43,492 Shares in Transocean Ltd. (NYSE:RIG) Acquired by Summit Financial LLC

Summit Financial LLC acquired a new stake in Transocean Ltd. (NYSE:RIG) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 43,492 shares of the offshore drilling services provider’s stock, valued at approximately $163,000.

Other institutional investors have also recently made changes to their positions in the company. Twin Tree Management LP bought a new stake in Transocean during the 4th quarter valued at $27,000. Blue Trust Inc. boosted its holdings in shares of Transocean by 96.2% during the fourth quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock worth $37,000 after purchasing an additional 4,826 shares during the period. Adero Partners LLC purchased a new position in Transocean during the 4th quarter valued at about $38,000. Stratos Wealth Partners LTD. bought a new position in Transocean during the 4th quarter valued at approximately $40,000. Finally, Orion Portfolio Solutions LLC bought a new position in Transocean during the 3rd quarter valued at approximately $46,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Transactions at Transocean

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total value of $84,700.00. Following the completion of the transaction, the executive vice president now directly owns 313,072 shares in the company, valued at $1,205,327.20. The trade was a 6.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.54% of the stock is owned by insiders.

Transocean Price Performance

Shares of NYSE RIG opened at $2.15 on Friday. The company has a 50 day simple moving average of $3.30 and a two-hundred day simple moving average of $3.86. Transocean Ltd. has a fifty-two week low of $2.11 and a fifty-two week high of $6.88. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of -2.94, a P/E/G ratio of 0.86 and a beta of 2.72. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.34 and a current ratio of 1.47.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. The company had revenue of $952.00 million for the quarter, compared to analysts’ expectations of $962.28 million. Analysts expect that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RIG. JPMorgan Chase & Co. raised Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price on the stock in a research note on Friday, December 6th. Citigroup decreased their price objective on shares of Transocean from $4.50 to $3.50 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Evercore ISI lowered shares of Transocean from an “outperform” rating to an “in-line” rating and cut their target price for the company from $6.00 to $5.00 in a research note on Wednesday, January 15th. TD Cowen decreased their price target on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research note on Wednesday, January 8th. Finally, Morgan Stanley cut their price objective on Transocean from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $5.03.

About Transocean

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.