Sequoia Financial Advisors LLC Buys New Shares in Transocean Ltd. (NYSE:RIG)

Sequoia Financial Advisors LLC bought a new stake in Transocean Ltd. (NYSE:RIG) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 11,774 shares of the offshore drilling services provider’s stock, valued at approximately $44,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. State Street Corp increased its position in shares of Transocean by 11.0% in the third quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock valued at $83,275,000 after acquiring an additional 1,944,723 shares during the last quarter. Pilgrim Global Advisors LLC bought a new position in Transocean during the third quarter worth about $77,473,000. Geode Capital Management LLC grew its holdings in Transocean by 4.1% during the third quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock worth $73,307,000 after purchasing an additional 680,242 shares during the period. Van ECK Associates Corp grew its holdings in Transocean by 33.9% during the fourth quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider’s stock worth $57,727,000 after purchasing an additional 3,895,880 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Transocean by 7.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,465,534 shares of the offshore drilling services provider’s stock worth $46,746,000 after purchasing an additional 859,214 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

Transocean Stock Down 1.4 %

Shares of NYSE:RIG opened at $3.20 on Friday. The company has a fifty day moving average of $3.49 and a 200-day moving average of $3.93. The company has a market capitalization of $2.81 billion, a PE ratio of -4.38, a price-to-earnings-growth 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 Ltd. has a 52-week low of $2.55 and a 52-week high of $6.88.

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

Analysts Set New Price Targets

RIG has been the subject of a number of research analyst reports. Evercore ISI cut Transocean from an “outperform” rating to an “in-line” rating and reduced their price objective for the stock from $6.00 to $5.00 in a report on Wednesday, January 15th. TD Cowen lowered their price objective on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research report on Wednesday, January 8th. SEB Equity Research set a $2.80 price objective on shares of Transocean in a research report on Wednesday, March 5th. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective for the company in a research report on Friday, December 6th. Finally, Barclays lowered their price objective on shares of Transocean from $4.50 to $4.00 and set an “overweight” rating for the company in a research report on Tuesday, February 25th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.23.

Insider Buying and Selling

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 313,072 shares of the company’s stock, valued at $1,205,327.20. The trade was a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 13.16% of the stock is currently owned by insiders.

Transocean Company 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.