Alliancebernstein L.P. Raises Stock Holdings in Transocean Ltd. (NYSE:RIG)

Alliancebernstein L.P. increased its holdings in shares of Transocean Ltd. (NYSE:RIG) by 1.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 854,987 shares of the offshore drilling services provider’s stock after purchasing an additional 11,593 shares during the quarter. Alliancebernstein L.P. owned approximately 0.14% of Transocean worth $3,035,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its stake in shares of Transocean by 156.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 13,000 shares of the offshore drilling services provider’s stock valued at $30,000 after purchasing an additional 7,930 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Transocean by 16.5% in the 4th quarter. Victory Capital Management Inc. now owns 265,645 shares of the offshore drilling services provider’s stock valued at $614,000 after acquiring an additional 37,669 shares during the period. First Trust Advisors LP increased its holdings in shares of Transocean by 341.9% in the 4th quarter. First Trust Advisors LP now owns 371,747 shares of the offshore drilling services provider’s stock valued at $859,000 after acquiring an additional 287,617 shares during the period. SG Americas Securities LLC increased its holdings in shares of Transocean by 4.9% in the 4th quarter. SG Americas Securities LLC now owns 573,901 shares of the offshore drilling services provider’s stock valued at $1,326,000 after acquiring an additional 26,739 shares during the period. Finally, NEXT Financial Group Inc grew its stake in Transocean by 1,184.9% during the 4th quarter. NEXT Financial Group Inc now owns 21,844 shares of the offshore drilling services provider’s stock worth $50,000 after buying an additional 20,144 shares during the last quarter. Hedge funds and other institutional investors own 52.37% of the company’s stock.

A number of brokerages have commented on RIG. Morgan Stanley lifted their price target on Transocean from $2.50 to $3.50 and gave the stock an “equal weight” rating in a research report on Tuesday, April 13th. Susquehanna decreased their price objective on Transocean from $5.00 to $3.50 and set a “neutral” rating for the company in a report on Wednesday, May 5th. Barclays restated an “underweight” rating and issued a $2.00 price target (up previously from $1.00) on shares of Transocean in a research note on Thursday, March 11th. Finally, Susquehanna Bancshares cut their price objective on Transocean from $5.00 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, May 5th. Three investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $2.78.

Shares of NYSE:RIG opened at $4.02 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.63 and a current ratio of 1.96. The firm has a market capitalization of $2.48 billion, a P/E ratio of -7.73 and a beta of 3.63. Transocean Ltd. has a 52 week low of $0.65 and a 52 week high of $4.81. The firm has a 50-day moving average price of $3.66.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Sunday, May 2nd. The offshore drilling services provider reported ($0.19) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.18) by ($0.01). Transocean had a negative net margin of 9.00% and a negative return on equity of 3.51%. The company had revenue of $653.00 million for the quarter, compared to analyst estimates of $653.71 million. During the same quarter in the previous year, the business posted ($0.30) earnings per share. Transocean’s revenue was down 14.0% on a year-over-year basis. As a group, analysts predict that Transocean Ltd. will post -0.55 earnings per share for the current fiscal year.

Transocean Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its drilling rigs, related equipment, and work crews to drill oil and gas wells. As of February 22, 2021, the company owned or had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deepwater and 10 harsh environment floaters.

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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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