Van ECK Associates Corp Has $45.83 Million Stock Position in Transocean Ltd. $RIG

Van ECK Associates Corp boosted its holdings in shares of Transocean Ltd. (NYSE:RIG) by 6.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,690,291 shares of the offshore drilling services provider’s stock after acquiring an additional 884,924 shares during the quarter. Van ECK Associates Corp owned 1.33% of Transocean worth $45,834,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Benedict Financial Advisors Inc. purchased a new stake in shares of Transocean in the third quarter worth approximately $31,000. Vestmark Advisory Solutions Inc. acquired a new position in Transocean in the 3rd quarter valued at approximately $31,000. Josh Arnold Investment Consultant LLC acquired a new position in Transocean in the 2nd quarter valued at approximately $26,000. Blueshift Asset Management LLC purchased a new stake in Transocean in the 2nd quarter worth approximately $27,000. Finally, SBI Securities Co. Ltd. boosted its stake 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 valued at $28,000 after buying an additional 4,700 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Transocean Stock Up 2.6%

RIG stock opened at $6.32 on Thursday. The firm has a market cap of $6.97 billion, a PE ratio of -2.01 and a beta of 1.40. Transocean Ltd. has a 1 year low of $1.97 and a 1 year high of $6.96. The company has a fifty day simple moving average of $5.34 and a 200 day simple moving average of $4.27. The company has a current ratio of 1.56, a quick ratio of 1.27 and a debt-to-equity ratio of 0.64.

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RIG. Fearnley Fonds downgraded shares of Transocean from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 10th. BTIG Research boosted their target price on Transocean from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, February 9th. Susquehanna upped their target price on Transocean from $6.50 to $7.50 and gave the stock a “positive” rating in a research report on Monday, February 23rd. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Transocean in a research note on Wednesday, December 10th. Finally, Barclays cut 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 note on Wednesday, February 18th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $6.38.

Insider Buying and Selling

In other news, EVP Roderick James Mackenzie sold 78,370 shares of Transocean stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $6.36, for a total value of $498,433.20. Following the transaction, the executive vice president owned 268,025 shares of the company’s stock, valued at $1,704,639. This trade represents a 22.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Keelan Adamson sold 58,687 shares of the company’s stock in a transaction on Tuesday, January 27th. The stock was sold at an average price of $5.00, for a total transaction 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. This represents a 4.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 159,903 shares of company stock worth $906,098 over the last three months. 12.27% of the stock is owned by company insiders.

Transocean Company 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.