Geode Capital Management LLC Buys 680,242 Shares of Transocean Ltd. (NYSE:RIG)

Geode Capital Management LLC boosted its position in Transocean Ltd. (NYSE:RIG) by 4.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,245,298 shares of the offshore drilling services provider’s stock after purchasing an additional 680,242 shares during the period. Geode Capital Management LLC owned about 1.97% of Transocean worth $73,307,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of RIG. Northwestern Mutual Wealth Management Co. lifted its position in shares of Transocean by 138.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock valued at $25,000 after buying an additional 2,693 shares during the last quarter. Nisa Investment Advisors LLC bought a new stake in Transocean in the 2nd quarter valued at about $30,000. Orion Portfolio Solutions LLC purchased a new stake in Transocean during the third quarter valued at about $46,000. Atria Investments Inc bought a new position in Transocean during the third quarter worth about $51,000. Finally, Kovitz Investment Group Partners LLC increased its stake in shares of Transocean by 34.0% in the third quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider’s stock worth $62,000 after purchasing an additional 4,027 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Benchmark restated a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. Morgan Stanley increased their target price on Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. Susquehanna reduced their price target on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research report on Friday, November 1st. Citigroup cut Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Finally, DNB Markets upgraded Transocean from a “hold” rating to a “buy” rating in a research note on Tuesday, September 3rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.25.

Insider Activity at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $4.29, for a total value of $85,800.00. Following the completion of the sale, the executive vice president now owns 310,857 shares of the company’s stock, valued at $1,333,576.53. This represents a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 13.16% of the stock is owned by insiders.

Transocean Price Performance

Shares of NYSE RIG opened at $3.53 on Friday. The stock’s 50-day simple moving average is $4.19 and its two-hundred day simple moving average is $4.71. Transocean Ltd. has a twelve month low of $3.48 and a twelve month high of $6.88. The firm has a market capitalization of $3.09 billion, a P/E ratio of -4.71 and a beta of 2.75. The company has a quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64.

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.