock worth $321,766,000 after buying an additional 7,522,749 shares during the period. Vanguard Group Inc increased its stake in shares of Transocean by 0.3% in the third quarter. Vanguard Group Inc now owns 38,625,518 shares of the offshore drilling services provider’s stock worth $538,826,000 after buying an additional 118,330 shares during the period. Contrarius Investment Management Ltd increased its stake in shares of Transocean by 27.3% in the fourth quarter. Contrarius Investment Management Ltd now owns 15,832,647 shares of the offshore drilling services provider’s stock worth $109,879,000 after buying an additional 3,397,992 shares during the period. FMR LLC increased its stake in shares of Transocean by 44.6% in the fourth quarter. FMR LLC now owns 11,313,110 shares of the offshore drilling services provider’s stock worth $78,513,000 after buying an additional 3,488,128 shares during the period. Finally, Van ECK Associates Corp increased its stake in shares of Transocean by 15.1% in the fourth quarter. Van ECK Associates Corp now owns 9,627,227 shares of the offshore drilling services provider’s stock worth $66,813,000 after buying an additional 1,261,299 shares during the period. 75.64% of the stock is currently owned by institutional investors.

Several brokerages recently commented on RIG. Barclays reaffirmed an “underweight” rating on shares of Transocean in a research note on Thursday, February 21st. Goldman Sachs Group began coverage on shares of Transocean in a research note on Sunday, March 10th. They issued a “buy” rating and a $11.00 target price on the stock. Finally, Zacks Investment Research downgraded shares of Transocean from a “hold” rating to a “sell” rating in a research note on Tuesday, February 26th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $13.69.

Shares of Transocean stock opened at $7.63 on Wednesday. The company has a current ratio of 2.72, a quick ratio of 2.37 and a debt-to-equity ratio of 0.70. The firm has a market cap of $4.60 billion, a price-to-earnings ratio of -9.66 and a beta of 1.76. Transocean LTD has a 12-month low of $6.19 and a 12-month high of $14.47.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.30) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.01). The company had revenue of $754.00 million for the quarter, compared to analysts’ expectations of $745.43 million. Transocean had a negative net margin of 62.97% and a negative return on equity of 2.70%. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.48) earnings per share. On average, analysts forecast that Transocean LTD will post -0.9 earnings per share for the current year.

In other news, SVP David A. Tonnel sold 16,561 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $9.25, for a total value of $153,189.25. Following the sale, the senior vice president now directly owns 111,936 shares of the company’s stock, valued at approximately $1,035,408. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Vincent J. Intrieri bought 10,000 shares of Transocean stock in a transaction dated Tuesday, May 7th. The stock was acquired at an average cost of $7.35 per share, for a total transaction of $73,500.00. Following the completion of the transaction, the director now directly owns 19,900 shares in the company, valued at $146,265. The disclosure for this purchase can be found here. 11.05% of the stock is currently owned by insiders.

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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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