Primecap Management Co. CA Has $33.96 Million Holdings in Transocean Ltd. $RIG

Primecap Management Co. CA decreased its position in Transocean Ltd. (NYSE:RIG) by 75.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 13,112,822 shares of the offshore drilling services provider’s stock after selling 40,723,249 shares during the quarter. Primecap Management Co. CA owned 1.39% of Transocean worth $33,962,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of RIG. Goldman Sachs Group Inc. raised its holdings in Transocean by 88.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock worth $38,521,000 after purchasing an additional 5,719,637 shares during the last quarter. Nuveen LLC acquired a new position in Transocean in the first quarter valued at about $7,774,000. American Century Companies Inc. boosted its holdings in Transocean by 10.9% during the first quarter. American Century Companies Inc. now owns 21,348,095 shares of the offshore drilling services provider’s stock worth $67,673,000 after buying an additional 2,090,658 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in Transocean by 114.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 2,424,925 shares of the offshore drilling services provider’s stock worth $7,687,000 after acquiring an additional 1,291,565 shares during the last quarter. Finally, Paloma Partners Management Co bought a new stake in Transocean in the first quarter valued at approximately $3,424,000. Institutional investors own 67.73% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on RIG. Wall Street Zen upgraded Transocean from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a report on Wednesday, October 8th. Citigroup raised their price target on shares of Transocean from $3.50 to $4.25 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Finally, Barclays increased their price target on Transocean from $4.00 to $4.50 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $4.39.

Transocean Stock Performance

Transocean stock opened at $4.11 on Thursday. The business has a 50 day moving average of $3.58 and a 200-day moving average of $3.09. The company has a market capitalization of $4.52 billion, a P/E ratio of -1.25 and a beta of 2.65. Transocean Ltd. has a 1 year low of $1.97 and a 1 year high of $4.51. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.26 and a quick ratio of 0.99.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Wednesday, October 29th. The offshore drilling services provider reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. The business had revenue of ($1,894.00) million during the quarter, compared to the consensus estimate of $1.01 billion. Transocean had a positive return on equity of 0.43% and a negative net margin of 75.71%.Transocean’s revenue was up 8.4% compared to the same quarter last year. On average, equities research analysts predict that Transocean Ltd. will post 0.14 earnings per share for the current year.

Insider Activity at Transocean

In other news, Director Frederik Wilhelm Mohn acquired 4,000,000 shares of Transocean stock in a transaction on Friday, September 26th. The stock was acquired at an average cost of $3.05 per share, with a total value of $12,200,000.00. Following the transaction, the director owned 95,074,894 shares of the company’s stock, valued at approximately $289,978,426.70. This trade represents a 4.39% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director (Cyprus) Ltd Perestroika acquired 4,000,000 shares of Transocean stock in a transaction on Friday, September 26th. The stock was acquired at an average price of $3.05 per share, with a total value of $12,200,000.00. Following the purchase, the director directly owned 95,074,894 shares in the company, valued at approximately $289,978,426.70. This trade represents a 4.39% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 12.27% of the company’s stock.

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.